reglab/housing_qa huggingface dataset:
MT Code § 33-4-302 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 3. Management|33-4-302. Bylaws -- contents

  33-4-302. Bylaws -- contents. (1) The bylaws of a farm mutual insurer must provide:   (a) for the liability of each member for payment of the expenses and losses of the insurer and for what obligations must be given for the expenses and losses when a person applies for insurance;   (b) for the time when obligations of members for losses and expenses become due;   (c) for the limitation of liability of members for the payment of expenses and losses of the insurer;   (d) for the terms of office of the directors. At least part of the directors must be elected at each annual meeting of members. The term of any director may not be longer than 3 years.   (e) the month of the annual meeting of the members, at which vacancies existing or occurring on the board of directors are to be filled by election by the members. Each member must be permitted to cast at least one vote, either in person or, if authorized in the bylaws, by proxy, for each director to be elected and may cumulate the member's votes for one or more directors, not exceeding the number to be elected.   (f) how directors are to be elected in case an election does not occur at the annual meeting or in event of resignation, disability, or death of a director;   (g) the manner and time of giving notice of annual and special meetings of members.   (2) The bylaws may provide:   (a) the character of property to be insured and under what restrictions and limitations;   (b) restrictions and limitations as to membership and the powers, duties, and obligations of the members other than as to obligations covered under subsection (1)(a);   (c) the manner of making and collecting assessments;   (d) the manner of the suspension and expulsion of members;   (e) the form of application and the form of policy;   (f) the manner of making proof, adjustment, and payment of losses;   (g) for who is authorized to adjust losses for the insurer;   (h) for arbitration, as provided in 33-4-411, in the event that the insurer's adjuster and any claimant cannot agree as to the amount of any insured damage or loss;   (i) the duties and compensation of the officers and the bonds to be required of them;   (j) the books and records to be kept by the insurer, the reports required of the officers, and the manner of examining and auditing their accounts;   (k) what must be contained on the corporate seal and when the seal is required to be used;   (l) other matters as may be considered necessary or convenient for the management of the affairs of the insurer.   History: En. Sec. 485, Ch. 286, L. 1959; R.C.M. 1947, 40-4818; amd. Sec. 1149, Ch. 56, L. 2009; amd. Sec. 9, Ch. 169, L. 2013.
MT Code § 33-4-303 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 3. Management|33-4-303. Bylaws binding upon members

  33-4-303. Bylaws binding upon members. The bylaws of a farm mutual insurer are binding upon all of its members and as from time to time amended are a part of the contracts of insurance between the insurer and its members.   History: En. Sec. 486, Ch. 286, L. 1959; R.C.M. 1947, 40-4819.
MT Code § 33-4-304 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 3. Management|33-4-304. Annual meetings of members -- where held

  33-4-304. Annual meetings of members -- where held. Annual meetings of the members of a farm mutual insurer may be held at its principal business office or at any other place located in any county in this state in which the insurer is authorized to transact insurance.   History: En. Sec. 488, Ch. 286, L. 1959; R.C.M. 1947, 40-4821.
MT Code § 33-4-305 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 3. Management|33-4-305. Annual meeting -- presentation of annual statement

  33-4-305. Annual meeting -- presentation of annual statement. The annual statement of the insurer as required to be filed with the commissioner under 33-4-313 shall be presented at the annual meeting of the members of the insurer next following the end of the calendar year to which such statement relates.   History: En. Sec. 489, Ch. 286, L. 1959; R.C.M. 1947, 40-4822.
MT Code § 33-4-306 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 3. Management|33-4-306. Adjourned annual meetings -- notice

  33-4-306. Adjourned annual meetings -- notice. Notice of any adjourned annual meeting of members shall be given to the members of an insurer in the same manner as provided in the insurer's bylaws for the regular annual meeting of members.   History: En. Sec. 490, Ch. 286, L. 1959; R.C.M. 1947, 40-4823.
MT Code § 33-4-307 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 3. Management|33-4-307. Members' voting rights

