reglab/housing_qa huggingface dataset:
MT Code § 33-2-1106 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 11. Affiliation and Merger -- Holding Company Systems -- Own Risk and Solvency Assessment|33-2-1106. Exemptions -- violations -- jurisdiction

  33-2-1106. Exemptions -- violations -- jurisdiction. (1) The provisions of 33-2-1104 and 33-2-1105 do not apply to an offer, request, invitation, agreement, or acquisition that the commissioner by order exempts from those sections as:   (a) not having been made or entered into for the purpose and not having the effect of changing or influencing the control of a domestic insurer; or   (b) otherwise not comprehended within the purposes of 33-2-1104 and 33-2-1105.   (2) The following are violations of 33-2-1104 or 33-2-1105:   (a) the failure to file any statement, amendment, or other material required to be filed pursuant to 33-2-1104(1) through (5);   (b) the effectuation or any attempt to effectuate an acquisition of control of, divestiture of, or merger with a domestic insurer unless the commissioner has given approval.   (3) The courts of this state are vested with jurisdiction over every person not resident, domiciled, or authorized to do business in this state who files a statement with the commissioner under 33-2-1104 and over all actions involving the person arising out of violations of 33-2-1104 or 33-2-1105. Each person is considered to have performed acts equivalent to and constituting an appointment of the commissioner to be the person's attorney upon whom may be served all lawful process in any action, suit, or proceeding arising out of violations of this section. Copies of all lawful process must be served on the commissioner and transmitted by certified mail by the commissioner to the person at the person's last-known address.   History: En. Sec. 3, Ch. 64, L. 1971; R.C.M. 1947, 40-5511(f) thru (h); amd. Sec. 4, Ch. 620, L. 1989; amd. Sec. 1092, Ch. 56, L. 2009; amd. Sec. 26, Ch. 370, L. 2015; amd. Sec. 5, Ch. 62, L. 2019.
MT Code § 33-2-1107 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 11. Affiliation and Merger -- Holding Company Systems -- Own Risk and Solvency Assessment|33-2-1107. through 33-2-1110 reserved

  33-2-1107 through 33-2-1110 reserved.
MT Code § 33-2-1112 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 11. Affiliation and Merger -- Holding Company Systems -- Own Risk and Solvency Assessment|33-2-1112. Exemptions -- disclaimer -- violations

  33-2-1112. Exemptions -- disclaimer -- violations. (1) The provisions of 33-2-1111 and this section do not apply to any insurer, information, or transaction to the extent that the commissioner by rule or order has exempted that insurer, information, or transaction from the provisions of 33-2-1111 and this section.   (2) (a) Any person may file with the commissioner a disclaimer of affiliation with any authorized insurer, or a disclaimer may be filed by an insurer or any member of an insurance holding company system. The disclaimer must fully disclose all material relationships and bases for affiliation between the person and the insurer that is the object of the disclaimer as well as the basis for disclaiming the affiliation.   (b) The commissioner shall approve or deny a disclaimer within 30 days of filing. If the commissioner denies a disclaimer under this section, the disclaiming party may request a hearing, which must be granted. The disclaiming party is not required to register under this section if the commissioner approves the disclaimer.   (3) The failure to file a registration statement, any summary of the registration statement, an enterprise risk report, or any amendment to the registration statement or enterprise risk report, as required by 33-2-1111 and this section, within the time specified for filing is a violation of 33-2-1111 and this section.   History: En. Sec. 4, Ch. 64, L. 1971; R.C.M. 1947, 40-5512(h) thru (j); amd. Sec. 28, Ch. 370, L. 2015; amd. Sec. 14, Ch. 275, L. 2017.
MT Code § 33-2-1114 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 11. Affiliation and Merger -- Holding Company Systems -- Own Risk and Solvency Assessment|33-2-1114. Dividends and other distributions -- commissioner approval

