reglab/housing_qa huggingface dataset:
MT Code § 33-27-113 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 27. Independent Liability Fund|Part 1. General Provisions|33-27-113. Additions to independent liability fund

  33-27-113. Additions to independent liability fund. Within the limits provided in 33-27-114, a small business may make such additions to its independent liability fund as it considers appropriate.   History: En. Sec. 6, Ch. 564, L. 1987.
MT Code § 33-27-114 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 27. Independent Liability Fund|Part 1. General Provisions|33-27-114. Limit on the amount of fund

  33-27-114. Limit on the amount of fund. The independent liability fund of any small business may not be greater than the larger of the following:   (1) the total of all legally required liability insurance; or   (2) five times the gross sales of the small business in its most recent fiscal year.   History: En. Sec. 7, Ch. 564, L. 1987.
MT Code § 33-27-115 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 27. Independent Liability Fund|Part 1. General Provisions|33-27-115. Composition of independent liability fund

  33-27-115. Composition of independent liability fund. The money, assets, and investments contributed to an independent liability fund must meet the criteria established for investments by an insurance company in chapter 12 and must be valued as those assets and investments would be valued.   History: En. Sec. 8, Ch. 564, L. 1987; amd. Sec. 48, Ch. 304, L. 1999.
MT Code § 33-27-116 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 27. Independent Liability Fund|Part 1. General Provisions|33-27-116. Inviolability of fund

  33-27-116. Inviolability of fund. Once money, assets, or investments have been contributed to an independent liability fund, they may not be used or removed from the fund except in the manner prescribed by 33-27-117 and 33-27-119.   History: En. Sec. 12, Ch. 564, L. 1987.
MT Code § 33-27-117 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 27. Independent Liability Fund|Part 1. General Provisions|33-27-117. Deduction of costs

  33-27-117. Deduction of costs. (1) The actual costs of administering an independent liability fund may be deducted from the fund or from income arising out of the money, assets, and investments in the fund. Such costs include the cost of defending against or negotiating a settlement of any liability claim, as well as the full amount of any claim paid.   (2) A small business may not deduct the cost of any in-house administration of its independent liability fund. The commissioner may review any third-party arrangement for administration of an independent liability fund to ascertain whether such costs are deductible under this section.   History: En. Sec. 13, Ch. 564, L. 1987.
MT Code § 33-27-118 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 27. Independent Liability Fund|Part 1. General Provisions|33-27-118. Taxation of independent liability fund contributions

  33-27-118. Taxation of independent liability fund contributions. The net value of independent liability fund contributions for any given fiscal year is taxed in accordance with 33-2-705(2)(a).   History: En. Sec. 16, Ch. 564, L. 1987; amd. Sec. 3, Ch. 377, L. 2015.
MT Code § 33-27-119 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 27. Independent Liability Fund|Part 1. General Provisions|33-27-119. Termination of independent liability fund

  33-27-119. Termination of independent liability fund. (1) A small business with an independent liability fund may terminate the independent liability fund by:   (a) providing a trust to administer any principal remaining in its fund and to pay any outstanding claims for whichever is longer:   (i) any legally required period of insurance coverage; or   (ii) 5 years; or   (b) substituting an equivalent liability insurance policy plus five times the amount of the deductible for any legally required period of insurance coverage or 5 years, whichever is longer.   (2) If an equivalent insurance policy as provided for in subsection (1)(b) cannot be procured for the full period required, the small business shall deposit the estimated premium for the required equivalent insurance policy in a suitable trust account. The trust account must be used to purchase liability insurance for the required period of insurance coverage.   (3) The principal of an independent liability fund must remain inviolate, except as it is needed to pay just claims, for the full applicable termination period as provided in subsection (1). However, income from the principal not needed for administrative costs may be paid during the termination period to the person or persons who are designated to ultimately receive the principal of the fund, and the income is taxable to that person or persons.   History: En. Sec. 17, Ch. 564, L. 1987; amd. Sec. 3, Ch. 111, L. 2001.
MT Code § 33-28-103 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 28. Captive Insurance Companies|Part 1. General Provisions and Licensing|33-28-103. Names of captive insurance companies

  33-28-103. Names of captive insurance companies. A captive insurance company may not adopt a name that is the same, deceptively similar, or likely to be confused with or mistaken for any other existing business name registered in the state of Montana.   History: En. Sec. 3, Ch. 298, L. 2001.
MT Code § 33-28-104 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 28. Captive Insurance Companies|Part 1. General Provisions and Licensing|33-28-104. Minimum capital surplus -- letter of credit

