reglab/housing_qa huggingface dataset:
MT Code § 33-11-108 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 11. Liability Risk Retention and Purchasing Groups|Part 1. General Provisions|33-11-108. Notice and registration requirements of purchasing groups

  33-11-108. Notice and registration requirements of purchasing groups. (1) A purchasing group that intends to do business in this state shall furnish notice to the commissioner that:   (a) identifies the state where the group is domiciled and all other states in which the group intends to do business;   (b) specifies the lines and classifications of liability insurance that the purchasing group intends to purchase;   (c) identifies the insurer from which the purchasing group intends to purchase its insurance and the domicile of that insurer;   (d) identifies the Montana-licensed insurance producer or Montana-licensed surplus lines insurance producer through which the purchasing group intends to place its business;   (e) identifies the principal place of business of the purchasing group;   (f) provides information required by the commissioner to verify that the purchasing group is qualified under 33-11-102(7); and   (g) identifies the person or persons controlling the activities of the group and includes biographical information on the person or persons.   (2) The purchasing group shall register with and designate the commissioner as its agent solely for the purpose of receiving service of legal documents or process. However, the requirements do not apply in the case of a purchasing group:   (a) (i) that was domiciled before April 2, 1986, in any state of the United States; and   (ii) that was domiciled on and after October 27, 1986, in any state of the United States;   (b) (i) that, before October 27, 1986, purchased insurance from an insurer licensed in any state; and   (ii) that, since October 27, 1986, purchased its insurance from an insurer licensed in any state;   (c) that was a purchasing group under the requirements of the federal Product Liability Risk Retention Act of 1981 (15 U.S.C. 3901 through 3904) before it was amended by Public Law 99-563, approved on October 27, 1986; and   (d) that does not purchase insurance that was not authorized for purposes of an exemption under the federal Product Liability Risk Retention Act of 1981, as in effect before October 27, 1986.   (3) Upon completion of registration requirements, the commissioner shall issue a proper certificate of registration to the purchasing group.   History: En. Sec. 8, Ch. 249, L. 1987; amd. Sec. 3, Ch. 180, L. 1991; amd. Sec. 15, Ch. 451, L. 1993; amd. Sec. 66, Ch. 596, L. 1993; amd. Sec. 43, Ch. 379, L. 1995.
MT Code § 33-11-109 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 11. Liability Risk Retention and Purchasing Groups|Part 1. General Provisions|33-11-109. Restriction on insurance purchased by purchasing groups

  33-11-109. Restriction on insurance purchased by purchasing groups. (1) A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not authorized in the state where the purchasing group is located, unless the purchase is effected through a licensed insurance producer acting pursuant to the surplus lines laws and regulations of that state.   (2) For purposes of subsection (1), the state where a purchasing group is located is each state where a member of the purchasing group has a risk resident, located, or to be performed.   (3) A purchasing group that obtains liability insurance from an insurer not admitted in this state or from a risk retention group shall inform each of the members of the group who have a risk resident or located in this state that the risk is not protected by an insurance insolvency guaranty fund in this state and that the insurer or risk retention group may not be subject to all insurance laws and regulations of this state.   (4) A purchasing group may not purchase insurance that provides for a deductible or self-insured retention applicable to the group as a whole. Coverage may provide for a deductible or self-insured retention applicable to individual members.   (5) Purchases of insurance by purchasing groups are subject to the same standards regarding aggregate limits that are applicable to all purchases of group insurance.   History: En. Sec. 9, Ch. 249, L. 1987; amd. Sec. 1, Ch. 713, L. 1989; amd. Sec. 67, Ch. 596, L. 1993.
MT Code § 33-11-110 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 11. Liability Risk Retention and Purchasing Groups|Part 1. General Provisions|33-11-110. Taxation of purchasing group

  33-11-110. Taxation of purchasing group. Premium taxes and taxes on premiums paid for coverage of risks resident or located in this state by a purchasing group or any members of the purchasing group must be:   (1) imposed at the same rate and subject to the same interest, fines, and penalties as those applicable to premium taxes and taxes on premiums paid to surplus lines insurers and authorized insurers, pursuant to 33-2-311 and 33-2-705, respectively; and   (2) paid by the authorized or surplus lines insurers and, if not paid by them, paid by the insurance producer for the purchasing group and, if not paid by the insurance producer, paid by the purchasing group and, if not paid by the purchasing group, paid by each of its members.   History: En. Sec. 34, Ch. 596, L. 1993.
MT Code § 33-11-111 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 11. Liability Risk Retention and Purchasing Groups|Part 1. General Provisions|33-11-111. through 33-11-120 reserved

