Idaho Administrative Code
Title IDAPA 18 - Insurance, Department of
Rule 18.07.01 - RULES FOR ACQUIRING CONTROL, INSURANCE HOLDING COMPANY SYSTEMS, AND MUTUAL INSURANCE HOLDING COMPANIES
Section 18.07.01.027 - EXTRAORDINARY DIVIDENDS AND OTHER DISTRIBUTIONS
Universal Citation: ID Admin Code 18.07.01.027
Current through August 31, 2023
01. Request for Approval. Requests to approve extraordinary dividends or other extraordinary distribution to shareholders will include the following: (4-6-23)
a. The amount of the proposed
dividend; (4-6-23)
b. The date
established for payment; (4-6-23)
c. Whether the dividend is in cash or other
property. If property, a description thereof, its cost, its fair market value,
and an explanation of the valuation basis; (4-6-23)
d. Calculations showing the proposed dividend
is extraordinary, which includes: (4-6-23)
i.
The amounts, dates, and form of payment of all distributions (including regular
dividends but excluding distributions of the insurer's own securities) paid
within twelve (12) consecutive months ending on the date fixed for payment of
the proposed dividend for which approval is sought; (4-6-23)
ii. Surplus as regards policyholders (total
capital and surplus) as of the preceding December 31st; (4-6-23)
iii. If the insurer is a life insurer, the
net gain from operations for the twelve (12) months ending the preceding
December 31st; and (4-6-23)
iv. If
the insurer is not a life insurer, the net income less net realized capital
gains for the twelve (12) months ending the preceding December 31st.
(4-6-23)
e. A balance
sheet and income statement for the period since the last annual statement filed
with the Director and the end of the month before the month in which the
request for dividend approval is submitted; and (4-6-23)
f. The proposed distribution's effect on the
insurer's surplus and the reasonableness of surplus in relation to the
insurer's outstanding liabilities and the adequacy of surplus relative to the
insurer's financial needs. (4-6-23)
02. Other Distributions. Subject to Section 41-3812, Idaho Code, registered insurers report to the Director all dividends and other shareholder distributions within fifteen (15) business days after the declaration thereof, including the information from Paragraph 027.01.d. (4-6-23)
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