  33-4-307. Members' voting rights. Each member of an insurer is entitled to one vote upon each matter coming to a vote at meetings of members of the insurer. A member may vote by written proxy if and as may be provided in the insurer's bylaws. No such proxy shall be made irrevocable or for longer than 1 year.   History: En. Sec. 491, Ch. 186, L. 1959; R.C.M. 1947, 40-4824.
MT Code § 33-4-308 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 3. Management|33-4-308. Board of directors -- quorum

  33-4-308. Board of directors -- quorum. (1) The general management of the affairs of a farm mutual insurer is vested in its board of directors.   (2) A majority of the directors shall constitute a quorum to do business at any lawful meeting of the board.   History: En. Sec. 494, Ch. 286, L. 1959; R.C.M. 1947, 40-4827.
MT Code § 33-4-309 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 3. Management|33-4-309. Directors -- election and term

  33-4-309. Directors -- election and term. (1) Directors of a farm mutual insurer must be elected by its members by ballot or acclamation for terms not to exceed 3 years and hold office until their respective successors are elected and have qualified.   (2) An individual may not serve as a director unless the individual is a member of the insurer.   History: En. Sec. 495, Ch. 286, L. 1959; R.C.M. 1947, 40-4828; amd. Sec. 11, Ch. 227, L. 2011.
MT Code § 33-4-310 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 3. Management|33-4-310. Officers

  33-4-310. Officers. The board of directors of an insurer shall elect from their number a president and vice-president. The board shall also elect a secretary and treasurer or a secretary-treasurer, who may or may not be members of the insurer. Officers shall hold their offices for 1 year and until their successors are elected and qualified, unless earlier removed by the board of directors.   History: En. Sec. 496, Ch. 286, L. 1959; R.C.M. 1947, 40-4829.
MT Code § 33-4-311 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 3. Management|33-4-311. Bonding of officers, managers, and employees

  33-4-311. Bonding of officers, managers, and employees. (1) When acting in a fiduciary capacity, officers, managers, and employees shall each give bonds to the insurer for the faithful performance of their duties. The bond must be issued by an authorized corporate surety.   (2) The commissioner may adopt rules to determine the amount of the bonds required under this section.   History: En. Sec. 497, Ch. 286, L. 1959; R.C.M. 1947, 40-4830; amd. Sec. 21, Ch. 472, L. 1999.
MT Code § 33-4-312 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 3. Management|33-4-312. Officers, agents, and employees not licensed -- exception for liability insurance

  33-4-312. Officers, agents, and employees not licensed -- exception for liability insurance. (1) Except as provided in subsection (2), an agent of an insurer is not required to obtain a license or authority from any public official to transact business for the insurer. The insurer or its officers, agents, or employees are not required to pay any fee for a license for the transaction of the business of the insurer, except as provided in this chapter.   (2) A farm mutual insurer that offers liability insurance is required to have an insurance producer licensed by the state of Montana to transact liability insurance. A person may not sell, solicit, negotiate, or take applications for, procure, or place for others liability insurance for a farm mutual insurer unless that person is licensed under Title 33, chapter 17.   History: En. Sec. 498, Ch. 286, L. 1959; R.C.M. 1947, 40-4831; amd. Sec. 1, Ch. 28, L. 1987; amd. Sec. 1, Ch. 713, L. 1989; amd. Sec. 3, Ch. 399, L. 2007.
MT Code § 33-4-313 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 3. Management|33-4-313. Annual statement