  33-2-1114. Dividends and other distributions -- commissioner approval. (1) An insurer subject to registration under 33-2-1111 and 33-2-1112 may not pay any extraordinary dividend or make any other extraordinary distribution to its shareholders until 30 days after the commissioner has received notice of the declaration of the dividend or distribution and has not within the period disapproved the payment or the commissioner has approved payment within the 30-day period.   (2) For purposes of this section, an extraordinary dividend or distribution includes any dividend or distribution of cash or other property whose fair market value together with that of other dividends or distributions made within the preceding 12 months exceeds 10% of the insurer's surplus as regards policyholders as of December 31 next preceding, but may not include pro rata distributions of any class of the insurer's own securities.   (3) Notwithstanding any other provision of law, an insurer may declare an extraordinary dividend or distribution which is conditional upon the commissioner's approval, and the declaration may not confer rights upon shareholders until the commissioner has approved the payment of the dividend or distribution or the commissioner has not disapproved the payment within the 30-day period referred to in subsection (1).   (4) An insurer subject to subsection (1) may not pay any other dividend or make any other distribution to its shareholders unless the insurer has notified the commissioner of the payment 15 days prior to the payment date. The notice must be kept confidential until the payment date of the dividend. The commissioner may order that a dividend not be paid if the commissioner finds that the insurer's surplus as regards policyholders, following the payment to shareholders, would be inadequate or could lead the insurer to a hazardous financial condition.   History: En. Sec. 5, Ch. 64, L. 1971; R.C.M. 1947, 40-5513(c); amd. Sec. 5, Ch. 534, L. 1987; amd. Sec. 46, Ch. 596, L. 1993.
MT Code § 33-2-1115 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 11. Affiliation and Merger -- Holding Company Systems -- Own Risk and Solvency Assessment|33-2-1115. Examination

  33-2-1115. Examination. (1) (a) In addition to the powers under Title 33, chapter 1, part 4, relating to the examination of insurers, the commissioner also has the power to order any insurer registered under 33-2-1111 to produce the records, books, or other information papers in the possession of the insurer or its affiliates that the commissioner determines are necessary to ascertain the financial condition or legality of conduct of the insurer.   (b) The information that the commissioner may request under subsection (1)(a) includes information necessary to ascertain the enterprise risk to the insurer by the ultimate controlling party or by any entity or combination of entities within the insurance holding company system or by the insurance holding company system on a consolidated basis.   (c) If the insurer fails to comply with the order, the commissioner may examine the affiliates to obtain the information.   (2) The commissioner may retain at the registered insurer's expense attorneys, actuaries, accountants, and other experts not otherwise a part of the commissioner's staff that may be reasonably necessary to assist in the conduct of the examination under subsection (1). Any persons retained are under the direction and control of the commissioner and are retained to act in a purely advisory capacity.   (3) Each registered insurer producing for examination records, books, and papers pursuant to subsection (1) is liable for and shall pay the expense of the examination.   (4) In the event the insurer fails to comply with an order, the commissioner may examine the affiliates to obtain the information.   (5) Nothing in this section limits the authority of the commissioner under 33-1-315 through 33-1-318 to issue subpoenas, administer oaths, examine under oath any person, compel testimony, issue penalties, or seek injunctions or other remedies to determine and ensure compliance with this section.   History: En. Sec. 6, Ch. 64, L. 1971; R.C.M. 1947, 40-5514; amd. Sec. 47, Ch. 596, L. 1993; amd. Sec. 30, Ch. 370, L. 2015; amd. Sec. 15, Ch. 9, L. 2017.
MT Code § 33-2-1117 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 11. Affiliation and Merger -- Holding Company Systems -- Own Risk and Solvency Assessment|33-2-1117. Rules

  33-2-1117. Rules. The commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules and orders as shall be necessary to carry out the provisions of this part.   History: En. Sec. 8, Ch. 64, L. 1971; R.C.M. 1947, 40-5516.
MT Code § 33-2-1118 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 11. Affiliation and Merger -- Holding Company Systems -- Own Risk and Solvency Assessment|33-2-1118. Injunctions

  33-2-1118. Injunctions. Whenever it appears to the commissioner that any insurer or any director, officer, employee, or insurance producer thereof has committed or is about to commit a violation of this part or of any rule or order issued by the commissioner hereunder, the commissioner may apply to the district court for the county in which the principal office of the insurer is located or if such insurer has no such office in this state then to the district court for Lewis and Clark County for an order enjoining such insurer or such director, officer, employee, or insurance producer thereof from violating or continuing to violate this part or any such rule or order and for such other equitable relief as the nature of the case and the interests of the insurer's policyholders, creditors, and shareholders or the public may require.   History: En. Sec. 9, Ch. 64, L. 1971; R.C.M. 1947, 40-5517(a); amd. Sec. 1, Ch. 713, L. 1989.
MT Code § 33-2-1119 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 11. Affiliation and Merger -- Holding Company Systems -- Own Risk and Solvency Assessment|33-2-1119. Voting of securities -- prohibition -- injunction -- sequestration

