(1) Any foreign insurer shall, upon the written request of the director, submit to the director an RBC report as of the end of the calendar year just ended the later of:
(a)  The date an RBC report would be required to be filed by a domestic insurer under this chapter; or
(b)  Fifteen (15) days after the request is received by the foreign insurer.
Any foreign insurer shall, at the written request of the director, promptly submit to the director a copy of any RBC plan that is filed with the insurance director of any other state.

Terms Used In Idaho Code 41-5410

  • Domestic insurer: means any insurer domiciled in this state. See Idaho Code 41-5401
  • Foreign insurer: means any insurer not domiciled in this state. See Idaho Code 41-5401
  • Insurer: means any insurance company authorized to transact insurance business in this state and includes a fraternal benefit society and a health organization unless the context otherwise requires. See Idaho Code 41-5401
  • Property: includes both real and personal property. See Idaho Code 73-114
  • RBC: means risk-based capital. See Idaho Code 41-5401
  • RBC plan: means a comprehensive financial plan containing the elements specified in section 41-5403(2), Idaho Code. See Idaho Code 41-5401
  • RBC report: means the report required in section 41-5402, Idaho Code. See Idaho Code 41-5401
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
  • Statute: A law passed by a legislature.
(2)  In the event of a company action level event, regulatory action level event or authorized control level event with respect to any foreign insurer as determined under the RBC statute applicable in the state of domicile of the insurer (or, if no RBC statute is in force in that state, under the provisions of this chapter), if the insurance director of the state of domicile of the foreign insurer fails to require the foreign insurer to file an RBC plan in the manner specified under that state’s RBC statute (or, if no RBC statute is in force in that state, under section 41-5403, Idaho Code), the director may require the foreign insurer to file an RBC plan with the director. In such event, the failure of the foreign insurer to file an RBC plan with the director shall be grounds to order the insurer to cease and desist from writing new insurance business in this state.
(3)  In the event of a mandatory control level event with respect to any foreign insurer, if no domiciliary receiver has been appointed with respect to the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the director may make application to the district court for Ada county, state of Idaho, as permitted under chapter 33, title 41, Idaho Code, with respect to the liquidation of property of foreign insurers found in this state, and the occurrence of the mandatory control level event shall be considered adequate grounds for the application.