  33-4-313. Annual statement. The president and secretary of each insurer, on or before March 1 each year, shall prepare, affirm under oath, and file with the commissioner, on forms prescribed and furnished by the commissioner, an annual statement for the preceding calendar year showing the condition of the insurer as of December 31 of the preceding year and exhibiting the following facts:   (1) the names of the president and secretary;   (2) the date of the annual meeting;   (3) the amount of insurance in force;   (4) the number of members;   (5) the number of assessments made during the year;   (6) the amount paid in losses during the year;   (7) the number of members withdrawn, suspended, and expelled during the year;   (8) the number of new members admitted during the year;   (9) the expenses during the year;   (10) the amount of money on hand;   (11) the amount and character of the insurer's assets;   (12) the amount of the insurer's liabilities, including any reserves required to be established under this chapter; and   (13) other information concerning the insurer's affairs that the commissioner may reasonably require.   History: En. Sec. 499, Ch. 286, L. 1959; R.C.M. 1947, 40-4832; amd. Sec. 1, Ch. 337, L. 1987; amd. Sec. 17, Ch. 531, L. 1997; amd. Sec. 22, Ch. 472, L. 1999.
MT Code § 33-4-314 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 3. Management|33-4-314. Annual statement -- exclusive report -- penalty for failure to file

  33-4-314. Annual statement -- exclusive report -- penalty for failure to file. (1) A report, statement, or return of any nature may not be required of any farm mutual insurer other than those required by 33-4-313.   (2) The commissioner may:   (a) suspend or revoke the certificate of authority of any insurer failing to file its annual statement as required; or   (b) impose a fine of up to $100 a day for each day that an insurer is late in filing its annual statement, with the aggregate penalty not to exceed $1,000.   History: En. Sec. 500, Ch. 286, L. 1959; R.C.M. 1947, 40-4833; amd. Sec. 18, Ch. 531, L. 1997.
MT Code § 33-4-315 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 3. Management|33-4-315. Examination by commissioner -- expense

  33-4-315. Examination by commissioner -- expense. (1) The commissioner has power, at any time, to investigate and examine the affairs and books of any insurer.   (2) The insurer shall pay the costs of investigation and examination by the commissioner in the same manner as prescribed in 33-1-413.   History: En. Sec. 501, Ch. 286, L. 1959; R.C.M. 1947, 40-4834; amd. Sec. 1, Ch. 177, L. 1987.
MT Code § 33-4-316 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 3. Management|33-4-316. Records -- inspections

  33-4-316. Records -- inspections. (1) A farm mutual insurer, through its president and secretary, shall keep or cause to be kept accurate records and accounts of its transactions. The books, files, and records of the insurer must be located at its principal place of business or, in the case of a county mutual insurer, at a place within the county of its principal place of business as may be designated by the insurer's board of directors and shown in the minutes of the board.   (2) The books, files, and records of the insurer must be available for inspection by the insurer's directors and officers and by the commissioner or the commissioner's duly constituted examiner at all reasonable times.   History: En. Sec. 508, Ch. 286, L. 1959; R.C.M. 1947, 40-4841; amd. Sec. 1150, Ch. 56, L. 2009.
MT Code § 33-4-317 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 3. Management|33-4-317. through 33-4-319 reserved

  33-4-317 through 33-4-319 reserved.
MT Code § 33-4-320 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 3. Management|33-4-320. Managing general agent waiver -- exceptions

  33-4-320. Managing general agent waiver -- exceptions. (1) The commissioner may waive the requirements for a managing general agent under Title 33, chapter 2, part 16, for a person managing the property and liability business of a resident domestic farm mutual insurer.   (2) The commissioner may revoke the waiver if the commissioner determines through examination that licensure of the person as a managing general agent is necessary.   (3) A person serving as a managing general agent for crop hail insurance may not receive a waiver under this section.   History: En. Sec. 1, Ch. 208, L. 2013.
MT Code § 33-4-401 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 4. Finance|33-4-401. Surplus funds required

  33-4-401. Surplus funds required. A domestic farm mutual insurer is authorized to transact insurance if it is otherwise in compliance with the applicable provisions of this chapter and if it maintains surplus funds as follows:   (1) if a state mutual insurer or a county mutual insurer that has changed its status to that of a state mutual insurer pursuant to the provisions of 33-4-204, surplus of not less than $200,000; or   (2) if a county mutual insurer, surplus of not less than $50,000.   History: En. Sec. 482, Ch. 286, L. 1959; R.C.M. 1947, 40-4815; amd. Sec. 3, Ch. 228, L. 2001.
MT Code § 33-4-402 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 4. Finance|33-4-402. Members' liability -- limitation