  33-2-1119. Voting of securities -- prohibition -- injunction -- sequestration. (1) No security which is the subject of any agreement or arrangement regarding acquisition or which is acquired or to be acquired in contravention of the provisions of this part or of any rule or order issued by the commissioner hereunder may be voted at any shareholders' meeting or may be counted for quorum purposes, and any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though such securities were not issued and outstanding; but no action taken at any such meeting shall be invalidated by the voting of such securities unless the action would materially affect control of the insurer or unless the courts of this state have so ordered.   (2) If an insurer or the commissioner has reason to believe that any security of the insurer has been or is about to be acquired in contravention of the provisions of this part or of any rule or order issued by the commissioner hereunder, the insurer or the commissioner may apply to the district court for Lewis and Clark County or to the district court for the county in which the insurer has its principal place of business to enjoin any offer, request, invitation, agreement, or acquisition made in contravention of 33-2-1113 or any rule or order issued by the commissioner thereunder to enjoin the voting of any security so acquired, to void any vote of such security already cast at any meeting of shareholders, and for such other equitable relief as the nature of the case and the interests of the insurer's policyholders, creditors, and shareholders or the public may require.   (3) In any case where a person has acquired or is proposing to acquire any voting securities in violation of this part or any rule or order issued by the commissioner hereunder, the district court for Lewis and Clark County or the district court for the county in which the insurer has its principal place of business may, on such notice as the court deems appropriate, upon the application of the insurer or the commissioner seize or sequester any voting securities of the insurer owned directly or indirectly by such person and issue such orders with respect thereto as may be appropriate to effectuate the provisions of this part. Notwithstanding any other provisions of law, for the purposes of this part the situs of the ownership of the securities of domestic insurers shall be deemed to be in this state.   History: En. Sec. 9, Ch. 64, L. 1971; R.C.M. 1947, 40-5517(b), (c).
MT Code § 33-2-1120 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 11. Affiliation and Merger -- Holding Company Systems -- Own Risk and Solvency Assessment|33-2-1120. Registration, transaction, and reporting requirements -- administrative or civil penalties

  33-2-1120. Registration, transaction, and reporting requirements -- administrative or civil penalties. (1) An insurer failing without just cause to file a registration statement as required in 33-2-1111 shall, after notice and hearing, pay a penalty of $100 for each day of delinquency. The maximum penalty under this subsection is $25,000. The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.   (2) A director or an officer of an insurance holding company system who knowingly violates, participates in, or assents to a transaction or who knowingly permits an officer or insurance producer of the insurer to engage in a transaction or make an investment that has not been properly reported or submitted pursuant to 33-2-1111 or 33-2-1113 or that violates any other provision of Title 33, chapter 2, part 11, shall, after notice and hearing, pay, in the director's or officer's individual capacity, a fine of not more than $5,000 for each violation. To determine the amount of the fine, the commissioner shall consider the appropriateness of the fine with respect to the gravity of the violation, the history of previous violations, and other matters that justice may require.   (3) If the commissioner determines that an insurer subject to Title 33, chapter 2, part 11, or a director, officer, employee, or insurance producer of the insurer has engaged in a transaction or entered into a contract that is subject to 33-2-1113 and that would not have been approved had approval been requested, the commissioner may order the insurer to cease and desist immediately any further activity under that transaction or contract. After notice and hearing, the commissioner may also order the insurer to void the contract and restore the status quo if that action is in the best interest of policyholders, creditors, or the public.   (4) Withholding of information required under 33-2-1104, if lack of that information prevents a full understanding of the enterprise risk to the insurer by affiliates or by the insurance holding company system, is a violation of 33-2-1104 and may serve as an independent basis for:   (a) disapproving dividends or distributions; or   (b) placing the insurer under supervision as provided in 33-2-1321.   (5) Any insurer that willfully violates this part may be fined not more than $25,000.   History: En. Sec. 10, Ch. 64, L. 1971; R.C.M. 1947, 40-5518; amd. Sec. 7, Ch. 620, L. 1989; amd. Sec. 1, Ch. 713, L. 1989; amd. Sec. 1093, Ch. 56, L. 2009; amd. Sec. 32, Ch. 370, L. 2015; amd. Sec. 21, Ch. 396, L. 2017.
MT Code § 33-2-1121 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 11. Affiliation and Merger -- Holding Company Systems -- Own Risk and Solvency Assessment|33-2-1121. Receivership

  33-2-1121. Receivership. Whenever it appears to the commissioner that any person has committed a violation of this part which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, then the commissioner may proceed to take possession of the property of such domestic insurer and to conduct the business thereof.   History: En. Sec. 11, Ch. 64, L. 1971; R.C.M. 1947, 40-5519.
MT Code § 33-2-1122 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 11. Affiliation and Merger -- Holding Company Systems -- Own Risk and Solvency Assessment|33-2-1122. Revocation, suspension, or nonrenewal of insurer's license