  33-11-111 through 33-11-120 reserved.
MT Code § 33-11-121 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 11. Liability Risk Retention and Purchasing Groups|Part 1. General Provisions|33-11-121. Administrative and procedural authority regarding risk retention groups and purchasing groups

  33-11-121. Administrative and procedural authority regarding risk retention groups and purchasing groups. The commissioner is authorized to use any powers established under this title to enforce the laws of this state so long as those powers are not specifically preempted by the federal Liability Risk Retention Act of 1986 (15 U.S.C. 3901, et seq.). The commissioner's powers include but are not limited to the commissioner's administrative authority to investigate, issue subpoenas, conduct depositions and hearings, issue orders, and impose penalties. With regard to any investigation, administrative proceedings, or litigation, the commissioner may rely on the procedural law and regulations of the state. The injunctive authority of the commissioner in regard to risk retention groups is restricted by the requirement that any injunction be issued by a court of competent jurisdiction.   History: En. Sec. 10, Ch. 249, L. 1987.
MT Code § 33-11-122 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 11. Liability Risk Retention and Purchasing Groups|Part 1. General Provisions|33-11-122. Penalties

  33-11-122. Penalties. A risk retention group that violates any provision of this part is subject to fines and penalties applicable to licensed insurers generally, including revocation of its license to do business in this state.   History: En. Sec. 11, Ch. 249, L. 1987.
MT Code § 33-11-123 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 11. Liability Risk Retention and Purchasing Groups|Part 1. General Provisions|33-11-123. Duty of insurance producers to obtain license

  33-11-123. Duty of insurance producers to obtain license. A person acting or offering to act as an insurance producer for a risk retention group or purchasing group that solicits members, sells insurance coverage, purchases coverage for its members located within the state, or otherwise does business in this state shall, before commencing such activity, obtain a license from the commissioner.   History: En. Sec. 12, Ch. 249, L. 1987; amd. Sec. 1, Ch. 713, L. 1989.
MT Code § 33-11-124 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 11. Liability Risk Retention and Purchasing Groups|Part 1. General Provisions|33-11-124. Enforceability of orders issued in United States district court

  33-11-124. Enforceability of orders issued in United States district court. An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance or operating in any state, territory, or possession of the United States upon a finding that such a group is in a hazardous financial condition is enforceable in the courts of this state.   History: En. Sec. 13, Ch. 249, L. 1987.
MT Code § 33-11-125 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 11. Liability Risk Retention and Purchasing Groups|Part 1. General Provisions|33-11-125. Rules and regulations

  33-11-125. Rules and regulations. The commissioner may make and amend any reasonable rules relating to risk retention groups and purchasing groups necessary or desirable to carry out the provisions of this part.   History: En. Sec. 14, Ch. 249, L. 1987.
MT Code § 33-12-101 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 1. General Provisions|33-12-101. Purpose and scope

  33-12-101. Purpose and scope. (1) The purpose of this chapter is to protect the interests of insureds by promoting insurer solvency and financial strength. This purpose will be accomplished through the application of investment standards that facilitate a reasonable balance of the following objectives:   (a) to preserve principal;   (b) to ensure reasonable diversification as to type of investment, issuer, and credit quality; and   (c) to allow insurers to allocate investments in a manner consistent with principles of prudent investment management to achieve an adequate return so that obligations to insureds are adequately met and financial strength is sufficient to cover reasonably foreseeable contingencies.   (2) This chapter applies only to investments and investment practices of domestic insurers and United States branches of alien insurers entered through this state. This chapter does not apply to separate accounts of an insurer.   History: En. Sec. 1, Ch. 304, L. 1999.
MT Code § 33-12-104 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 1. General Provisions|33-12-104. Authorization of investments by board of directors

