Idaho § 41-3301 - Construction and purpose
Full text of Idaho Idaho Statutes § 41-3301 — Construction and purpose, with citation guidance and answers to common questions.
§ 41-3301. Construction and purpose
(1) This act shall be cited as the "Idaho Insurers Supervision, Rehabilitation, and Liquidation Act."
(2) This act shall not be interpreted to limit the powers granted the director by other provisions of the law.
(3) This act shall be liberally construed to effect the purpose stated in subsection (4) of this section.
(4) The purpose of this act is the protection of the interests of insureds, claimants, creditors, and the public generally, with minimum interference with the normal prerogatives of the owners and managers of insurers through:
(a) Early detection of any potentially dangerous condition in an insurer, and prompt application of appropriate corrective measures;
(b) Improved methods for rehabilitating insurers, involving the cooperation and management expertise of the insurance industry;
(c) Enhanced efficiency and economy of liquidation, through clarification of the law, to minimize legal uncertainty and litigation;
(d) Equitable apportionment of any unavoidable loss;
(e) Lessening the problems of interstate rehabilitation and liquidation by facilitating cooperation between states in the liquidation process, and by extending the scope of personal jurisdiction over debtors of the insurer outside this state; and
(f) Regulation of the insurance business by the impact of the law relating to delinquency procedures and substantive rules on the entire insurance business.
[41-3301, added 1981, ch. 249, sec. 2, p. 503.]
Frequently Asked Questions About Idaho § 41-3301
What does Idaho Statutes § 41-3301 cover?
Section 41-3301 ("Construction and purpose") 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 § 41-3301?
A common citation format is "Idaho Statutes § 41-3301" (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 § 41-3301 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.