  33-2-1122. Revocation, suspension, or nonrenewal of insurer's license. Whenever it appears to the commissioner that any person has committed a violation of this part that makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner may, after giving notice and an opportunity to be heard, determine to suspend, revoke, or refuse to renew the insurer's license or authority to do business in this state for a period that the commissioner finds is required for the protection of policyholders or the public. Any determination must be accompanied by specific findings of fact and conclusions of law.   History: En. Sec. 12, Ch. 64, L. 1971; R.C.M. 1947, 40-5520; amd. Sec. 1094, Ch. 56, L. 2009.
MT Code § 33-2-1123 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 11. Affiliation and Merger -- Holding Company Systems -- Own Risk and Solvency Assessment|33-2-1123. Judicial review -- mandamus

  33-2-1123. Judicial review -- mandamus. (1) Any person aggrieved by any act, determination, rule, or order or any other action of the commissioner pursuant to this part may appeal therefrom to the district court for Lewis and Clark County. The court shall conduct its review without a jury and by trial de novo, except that if all parties, including the commissioner, so stipulate, the review shall be confined to the record. Portions of the record may be introduced by stipulation into evidence in a trial de novo as to those parties so stipulating.   (2) The filing of an appeal pursuant to this section shall stay the application of any such rule, order, or other action of the commissioner to the appealing party unless the court, after giving such party notice and an opportunity to be heard, determines that such a stay would be detrimental to the interests of policyholders, shareholders, creditors, or the public.   (3) Any person aggrieved by any failure of the commissioner to act or make a determination required by this part may petition the district court for Lewis and Clark County for a writ in the nature of a mandamus or a peremptory mandamus directing the commissioner to act or make such determination forthwith.   History: En. Sec. 13, Ch. 64, L. 1971; R.C.M. 1947, 40-5521.
MT Code § 33-2-1124 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 11. Affiliation and Merger -- Holding Company Systems -- Own Risk and Solvency Assessment|33-2-1124. Conflict with other laws

  33-2-1124. Conflict with other laws. All laws and parts of laws of this state inconsistent with this part are hereby superseded with respect to matters covered by this part.   History: En. Sec. 14, Ch. 64, L. 1971; R.C.M. 1947, 40-5522.
MT Code § 33-2-1125 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 11. Affiliation and Merger -- Holding Company Systems -- Own Risk and Solvency Assessment|33-2-1125. Recovery of dividends

  33-2-1125. Recovery of dividends. (1) If an order for liquidation or rehabilitation of an insurer domiciled in this state has been entered, the receiver appointed under the order has a right to recover on behalf of the insurer:   (a) from any parent corporation or holding company or person or affiliate who otherwise controlled the insurer, the amount of distributions, other than distributions of shares of the same class of stock, paid by the insurer on its capital stock; or   (b) any payment in the form of a bonus, termination settlement, or extraordinary lump-sum salary adjustment made by the insurer or its subsidiary to a director, officer, or employee, when the distribution or payment pursuant to subsection (1)(a) or this subsection is made at any time during the year preceding the petition for liquidation, conservation, or rehabilitation, as the case may be, subject to the limitations of subsections (2) through (4).   (2) A distribution is not recoverable if the parent or affiliate shows that when paid the distribution was lawful and reasonable and that the insurer did not know and could not reasonably have known that the distribution might adversely affect the ability of the insurer to fulfill its contractual obligations.   (3) Any person who was a parent corporation or holding company or a person who otherwise controlled the insurer or affiliate at the time that the distributions were paid is liable up to the amount of distributions or payments that the person received. Any person who otherwise controlled the insurer at the time that the distributions were declared is liable up to the amount of distributions the person would have received if the person had been paid immediately. If two or more persons are liable with respect to the same distributions, they are jointly and severally liable.   (4) The maximum amount recoverable under this section is the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds.   (5) To the extent that any person liable under subsection (3) is insolvent or otherwise fails to pay claims due from it, its parent corporation or holding company or person who otherwise controlled it at the time the distribution was paid is jointly and severally liable for any resulting deficiency in the amount recovered from the parent corporation or holding company or person who otherwise controlled it.   History: En. Sec. 48, Ch. 596, L. 1993.
MT Code § 33-2-1126 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 11. Affiliation and Merger -- Holding Company Systems -- Own Risk and Solvency Assessment|33-2-1126. through 33-2-1129 reserved

  33-2-1126 through 33-2-1129 reserved.
MT Code § 33-2-1130 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 11. Affiliation and Merger -- Holding Company Systems -- Own Risk and Solvency Assessment|33-2-1130. Short title

  33-2-1130. Short title. Sections 33-2-1130 through 33-2-1138 may be cited as the "Own Risk and Solvency Assessment Act".   History: En. Sec. 1, Ch. 370, L. 2015.