Insurance companies are required to file all of the policy forms used in Montana, as well as some types of rates and rating plans used in pricing their Montana insurance products. Analysts review policy forms to determine if they comply with Montana law or if they are inequitable, unfairly discriminatory, misleading, deceptive, obscure, unfair, encourage misrepresentation, or are not in the public interest. Actuaries are charged with examining and analyzing rates and rating plan filings to determine if they are excessive, inadequate, or unfairly discriminatory as defined in statute. The actuaries also participate in the financial examination of insurance companies. This involvement includes but is not limited to the analysis of the adequacy of reserves.
Prior approval is required for use of all forms as well as some types of rates.
The filing fee is receipted and the file is then stored in date order until review. If the submission does not pass examination a form letter will be sent to the company identifying problems, requesting additional information, fees, etc. to facilitate compliance. If no response is received within 6 months the file is destroyed, and a new submission is required if any additional review is expected. A form can not be used until it is approved for use. Responses to objection letters received within 6 months are reviewed in date order to determine if the problems have been corrected.