Idaho § 41-605 - Liabilities, in general
Full text of Idaho Idaho Statutes § 41-605 — Liabilities, in general, with citation guidance and answers to common questions.
§ 41-605. Liabilities, in general
In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include:
(1) The amount of its capital stock outstanding, if any.
(2) The amount, estimated consistent with the provisions of this code, necessary to pay all of its unpaid losses and claims incurred on or prior to the date of statement, whether reported or unreported, together with the expenses of adjustment or settlement thereof.
(3) With reference to life and disability insurance and annuity contracts:
(a) The amount of reserves on life insurance policies and annuity contracts in force, valued according to the tables of mortality, rates of interest, and methods adopted pursuant to this code which are applicable thereto.
(b) Reserves for disability benefits, for both active and disabled lives.
(c) Reserves for accidental death benefits.
(d) Any additional reserves which may be required by the director consistent with applicable customary and general practice in insurance accounting.
(4) With reference to insurance other than specified in subsection (3) of this section, and other than title insurance, the amount of reserves equal to the unearned portions of the gross premiums charged on policies in force, computed in accordance with this chapter.
(5) Taxes, expenses and other obligations due or accrued at the date of the statement.
[41-605, added 1961, ch. 330, sec. 126, p. 645.]
Frequently Asked Questions About Idaho § 41-605
What does Idaho Statutes § 41-605 cover?
Section 41-605 ("Liabilities, in general") 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 § 41-605?
A common citation format is "Idaho Statutes § 41-605" (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 § 41-605 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.