reglab/housing_qa huggingface dataset:
MT Code § 33-20-506 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 5. Standard Nonforfeiture Law Individual Deferred Annuities|33-20-506. Present value to equal minimum nonforfeiture amount

  33-20-506. Present value to equal minimum nonforfeiture amount. Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. Such present value shall be computed using the mortality table, if any, and the interest rate specified in the contract for determining the minimum paid-up annuity benefits guaranteed in the contract.   History: En. Sec. 13, Ch. 346, L. 1979.
MT Code § 33-20-507 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 5. Standard Nonforfeiture Law Individual Deferred Annuities|33-20-507. Cash surrender benefits

  33-20-507. Cash surrender benefits. For contracts which provide cash surrender benefits, such cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under the contract at maturity arising from considerations paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, such present value being calculated on the basis of an interest rate not more than 1% higher than the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the company to the contract. No cash surrender benefit may be less than the minimum nonforfeiture amount at that time. The death benefit under such contracts shall be at least equal to the cash surrender benefit.   History: En. Sec. 14, Ch. 346, L. 1979.
MT Code § 33-20-508 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 5. Standard Nonforfeiture Law Individual Deferred Annuities|33-20-508. Paid-up annuity benefits

  33-20-508. Paid-up annuity benefits. For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity may not be less than the present value of that portion of the maturity value of the paid-up annuity benefit provided under the contract arising from considerations paid prior to the time the contract is surrendered in exchange for or changed to a deferred paid-up annuity, such present value being calculated for the period prior to the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations to determine such maturity value and increased by any existing additional amounts credited by the company to the contract. For contracts which do not provide any death benefits prior to the commencement of any annuity payments, such present values shall be calculated on the basis of such interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. However, the present value of a paid-up annuity benefit may not be less than the minimum nonforfeiture amount at that time.   History: En. Sec. 15, Ch. 346, L. 1979.
MT Code § 33-20-509 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 5. Standard Nonforfeiture Law Individual Deferred Annuities|33-20-509. Maturity date

  33-20-509. Maturity date. For the purpose of determining the benefits calculated under 33-20-507 and 33-20-508, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date is the latest date for which election is permitted by the contract but may not be later than the anniversary of the contract next following the annuitant's 70th birthday or the 10th anniversary of the contract, whichever is later.   History: En. Sec. 16, Ch. 346, L. 1979.
MT Code § 33-20-510 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 5. Standard Nonforfeiture Law Individual Deferred Annuities|33-20-510. Statement of noninclusion of certain death benefits

  33-20-510. Statement of noninclusion of certain death benefits. Any contract which does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to the commencement of any annuity payments shall include a statement in a prominent place in the contract that such benefits are not provided.   History: En. Sec. 17, Ch. 346, L. 1979.
MT Code § 33-20-511 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 5. Standard Nonforfeiture Law Individual Deferred Annuities|33-20-511. Adjusted benefit

  33-20-511. Adjusted benefit. Any paid-up annuity, cash surrender, or death benefits available at any time other than on the contract anniversary under any contract with fixed scheduled consideration shall be calculated with allowance for the lapse of time and the payment of any scheduled consideration beyond the beginning of the contract year in which cessation of payment of consideration under the contract occurs.   History: En. Sec. 18, Ch. 346, L. 1979.
MT Code § 33-20-512 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 5. Standard Nonforfeiture Law Individual Deferred Annuities|33-20-512. Calculation of benefits -- special benefits excluded

  33-20-512. Calculation of benefits -- special benefits excluded. For any contract which provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross consideration paid with interest, the minimum nonforfeiture benefits shall be equal to the sum of the minimum nonforfeiture benefits for the annuity portion and the minimum nonforfeiture benefits, if any, for the life insurance portion computed as if each portion were a separate contract. Notwithstanding the provisions of 33-20-506 through 33-20-509 and 33-20-511, additional benefits payable in the event of total and permanent disability or as reversionary annuity or deferred reversionary annuity benefits or as other policy benefits additional to life insurance, endowment, and annuity benefits, and considerations for all such additional benefits shall be disregarded in ascertaining the minimum nonforfeiture amounts, paid-up annuity, cash surrender, and death benefits that may be required by this section. The inclusion of such additional benefits shall not be required in any paid-up benefits, unless such additional benefits separately would require minimum nonforfeiture amount paid-up annuity, cash surrender, and death benefits.   History: En. Sec. 19, Ch. 346, L. 1979.
MT Code § 33-20-513 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 5. Standard Nonforfeiture Law Individual Deferred Annuities|33-20-513. Operative date

