What defines an 'authorized' insurer in Idaho?

An 'authorized' insurer in Idaho is defined as one that is authorized by a valid certificate of authority. This means that the insurer has met all regulatory requirements and has been granted permission by the state to conduct insurance business within Idaho. The certificate of authority serves as evidence that the insurer complies with local laws, ensuring they are financially stable and capable of fulfilling their obligations to policyholders.

Insurers that operate without a certificate of authority cannot legally transact insurance in the state, making them unauthorized and potentially subject to penalties. Similarly, an insurer that has simply applied for a certificate, but has not yet received it, does not hold authorized status until that certificate is granted. Lastly, the option regarding insurers that conduct only outside business does not pertain to the definition of authorized insurers within Idaho, as it does not involve compliance with Idaho's regulatory framework for conducting insurance business in the state.