  33-4-402. Members' liability -- limitation. All liability of the members of a farm mutual insurer must be as limited in the insurer's bylaws. For insurers transacting business on the cash premium plan, the limitation must comply with 33-4-504(4). A member may not be required to pay more than the full amount of the member's obligation given to the insurer or of the member's liability as provided for in the bylaws.   History: En. Sec. 492, Ch. 286, L. 1959; R.C.M. 1947, 40-4825; amd. Sec. 1151, Ch. 56, L. 2009.
MT Code § 33-4-404 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 4. Finance|33-4-404. Repealed

  33-4-404. Repealed. Sec. 44, Ch. 531, L. 1997.   History: En. Sec. 503, Ch. 286, L. 1959; R.C.M. 1947, 40-4836.
MT Code § 33-4-405 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 4. Finance|33-4-405. Repealed

  33-4-405. Repealed. Sec. 73, Ch. 227, L. 2001.   History: En. Sec. 504, Ch. 286, L. 1959; R.C.M. 1947, 40-4837.
MT Code § 33-4-406 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 4. Finance|33-4-406. Reserves -- cash premium plan

  33-4-406. Reserves -- cash premium plan. Each insurer transacting business on the cash premium plan shall maintain the following reserves:   (1) a loss reserve, in amount reasonably adequate to pay in full all losses already incurred but currently unpaid. The amount subsequently paid on such losses shall be credited against this reserve.   (2) a reserve for unearned premiums, which reserve shall be computed at 50% of net premiums (gross premiums less premiums returned) charged and collected for unexpired policy periods that commenced during the calendar year covered by the financial statement plus 100% of such net premiums charged and collected in advance for policy periods that are to commence after such calendar year. In the alternative, the insurer may at its option compute its entire reserve for unearned premiums as the aggregate amount of the pro rata unearned premiums for each policy in force as at the end of the calendar year to be covered by the financial statement.   History: En. Sec. 505, Ch. 286, L. 1959; R.C.M. 1947, 40-4838.
MT Code § 33-4-407 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 4. Finance|33-4-407. Profits or dividends

  33-4-407. Profits or dividends. An insurer may not accumulate any profits or pay any dividends. This provision does not prohibit an insurer from accumulating and maintaining surplus funds as required to be maintained by the insurer under this chapter or from accumulating and maintaining other voluntary reserves for purposes and in amounts that may be reasonable. Limitations on any accumulations and the purposes of the accumulations may be provided for in the insurer's bylaws.   History: En. Sec. 506, Ch. 286, L. 1959; R.C.M. 1947, 40-4839; amd. Sec. 33, Ch. 227, L. 2001.
MT Code § 33-4-408 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 4. Finance|33-4-408. Deficiency of surplus

  33-4-408. Deficiency of surplus. (1) If the surplus funds of a farm mutual insurer at any time fall below the amount required to be maintained under this chapter, the insurer shall cure such deficiency within 6 months thereafter, notwithstanding that new losses or expenses may be incurred within such 6-month period.   (2) If the deficiency is not so cured, the commissioner may, upon the insurer's written application therefor, allow an additional reasonable period, not to exceed 6 months, for the curing of the deficiency.   (3) If the deficiency is not so cured within the first 6-month period, if additional time is not so applied for, or within such additional period as the commissioner may so allow, the commissioner shall forthwith suspend or revoke the insurer's certificate of authority.   History: En. Sec. 507, Ch. 286, L. 1959; R.C.M. 1947, 40-4840.
MT Code § 33-4-409 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 4. Finance|33-4-409. Repealed

