State Codes and Statutes
Statutes > Idaho > Title41 > T41ch43 > T41ch43sect41-4302INSURANCE
CHAPTER 43
IDAHO LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION ACT
41-4302. Purpose. The purpose of this act is to protect policyowners, insureds, members, beneficiaries, annuitants, payees, and assignees of life insurance policies, health insurance policies, managed care plans, annuity contracts, and supplemental contracts, subject to certain limitations, against failure in the performance of contractual obligations due to the impairment of insolvency of the insurer issuing such policies or contracts. To provide this protection: (1) an association of insurers is created to enable the guaranty of payment of benefits and of continuation of coverages, to residents; (2) members of the association are subject to assessment to provide funds to carry out the purpose of this act; and (3) the association is authorized to assist the director in the prescribed manner, in the detection and prevention of insurer impairments or insolvencies.
