Idaho § 41-338 - Exceptions to resident agent, countersignature law

§ 41-338. Exceptions to resident agent, countersignature law

(1) Nothing in section 41-337 , Idaho Code, shall be construed as preventing the free and unlimited right to negotiate wholly outside of this state contracts of insurance by licensed nonresident agents or brokers, provided the policies, endorsements or evidence of insurance covering properties or insurable interests in this state are countersigned by a resident agent of this state, in which event the countersigning agent shall receive a commission of not less than five per cent (5%) of the premium paid or one-third (1/3) of the commission paid to the licensed nonresident agent or broker, whichever is less; provided, however, the payment to the countersigning agent shall not exceed the sum of two hundred fifty dollars ($250) per policy, and when the countersigning commission to be paid is less than five dollars ($5.00), the countersigning agent may waive any commission due him.

(2) Section 41-337 , Idaho Code, shall not apply to the following contracts:

(a) Life insurance and annuities;

(b) Disability insurance;

(c) Title insurance; countersignature of title insurance policies is as provided in section 41-2702 , Idaho Code;

(d) Policies covering property in transit while in the possession or custody of any common carrier, or the rolling stock or other property of any common carrier used and employed by it as a common carrier of freight or passengers, or both;

(e) Reinsurance or retrocessions made by or for authorized insurers;

(f) Contracts issued by domestic reciprocal insurers writing workmen’s compensation for employers commonly known as self-insurers; nor, with respect to countersignature, to policies issued by a reciprocal insurer not using agents compensated by commissions in the general solicitation of business;

(g) Bid bonds issued by a surety insurer in connection with any public or private contract; or

(h) Ocean marine insurance.

(3) Notwithstanding section 41-337 , Idaho Code, and the provisions of subsection (1) of this section, if the law of another state does not require the countersignature of a licensed agent who resides in that state for policies and contracts of insurance or indemnity made, written or placed in that state by a licensed agent who resides in the state of Idaho, the countersignature of a licensed agent who resides in the state of Idaho is not required for policies and contracts of insurance or indemnity made, written or placed in the state of Idaho by a licensed agent who resides in that other state.

[41-338, added 1961, ch. 330, sec. 101, p. 645; am. 1975, ch. 261, sec. 1, p. 708; am. 1977, ch. 142, sec. 3, p. 305; am. 1988, ch. 242, sec. 1, p. 473.]