Life Settlements Act
Idaho · Insurance · §§ 41-1901 to 41-1965 · 61 sections
Overview
This act governs the form and content of life insurance policies and annuity contracts, prescribing the provisions insurers must include and the terms they may not impose. It sets standard provisions covering grace periods, incontestability, the entire-contract rule, misstatement of age, dividends, policy loans, reinstatement, and the payment of premiums and claims, with parallel requirements for annuities, pure endowment contracts, and reversionary annuities, and with specific rules for industrial life insurance including beneficiary designation and prohibited provisions. It further establishes minimum nonforfeiture values for life policies and individual deferred annuities, a short post-issuance period in which a purchaser may examine and return a contract, limits on how indebtedness and settlements affect proceeds, and requirements for separate accounts and the issuance, disclosure, and regulation of variable contracts. One flag, separate from the copy above: the section titles are entirely life insurance policy-provision and nonforfeiture law — they contain nothing about life settlements (viatical/life settlement transactions, providers, brokers, or licensing). Either this act is mislabeled in the data or the wrong section set is attached to it; worth checking before this renders on all five state pages.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 2 court decisions.
Most-cited authority: 484 B.R. 379 - Aden v. Gugino
Sections covered
- Idaho Code § 41-1901Scope of chapter
- Idaho Code § 41-1902“Industrial life insurance” defined
- Idaho Code § 41-1903Standard provisions required
- Idaho Code § 41-1904Grace period
- Idaho Code § 41-1905Incontestability
- Idaho Code § 41-1906Entire contract
- Idaho Code § 41-1907Misstatement of age
- Idaho Code § 41-1908Dividends
- Idaho Code § 41-1909Policy loan
- Idaho Code § 41-1910Table of installments
- Idaho Code § 41-1911Reinstatement
- Idaho Code § 41-1912Payment of premiums
- Idaho Code § 41-1913Payment of claims
- Idaho Code § 41-1914Beneficiary — Industrial policies
- Idaho Code § 41-1915Title
- Idaho Code § 41-1916Excluded or restricted coverage
- Idaho Code § 41-1917Standard provisions — Annuity and pure endowment contracts
- Idaho Code § 41-1918Grace period — Annuities
- Idaho Code § 41-1919Incontestability — Annuities
- Idaho Code § 41-1920Entire contract — Annuities
- Idaho Code § 41-1921Misstatement of age or sex — Annuities
- Idaho Code § 41-1922Dividends — Annuities
- Idaho Code § 41-1923Reinstatement — Annuities
- Idaho Code § 41-1924Standard provisions — Reversionary annuities
- Idaho Code § 41-1925Limitation of liability
- Idaho Code § 41-1926Prohibited provisions — Industrial life insurance
- Idaho Code § 41-1927Standard nonforfeiture law — Life insurance
- Idaho Code § 41-1927AStandard nonforfeiture law for individual deferred annuities
- Idaho Code § 41-1928Nonforfeiture benefits — Certain interim policies
- Idaho Code § 41-1929Incontestability and limitation of liability after reinstatement
- Idaho Code § 41-1930Policy settlements
- Idaho Code § 41-1931Indebtedness deducted from proceeds
- Idaho Code § 41-1932Participating and nonparticipating policies — Right to issue. — A life insurer may issue policies on either the participating basis or the nonparticipating basis, or on both bases, if the right or absence of right of participation is reasonably related to the premium charged and the insurer is otherwise not in violation of sections 41-1313[, Idaho Code] (unfair discrimination
- Idaho Code § 41-1933Participating and nonparticipating policies — Accounting
- Idaho Code § 41-1934Prohibited policy plans
- Idaho Code § 41-1935Life insurance and annuities — Twenty day free examination
- Idaho Code § 41-1936Separate accounts — Operation and management
- Idaho Code § 41-1937Variable contracts — Statement of essential features
- Idaho Code § 41-1938Variable contracts — Authority of insurer to issue
- Idaho Code § 41-1939Variable contracts — Regulation thereof
- Idaho Code § 41-1940Suitability of annuity sales to consumers
- Idaho Code § 41-1941Annuity sales to consumers — Disclosures1 cite
- Idaho Code § 41-1942Advertisement of interest-indexed annuities
- Idaho Code § 41-1943Standards for policy provisions for annuities
- Idaho Code § 41-1944— 41-1949. [Reserved.]
- Idaho Code § 41-1950Short title and scope
- Idaho Code § 41-1951Definitions
- Idaho Code § 41-1952License requirement
- Idaho Code § 41-1953Filing of life settlement contracts and disclosure statements
- Idaho Code § 41-1954Reporting requirements and privacy
- Idaho Code § 41-1955Examination and records
- Idaho Code § 41-1956Disclosure to owner upon application
- Idaho Code § 41-1957Disclosure to owner by provider upon settlement contract
- Idaho Code § 41-1958Disclosure to owner by broker upon settlement contract
- Idaho Code § 41-1959Notice of change by provider
- Idaho Code § 41-1960General rules
- Idaho Code § 41-1961Permitted life settlements and supporting documentation
- Idaho Code § 41-1962Prohibited practices and conflicts of interest1 cite
- Idaho Code § 41-1963Advertising for life settlements
- Idaho Code § 41-1964Penalty — Unfair trade practices
- Idaho Code § 41-1965Authority to promulgate rules
Enacted in other states
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