  33-4-409. Repealed. Sec. 44, Ch. 531, L. 1997.   History: En. Sec. 509, Ch. 286, L. 1959; R.C.M. 1947, 40-4842; amd. Sec. 2, Ch. 177, L. 1987; amd. Sec. 1, Ch. 327, L. 1987.
MT Code § 33-4-410 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 4. Finance|33-4-410. Losses -- notice -- adjustment

  33-4-410. Losses -- notice -- adjustment. (1) Every member of a domestic farm mutual insurer who has sustained any insured loss or damage shall immediately notify the insurer's secretary thereof and of the amount of damage or loss claimed.   (2) Upon receipt of the notice of loss referred to in subsection (1) above, the secretary shall notify the person or persons authorized by the bylaws of such insurer to ascertain the amount of the loss or damage and adjust the same.   History: En. Sec. 514, Ch. 286, L. 1959; R.C.M. 1947, 40-4847.
MT Code § 33-4-411 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 4. Finance|33-4-411. Arbitration -- committee -- compensation

  33-4-411. Arbitration -- committee -- compensation. (1) If any insurer's adjuster and a claimant fail to agree as to the amount of the insured loss or damage sustained by the claimant and if provided for in the insurer's bylaws, the matter must be submitted to three persons as a committee of reference. One member must be selected by the claimant, one by the insurer, and the third by the other two members, all of whom must be sworn to a faithful and impartial investigation and award.   (2) The committee of reference has authority to examine witnesses and determine all matters in dispute. The decision or award of the committee must be made in writing to the secretary of the insurer. If it relates to any claimed loss or damage to a crop, the decision or award may not be made until after maturity of the crop. The decision or award of the committee is final and binding upon all parties unless an interested party appeals to the court within 30 days after the decision or award.   (3) The compensation of each member of any committee must be at the rate of $10 per day for each day of service in the discharge of duties. The compensation must be paid by the claimant unless the award of the committee exceeds the sum offered by the insurer in settlement of the claim, in which case the compensation must be paid by the insurer.   History: En. Sec. 515, Ch. 286, L. 1959; R.C.M. 1947, 40-4848; amd. Sec. 1152, Ch. 56, L. 2009.
MT Code § 33-4-412 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 4. Finance|33-4-412. Obligations or assessments due -- losses payable

  33-4-412. Obligations or assessments due -- losses payable. (1) Obligations or assessments of members for losses and expenses become due and payable at such time as may be provided in the bylaws of the insurer, and the insurer shall use due diligence to collect each obligation or assessment.   (2) Any valid claim for an insured loss against an insurer transacting business on the assessment plan shall not be payable by the insurer until 30 days after such obligations of the members are due and payable.   History: En. Sec. 516, Ch. 286, L. 1959; R.C.M. 1947, 40-4849.
MT Code § 33-4-413 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 4. Finance|33-4-413. Suit to collect obligations -- liability of directors or officers

  33-4-413. Suit to collect obligations -- liability of directors or officers. (1) An insurer may institute a suit against any member of such insurer if the member fails to pay when due any obligation or liability of the member given such insurer under the provisions of this chapter.   (2) The directors or officers of an insurer are liable in their individual capacity to the person sustaining an insured loss if they willfully refuse or neglect to perform the duties imposed upon them by the provisions of this section.   History: En. Sec. 517, Ch. 286, L. 1959; R.C.M. 1947, 40-4850.
MT Code § 33-4-414 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 4. Farm Mutual Insurers|Part 4. Finance|33-4-414. Proportionate payment of losses

  33-4-414. Proportionate payment of losses. If the aggregate whole amount of the members' obligations to an insurer transacting business on the assessment plan are insufficient to pay all valid claims for losses under the insurer's contracts of insurance after necessary expenses in any one year, then such claimants insured by the insurer shall receive their proportionate share of the funds realized from such obligations in full satisfaction of such losses.   History: En. Sec. 518, Ch. 286, L. 1959; R.C.M. 1947, 40-4851.