41-324. CONTINUANCE, EXPIRATION, OR REINSTATEMENT OF CERTIFICATE OF AUTHORITY. (1) A certificate of authority shall continue in force as long as the insurer is entitled thereto under this code and until suspended or revoked by the director, or terminated at the request of the insurer; subject, however, to continuance of the certificate by the insurer each year by:
(a) Payment prior to March 1 of the continuation fee as required by regulation of the department of insurance; and
(b) Due filing by the insurer of its annual statement for the calendar year preceding as required under section 41-335, Idaho Code; and
(c) Payment by the insurer of premium taxes with respect to the preceding calendar year as required by sections 41-402 and 41-403, Idaho Code.
(2) If not so continued by the insurer, its certificate of authority shall expire as at midnight on the March 31 next following such failure of the insurer to continue it in force. The director shall promptly notify the insurer of the occurrence of any failure resulting in impending expiration of its certificate of authority.
(3) The director may, in his discretion, upon the insurer’s request made within three (3) months after expiration, reinstate a certificate of authority which the insurer has inadvertently permitted to expire, after the insurer has fully cured all its failures which resulted in the expiration, and upon payment by the insurer of the fee for reinstatement specified in section 41-401, Idaho Code (fee schedule). Otherwise the insurer shall be granted another certificate of authority only after filing application therefor and meeting all other requirements as for an original certificate of authority in this state.
History:
[41-324, added 1961, ch. 330, sec. 87, p. 645; am. 1991, ch. 277, sec. 3, p. 719.]
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