  33-12-104. Authorization of investments by board of directors. (1) An insurer's board of directors shall adopt a written plan for acquiring and holding investments and for engaging in investment practices that specifies guidelines as to the quality, maturity, and diversification of investments and that contains other specifications including investment strategies intended to ensure that the investments and investment practices are appropriate for the business conducted by the insurer, its liquidity needs, and its capital and surplus.   (2) The board of directors is ultimately responsible for investment decisions and shall review, at least annually, whether all investments acquired and held under this chapter have been made in accordance with delegations, standards, limitations, and investment objectives prescribed by the board or a committee of the board charged with the responsibility to direct its investments.   (3) An insurer's board of directors or committee of the board of directors shall:   (a) on no less than a quarterly basis and more often if considered appropriate, receive and review a summary report on the insurer's investment portfolio, its investment activities, and investment practices engaged in under delegated authority, in order to determine whether the investment activity of the insurer is consistent with its written plan; and   (b) on no less than an annual basis and more often if considered appropriate, review and revise, as appropriate, the written plan.   (4) In discharging its duties under this section, the board of directors may require that records of any authorizations or approvals, other documentation as the board may require, and reports of any action taken under authority delegated under the plan referred to in subsection (1) may be made available on a regular basis to the board of directors.   (5) If an insurer does not have a board of directors, all references to the board of directors in this chapter are considered to be references to the governing body of the insurer having authority equivalent to that of a board of directors.   (6) In discharging their duties under this section, the directors of an insurer shall perform their duties as provided in 35-14-830.   History: En. Sec. 4, Ch. 304, L. 1999; amd. Sec. 237, Ch. 271, L. 2019.
MT Code § 33-12-105 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 1. General Provisions|33-12-105. Prohibited investments

  33-12-105. Prohibited investments. (1) An insurer may not, directly or indirectly, without the prior written approval of the commissioner:   (a) invest in an obligation or security or make a guarantee for the benefit of or in favor of an officer or director of the insurer, except as provided in 33-12-106;   (b) invest in an obligation or security of, make a guarantee for the benefit of or in favor of, or make other investments in a business entity of which 10% or more of the voting securities or equity interests are owned directly or indirectly by or for the benefit of one or more officers or directors of the insurer, except as authorized in Title 33, chapter 2, part 11, or as provided in 33-12-106;   (c) engage on its own behalf or through one or more affiliates in a transaction or series of transactions designed to evade the prohibitions of this chapter; or   (d) except as provided in subsection (2), invest in or lend its funds upon the security of shares of its own stock.   (2) (a) An insurer may acquire shares of its own stock for the following purposes:   (i) conversion of a stock insurer into a mutual or reciprocal insurer or conversion of a mutual or reciprocal insurer into a stock insurer; or   (ii) issuance to the insurer's officers, employees, or agents in connection with a plan approved by the commissioner in connection with stock option and employee benefit plans.   (b) Shares of stock that are subject to subsection (2)(a) may not be admitted assets of the insurer.   (3) (a) An insurer may not, directly or indirectly, without the prior written approval of the commissioner invest in a partnership as a general partner, except that an insurer may make an investment as a general partner:   (i) if all other partners in the partnership are subsidiaries of the insurer;   (ii) for the purpose of:   (A) meeting cash calls committed to prior to July 1, 1999;   (B) completing those specific projects or activities of the partnership in which the insurer was a general partner as of July 1, 1999, that had been undertaken as of July 1, 1999; or   (C) making capital improvements to property owned by the partnership on July 1, 1999, if the insurer was a general partner as of July 1, 1999; or   (iii) in accordance with 33-12-103(3).   (b) Subsection (3)(a) does not prohibit a subsidiary or other affiliate of the insurer from becoming a general partner.   History: En. Sec. 5, Ch. 304, L. 1999.
MT Code § 33-12-107 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 1. General Provisions|33-12-107. Valuation of investments

  33-12-107. Valuation of investments. For the purposes of this chapter, the value or amount of an investment acquired or held under this chapter or an investment practice engaged in under this chapter, unless otherwise specified in statute, must be the value at which assets of an insurer are required to be reported for statutory accounting purposes as determined in accordance with procedures prescribed in published accounting and valuation standards of the NAIC, including the Purposes and Procedures Manual of the Securities Valuation Office, the Valuation of Securities Manual, the Accounting Practices and Procedures Manual, the annual statement instructions, or any successor valuation procedures officially adopted by the NAIC.   History: En. Sec. 7, Ch. 304, L. 1999; amd. Sec. 10, Ch. 469, L. 2005.
MT Code § 33-12-108 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 1. General Provisions|33-12-108. Presumption of control

