1. Before the Idaho Department of Insurance will issue a resident producer license, the applicant generally must:

Pass a state-approved licensing examination

An applicant generally must pass the appropriate state-approved licensing examination before a resident license is issued.

2. For Idaho licensing purposes, a resident producer is one whose:

Home state is Idaho

A resident producer is a person whose home state for licensing purposes is Idaho.

3. A person who sells insurance in Idaho without holding a valid license is subject to:

Penalties imposed under the insurance code

Transacting insurance without a required license exposes the person to penalties under the Idaho insurance code.

4. Premiums an Idaho producer collects on behalf of an insurer are generally considered to be:

Funds held in trust for the insurer

Premiums collected for an insurer are fiduciary funds the producer holds in trust and must account for properly.