Licensure

01. Renewal of Expired License. If an active license expires, the licensee must complete and submit with the application an attestation that during the period the license was expired, the licensee either did or did not do or attempt to do any acts described in the definitions of real estate broker or salesperson in Section 54-2004, Idaho Code. (7-1-25) 02. Mandatory Errors and Omissions Insurance. Every licensee will certify such coverage to the Commission in the form and manner prescribed by statute, these rules, and any policy adopted by the Commission. (7-1-25) 03. Insurance Plan. The Commission will make available to all active licensees, subject to terms and availability from a qualified insurance carrier, a policy of Errors and Omissions Insurance under a Group Plan obtained by the Commission. Licensees may obtain errors and omissions insurance independently of the Group Policy available through the Commission, subject, however, to the terms and conditions set forth in these rules. (7-1-25) a. Insurance Carrier. For the purposes of this section: (7-1-25) i. Shall maintain an A.M. Best Company rating of B+ or better, and an A.M. Best Financial Size Category of Class VI or higher; (7-1-25) ii. Is and will remain for the policy term duly authorized by the Idaho Department of Insurance to do business in the state of Idaho as an insurance carrier; and (7-1-25) iii. Is and will remain for the policy term qualified and authorized by the Idaho Department of Insurance to write policies of errors and omissions insurance in Idaho of the type contemplated by these rules. (7-1-25) b. Approved Policy. The policy shall cover all activities contemplated under Chapter 20, Title 54, Idaho Code, be subject to such terms and conditions as are customary in the insurance industry for policies of errors and omissions insurance, which are otherwise permissible under Idaho law and the rules of the Idaho Insurance Department, and which are contained in a policy of insurance which has been approved by the Department of Insurance. That policy shall provide, at a minimum, the following terms and conditions: (7-1-25) i. A deductible amount of not greater than three thousand five hundred dollars ($3,500), which includes costs of investigation and defense; (7-1-25) Limit Liability Coverage for Each Occurrence Not Less Than Annual Aggregate Limit Not Less Than Individual License Coverage $100,000* $300,000* Firm Coverage $500,000* $1,000,000* *Not including costs of investigation and defense IDAHO ADMINISTRATIVE CODE IDAPA 24.37.01 Div. of Occupational & Professional Licenses Rules of the Idaho Real Estate Commission Section 150 Page 4 ii. A policy period equal to each licensee's two (2) year license renewal date or the prorated equivalent, or, if an annually renewable policy, a statement of the policy period, and in either case, the policy shall provide for continuous coverage during the policy period; (7-1-25) iii. An extended reporting period per insured of at least ninety (90) days following termination of the policy period; and (7-1-25) iv. Prior acts coverage shall be offered to licensees with continuous past coverage. (7-1-25) 04. Failure To Maintain Insurance. Failure of a licensee to obtain and maintain insurance coverage required by Section 54-2013, Idaho Code, regardless whether coverage is later obtained and made retroactive by the carrier, will result in denial or inactivation of any active license and will be deemed insufficient application for licensure under Section 67-5254, Idaho Code. A late insurance renewal is considered failure to maintain insurance. Failure to maintain insurance shall be grounds for disciplinary action. (7-1-25) 05. Falsification Of Certificates. Any licensee who, acting alone or in concert with others, willfully or knowingly causes or allows a certificate of coverage to be filed with, or produced to, the commission which is false, fraudulent, or misleading, will be subject to disciplinary action, including but not limited to suspension or revocation of license, in accordance with Chapter 52, Title 67, Idaho Code; provided, however, that nothing herein will entitle such licensee to notice and hearing on the automatic inactivation of license. (7-1-25) 101. -- 149. (RESERVED)