  33-20-513. Operative date. After July 1, 1979, any company may file with the commissioner a written notice of its election to comply with the provisions of this section after a specified date before July 1, 1981. After the filing of such notice, then upon such specified date, which shall be the operative date of this section for such company, this section shall become operative with respect to annuity contracts thereafter issued by such company. If a company makes no such election, the operative date of this section for such company shall be July 1, 1981.   History: En. Sec. 20, Ch. 346, L. 1979.
MT Code § 33-20-601 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 6. Variable Contracts|33-20-601. Short title

  33-20-601. Short title. This part may be cited as the "Montana Variable Contract Law".   History: En. Sec. 1, Ch. 112, L. 1989.
MT Code § 33-20-602 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 6. Variable Contracts|33-20-602. Powers of commissioner

  33-20-602. Powers of commissioner. Except as provided in Title 30, chapter 10, parts 1 through 3, the commissioner has sole authority to regulate the issuance and sale of variable contracts and to adopt rules to carry out the purposes and provisions of this part.   History: En. Sec. 5, Ch. 112, L. 1989.
MT Code § 33-20-604 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 6. Variable Contracts|33-20-604. Contract to contain statement of essential features

  33-20-604. Contract to contain statement of essential features. A contract providing benefits payable in variable amounts delivered or issued for delivery in this state must contain a statement of the essential features of the procedures to be followed by the insurer in determining the dollar amount of the variable benefits. A contract under which the benefits vary to reflect investment experience, including a group contract and a certificate evidencing the variable benefits issued thereunder, must state that the dollar amount will vary and must contain on its first page a statement to the effect that the benefits thereunder are on a variable basis.   History: En. Sec. 3, Ch. 112, L. 1989.
MT Code § 33-20-605 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 6. Variable Contracts|33-20-605. Requirements for doing business

  33-20-605. Requirements for doing business. (1) No insurer may deliver or issue for delivery within this state a variable contract unless the insurer is authorized to transact life insurance or annuity business in this state and the commissioner is satisfied that its condition or method of operation in connection with the issuance of variable contracts will not render its operation hazardous to the public or its policyholders in this state. In making such a determination, the commissioner must consider, among other things:   (a) the history and financial condition of the insurer;   (b) the character, responsibility, and fitness of the officers and directors of the insurer; and   (c) the laws and regulations under which the insurer is authorized in the state of domicile to issue variable contracts. For this purpose, the state of entry of an alien insurer is its place of domicile.   (2) The commissioner may consider an insurer to have met the provisions of this section if:   (a) the insurer is a subsidiary of an authorized life insurer or is affiliated with an authorized life insurer through common management or ownership; and   (b) either it, the parent, or the affiliated insurer meets the requirements of this section.   History: En. Sec. 4, Ch. 112, L. 1989.
MT Code § 33-20-606 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 6. Variable Contracts|33-20-606. Variable contracts to meet insurance contract requirements

  33-20-606. Variable contracts to meet insurance contract requirements. (1) Except for 33-15-321 through 33-15-329, 33-20-302, and 33-20-307 for variable annuity contracts and 33-20-104, 33-20-110, 33-20-111, 33-20-112, and 33-20-201 through 33-20-213 for variable life insurance policies and as otherwise provided in this part, all pertinent provisions of Title 33 and other laws relating to insurance apply to separate accounts and their related policies and contracts.   (2) Any individual variable life insurance contract or any individual variable annuity contract delivered or issued for delivery in this state must contain grace and reinstatement provisions appropriate to the contract. Any individual variable life insurance contract must contain nonforfeiture provisions appropriate to that contract.   (3) An insurer shall file with the commissioner a copy of a final prospectus, dated and effective, before it issues or delivers an individual variable life insurance contract or an individual variable annuity contract in this state.   (4) The reserve liability for any variable contract must be established in accordance with actuarial procedures that recognize the variable nature of benefits provided and mortality guarantees.   History: En. Sec. 6, Ch. 112, L. 1989; amd. Sec. 19, Ch. 271, L. 2009.
MT Code § 33-20-701 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 7. Charitable Gift Annuities|33-20-701. Definitions

