Idaho § 41-1405 - Rate standards
Full text of Idaho Idaho Statutes § 41-1405 — Rate standards, with citation guidance and answers to common questions.
§ 41-1405. Rate standards
(1) Rates shall not be excessive, inadequate or unfairly discriminatory.
(2) No rate shall be held to be excessive unless the director finds that:
(a) Such rate is unreasonably high for the insurance provided, and
(b) A reasonable degree of competition does not exist in Idaho with respect to the classification to which the rate is applicable.
(3) No rate shall be held to be inadequate unless the director finds that:
(a) Such rate is unreasonably low for the insurance provided and the continued use of such rate endangers the solvency of the insurer using the same, or
(b) Such rate is unreasonably low for the insurance provided and the use of such rate by the insurer using the same has, or if continued will have, the effect of destroying competition or creating a monopoly.
(4) Neither of such findings shall be made by the director except after a hearing on reasonable notice.
(5) Nothing contained in this chapter shall be construed to repeal or modify the provisions of chapter 13, title 41 (trade practices and frauds), Idaho Code, and any rate, rating classification, rating plan or schedule, or variation thereof, established in violation of any of such provisions shall, in addition to the consequences stated in such chapter or elsewhere, be deemed a violation of this section.
[41-1405, added 1961, ch. 330, sec. 310, p. 645; am. 1969, ch. 306, sec. 3, p. 917; am. 1977, ch. 142, sec. 6, p. 308.]
Frequently Asked Questions About Idaho § 41-1405
What does Idaho Statutes § 41-1405 cover?
Section 41-1405 ("Rate standards") is part of the Idaho Statutes, the codified statutory law of Idaho. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Idaho § 41-1405?
A common citation format is "Idaho Statutes § 41-1405" (Idaho). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Idaho law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Idaho official source linked on this page or consult a licensed Idaho attorney.
How does Idaho § 41-1405 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Idaho can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Idaho.