  33-12-108. Presumption of control. Control is presumed to exist if a person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing 10% or more of the voting securities of another person. This presumption may be rebutted by a showing that control does not exist in fact. The commissioner may determine, after furnishing all interested persons notice and an opportunity to be heard and making specific findings of fact to support the determination, that control exists in fact, notwithstanding the absence of a presumption to that effect.   History: En. Sec. 8, Ch. 304, L. 1999.
MT Code § 33-12-109 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 1. General Provisions|33-12-109. Credit risk attributable to derivative statement

  33-12-109. Credit risk attributable to derivative statement. (1) The amount of credit risk equals:   (a) the market value of the over-the-counter derivative instrument if the liquidation of the derivative instrument would result in a final cash payment to the insurer; or   (b) zero if the liquidation of the derivative instrument would not result in a final cash payment to the insurer.   (2) If over-the-counter derivative instruments are entered into under a written master agreement that provides for netting of payments owed by the respective parties and the domiciliary jurisdiction of the counterparty is either within the United States or if not within the United States, within a foreign jurisdiction listed in the Purposes and Procedures of the Securities Valuation Office as eligible for netting, the net amount of credit risk must be the greater of zero or the net sum of:   (a) the market value of the over-the-counter derivative instruments entered into under the agreement, the liquidation of which would result in a final cash payment to the insurer; and   (b) the market value of the over-the-counter derivative instruments entered into under the agreement, the liquidation of which would result in a final cash payment by the insurer to the business entity.   (3) For open transactions, market value must be determined at the end of the most recent quarter of the insurer's fiscal year and must be reduced by the market value of acceptable collateral held by the insurer or placed in escrow by one or both parties.   History: En. Sec. 9, Ch. 304, L. 1999.
MT Code § 33-12-111 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 1. General Provisions|33-12-111. Rules

  33-12-111. Rules. The commissioner may adopt rules implementing the provisions of this chapter.   History: En. Sec. 11, Ch. 304, L. 1999.
MT Code § 33-12-112 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 1. General Provisions|33-12-112. Foreign and alien insurers

  33-12-112. Foreign and alien insurers. A foreign insurer or an alien insurer, as those terms are defined in 33-1-201, shall maintain its investments according to the laws of its domicile. For purposes of this section, an alien insurer shall claim as its domicile the state where it maintains its principal deposit.   History: En. Sec. 12, Ch. 304, L. 1999.
MT Code § 33-12-113 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 1. General Provisions|33-12-113. Indemnification agreement

  33-12-113. Indemnification agreement. An insurer may contract with any national or state bank, trust company, or securities brokerage firm to act as custodian for the insurer's securities. The contract must contain an indemnification agreement stating that the custodian is obligated to indemnify the insurer for any loss of the insurer's securities in its custody resulting from the intentional or negligent act or omission of the custodian or the employee, officer, or agent of the custodian.   History: En. Sec. 1, Ch. 109, L. 2005.
MT Code § 33-12-201 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 2. Life and Health Insurers|33-12-201. Applicability

  33-12-201. Applicability. This part applies to the investments and investment practices of life and health insurers, subject to the provisions of 33-12-101(2).   History: En. Sec. 13, Ch. 304, L. 1999.
MT Code § 33-12-205 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 12. Insurer Investments|Part 2. Life and Health Insurers|33-12-205. Equity interests

  33-12-205. Equity interests. (1) Subject to the limitations of 33-12-202, an insurer may acquire equity interests in business entities organized under the laws of any domestic jurisdiction.   (2) An insurer may not acquire an investment under this section if, as a result of and after giving effect to the investment, the aggregate amount of investments then held by the insurer under this section would exceed 20% of its admitted assets or the amount of equity interests then held by the insurer that are not listed on a qualified exchange would exceed 5% of its admitted assets. An accident and health insurer is subject to this section but is subject to the same aggregate limitation on equity interests as a property and casualty insurer under 33-12-305 and is also subject to the provisions of 33-12-312.   (3) An insurer may not acquire under the provisions of this section any investments that the insurer may acquire under 33-12-207.   (4) An insurer may not short sell equity investments unless the insurer covers the short sale by owning the equity investment or an unrestricted right to the equity instrument exercisable within 6 months of the short sale.   History: En. Sec. 17, Ch. 304, L. 1999.