  33-20-701. Definitions. In this part, the following definitions apply:   (1) "Charitable gift annuity" means a transfer of cash or other property by a donor to a charitable organization in return for an annuity payable over one or two lives, for the duration of that life or those lives, under which the actuarial value of the annuity is less than the value of the cash or other property transferred and the difference in value constitutes a charitable deduction for federal tax purposes.   (2) "Charitable organization" means an entity described by:   (a) section 501(c)(3) of the Internal Revenue Code of 1986, 26 U.S.C. 501(c)(3); or   (b) section 170(c) of the Internal Revenue Code of 1986, 26 U.S.C. 170(c).   (3) (a) "Qualified charitable gift annuity" means a charitable gift annuity, described by section 501(m)(5) of the Internal Revenue Code of 1986, 26 U.S.C. 501(m)(5), section 514(c)(5) of the Internal Revenue Code of 1986, 26 U.S.C. 514(c)(5), section 1011(b) of the Internal Revenue Code of 1986, 26 U.S.C. 1011(b), and the implementing regulations, that is issued by a charitable organization that, on the date of the annuity agreement:   (i) has a minimum of $300,000 net worth or has a minimum of $100,000 in unrestricted cash, cash equivalents, or publicly traded securities, exclusive of the assets funding the annuity agreement;   (ii) has been in continuous operation for at least 3 years or is a successor or affiliate of a charitable organization that has been in continuous operation for at least 3 years; and   (iii) maintains a separate annuity fund with at least one-half the value of the initial amount transferred for outstanding annuities.   (b) If the charitable organization cannot meet the requirements of subsections (3)(a)(i) through (3)(a)(iii), the issuance of a qualified charitable gift annuity by a charitable organization must be commercially insured by a licensed insurance company that is qualified to do business in Montana.   History: En. Sec. 1, Ch. 482, L. 2003.
MT Code § 33-20-702 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 7. Charitable Gift Annuities|33-20-702. Charitable gift annuity not insurance

  33-20-702. Charitable gift annuity not insurance. (1) The issuance of a qualified charitable gift annuity does not constitute engaging in the business of insurance in this state.   (2) A charitable gift annuity issued before April 24, 2003, is a qualified charitable gift annuity for purposes of this part, and the issuance of that charitable gift annuity does not constitute engaging in the business of insurance in this state.   History: En. Sec. 2, Ch. 482, L. 2003.
MT Code § 33-20-703 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 7. Charitable Gift Annuities|33-20-703. Repealed

  33-20-703. Repealed. Sec. 6, Ch. 26, L. 2019.   History: En. Sec. 3, Ch. 482, L. 2003.
MT Code § 33-20-704 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 7. Charitable Gift Annuities|33-20-704. Repealed

  33-20-704. Repealed. Sec. 6, Ch. 26, L. 2019.   History: En. Sec. 4, Ch. 482, L. 2003; amd. Sec. 24, Ch. 469, L. 2005.
MT Code § 33-20-705 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 7. Charitable Gift Annuities|33-20-705. Repealed

  33-20-705. Repealed. Sec. 6, Ch. 26, L. 2019.   History: En. Sec. 5, Ch. 482, L. 2003.
MT Code § 33-20-801 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 8. Suitability in Annuity Transactions|33-20-801. Short title

  33-20-801. Short title. This part may be referred to as the "Montana Suitability in Annuity Transactions Act".   History: En. Sec. 1, Ch. 476, L. 2007.
MT Code § 33-20-802 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 8. Suitability in Annuity Transactions|33-20-802. Purpose -- scope

  33-20-802. Purpose -- scope. (1) The purpose of this part is to require producers to act in the best interest of the consumer when making a recommendation of an annuity and to require insurers to establish and maintain a system to supervise recommendations so that the insurance needs and financial objectives of consumers at the time of the transaction are effectively addressed.  (2) This part applies to any sale or recommendation of an annuity.   (3) Nothing in this part may be construed to create or imply a private cause of action for a violation of this part or to subject a producer to civil liability under the best interest standard of care outlined in 33-20-805 or under standards governing the conduct of a fiduciary or a fiduciary relationship.   History: En. Sec. 2, Ch. 476, L. 2007; amd. Sec. 3, Ch. 324, L. 2017; amd. Sec. 1, Ch. 432, L. 2021.
MT Code § 33-20-803 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 8. Suitability in Annuity Transactions|33-20-803. Exemptions

  33-20-803. Exemptions. Unless otherwise specifically included, this part does not apply to recommendations involving:  (1) direct response solicitations when there is no recommendation made based on information collected from the consumer pursuant to this part;   (2) contracts used to fund:   (a) an employee pension or welfare benefit plan that is covered by the Employee Retirement Income Security Act of 1974, 29 U.S.C. 1001, et seq.;   (b) a plan described by section 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code, 26 U.S.C. 401(a), 401(k), 403(b), 408(k), or 408(p), if established or maintained by an employer;   (c) a governmental plan or church plan defined in section 414 of the Internal Revenue Code, 26 U.S.C. 414, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax-exempt organization under section 457 of the Internal Revenue Code, 26 U.S.C. 457;   (d) a nonqualified deferred compensation plan established or maintained by an employer or plan sponsor;   (3) settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process;   (4) formal prepaid funeral contracts; or   (5) variable annuities regulated under Title 30, chapter 10.   History: En. Sec. 3, Ch. 476, L. 2007; amd. Sec. 2, Ch. 432, L. 2021.
MT Code § 33-20-806 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 8. Suitability in Annuity Transactions|33-20-806. Compliance mitigation -- penalties -- enforcement

  33-20-806. Compliance mitigation -- penalties -- enforcement. (1) An insurer is responsible for compliance with this part. If a violation occurs, either because of the action or inaction of the insurer or its producer, the commissioner may order:  (a) an insurer or insurance producer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with this part by the insurer, an entity contracted to perform the insurer's supervisory duties, or the producer; or   (b) a general agency, independent agency, or the producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of this part; and   (c) appropriate penalties and sanctions.   (2) A violation of this part is an unfair trade practice under Title 33, chapter 18. Fines may be imposed pursuant to 33-1-317.   (3) Any applicable penalty for a violation of this part may be reduced or eliminated if corrective action for the consumer was taken promptly after a violation was discovered or the violation was not part of a pattern or practice.   (4) The authority to enforce compliance with this part is vested exclusively with the commissioner.   History: En. Sec. 6, Ch. 476, L. 2007; amd. Sec. 5, Ch. 432, L. 2021.
MT Code § 33-20-901 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 9. Annuity Disclosure|33-20-901. Short title

  33-20-901. Short title. This part may be referred to as the "Montana Annuity Disclosure Act".   History: En. Sec. 7, Ch. 476, L. 2007.
MT Code § 33-20-902 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 9. Annuity Disclosure|33-20-902. Purpose

  33-20-902. Purpose. The purpose of this part is to provide standards for the disclosure of certain minimum information about annuity contracts to protect consumers and to foster consumer education. This part specifies the minimum information that must be disclosed and the method for disclosing the information in connection with the sale of annuity contracts. The goal of this part is to ensure that purchasers of annuity contracts understand certain basic features of annuity contracts.   History: En. Sec. 8, Ch. 476, L. 2007.
MT Code § 33-20-903 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 9. Annuity Disclosure|33-20-903. Applicability

  33-20-903. Applicability. (1) This part applies to all group and individual annuity contracts and certificates except:   (a) registered or nonregistered variable annuities or other registered products;   (b) immediate and deferred annuities that do not contain nonguaranteed elements;   (c) structured settlement annuities; and   (d) as provided in subsection (2), annuities used to fund:   (i) an employee pension plan that is covered by the Employee Retirement Income Security Act of 1974, 29 U.S.C. 1001, et seq.;   (ii) a plan described by section 401(a), 401(k), or 403(b) of the Internal Revenue Code, 26 U.S.C. 401(a), 401(k), or 403(b), when the plan, for purposes of the Employment Retirement Income Security Act of 1974, is established or maintained by an employer;   (iii) a governmental plan or church plan defined in section 414 of the Internal Revenue Code, 26 U.S.C. 414, or a deferred compensation plan of a state or local government or a tax-exempt organization under section 457 of the Internal Revenue Code, 26 U.S.C. 457; or   (iv) a nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor.   (2) (a) The provisions of this part apply to annuities used to fund a plan or arrangement when:   (i) the plan or arrangement is funded solely by contributions that an employee elects to make whether on a pretax or after-tax basis;   (ii) the insurer has been notified that plan participants may choose from among two or more fixed annuity providers; and   (iii) there is a direct solicitation of an individual employee by an insurance producer for the purchase of an annuity contract.   (b) As used in this subsection (2), direct solicitation does not include any meeting held by an insurance producer solely for the purpose of educating or enrolling employees in the plan or arrangement.   History: En. Sec. 9, Ch. 476, L. 2007.