  33-28-104. Minimum capital surplus -- letter of credit. (1) A captive insurance company may not be issued a certificate of authority unless it possesses and maintains unimpaired paid-in capital and surplus of:   (a) in the case of a pure captive insurance company, not less than $250,000;   (b) in the case of an industrial insured captive insurance company, including a captive risk retention group, not less than $500,000;   (c) in the case of an association captive insurance company, not less than $500,000;   (d) in the case of a special purpose captive insurance company, an amount determined by the commissioner after giving due consideration to the company's business plan, feasibility study, and pro forma documents, including the nature of the risks to be insured;   (e) in the case of a protected cell captive insurance company, not less than $500,000. However, if the protected cell captive insurance company does not assume any risks, the risks insured by the protected cells are homogenous, and if there are not more than 10 cells, the commissioner may reduce the amount required in this subsection (1)(e) to an amount not less than $250,000.   (f) in the case of a branch captive insurance company, not less than the applicable amount of capital and surplus required in subsections (1)(a) through (1)(e), as determined based upon the organizational form of the foreign captive insurance company. The minimum capital and surplus must be jointly held by the commissioner and the branch captive insurance company in a bank of the federal reserve system approved by the commissioner.   (g) in the case of a captive reinsurance company, not less than 50% of the capital that would be required for that type of captive insurance company.   (2) The commissioner may require additional capital and surplus based upon the type, volume, and nature of insurance business transacted.   (3) Capital and surplus may be in the form of cash, cash equivalent, or an irrevocable letter of credit on a form prescribed by the commissioner and issued by a bank chartered by the state of Montana, a member bank of the federal reserve system, or a bank chartered by another state if that state-chartered bank is approved by the commissioner.   History: En. Sec. 4, Ch. 298, L. 2001; amd. Sec. 10, Ch. 383, L. 2003; amd. Sec. 5, Ch. 518, L. 2007; amd. Sec. 31, Ch. 271, L. 2009; amd. Sec. 3, Ch. 75, L. 2011; amd. Sec. 19, Ch. 169, L. 2013; amd. Sec. 3, Ch. 335, L. 2015; amd. Sec. 3, Ch. 223, L. 2019.
MT Code § 33-28-106 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 28. Captive Insurance Companies|Part 1. General Provisions and Licensing|33-28-106. Dividends

  33-28-106. Dividends. (1) A captive insurance company may not pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the commissioner.   (2) Approval of an ongoing plan for the payment of dividends or other distributions must be conditioned upon retention, at the time of each payment, of capital surplus in excess of the amounts specified by or determined in accordance with formulas approved by the commissioner.   History: En. Sec. 6, Ch. 298, L. 2001; amd. Sec. 7, Ch. 518, L. 2007.
MT Code § 33-28-109 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 28. Captive Insurance Companies|Part 1. General Provisions and Licensing|33-28-109. Suspension or revocation of certificate of authority

  33-28-109. Suspension or revocation of certificate of authority. (1) The certificate of authority of a captive insurance company doing insurance business in this state may be suspended by the commissioner for any of the following reasons:   (a) insolvency or impairment of capital or surplus;   (b) failure to meet and maintain the requirements of 33-28-104;   (c) refusal or failure to submit an annual report, as required by 33-28-107, or any other report or statement required by law or by lawful order of the commissioner;   (d) failure to comply with the provisions of its own charter, bylaws, or other organizational document;   (e) failure to submit to examination or to perform any legal obligation as required by 33-28-108;   (f) use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders;   (g) failure to pay the tax provided for in 33-28-201; or   (h) failure otherwise to comply with the laws of this state.   (2) If the commissioner finds, upon examination, hearing, or other evidence, that any captive insurance company has committed any of the acts specified in subsection (1), the commissioner may suspend or revoke the company's certificate of authority if the commissioner considers it in the best interest of the public or the policyholders of the captive insurance company.   (3) If the certificate of authority has not been terminated within the period of suspension, the company's certificate of authority may be reinstated if the commissioner finds that the causes of the suspension have been removed or that the insurer is otherwise in compliance with the requirements of this code.   History: En. Sec. 9, Ch. 298, L. 2001; amd. Sec. 6, Ch. 335, L. 2015; amd. Sec. 31, Ch. 151, L. 2017.
MT Code § 33-28-110 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 28. Captive Insurance Companies|Part 1. General Provisions and Licensing|33-28-110. Excess workers' compensation insurance -- reinsurance of self-insured plans

  33-28-110. Excess workers' compensation insurance -- reinsurance of self-insured plans. (1) A captive insurance company may provide excess workers' compensation insurance to its parent and affiliated companies, unless the laws of the state having jurisdiction over the transaction prohibit providing the insurance.   (2) A captive insurance company may reinsure workers' compensation of a qualified self-insured plan of its parent and affiliated companies.   History: En. Sec. 5, Ch. 383, L. 2003; Sec. 33-28-305, MCA 2005; redes. 33-28-110 by Sec. 21(1), Ch. 518, L. 2007.
MT Code § 33-28-111 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 28. Captive Insurance Companies|Part 1. General Provisions and Licensing|33-28-111. Captive mergers

  33-28-111. Captive mergers. (1) A merger between captive stock insurers must meet the requirements of 33-3-217 and 33-28-105, except that the commissioner may provide notice to the public of the proposed merger prior to approval or disapproval of the merger in place of holding a hearing, at the commissioner's discretion.   (2) A merger between captive mutual insurers must meet the requirements of 33-3-218 and 33-28-105, except that the commissioner may provide notice to the public of the proposed merger prior to approval or disapproval of the merger in place of holding a hearing, at the commissioner's discretion.   (3) (a) An association captive insurance company or industrial insured group formed as a stock or mutual insurer may be converted to or merged with a reciprocal insurer pursuant to this section.   (b) A plan for conversion or merger must:   (i) be fair and equitable to the shareholders in the case of a stock insurer or the policyholders in the case of a mutual insurer; and   (ii) provide for the purchase of the shares of any nonconsenting shareholder of a stock insurer or the policyholder interest of any nonconsenting policyholder of a mutual insurer.   (c) In order to convert to a reciprocal insurer, the conversion must be accomplished under a reasonable plan and procedure approved by the commissioner. The commissioner may not approve the plan unless it:   (i) provides for a hearing upon notice to the insurer, directors, officers, and stockholders or policyholders who have the right to appear at the hearing, unless the commissioner waives or modifies the requirements for the hearing;   (ii) provides for the conversion of the existing stockholder or policyholder interests into subscriber interests in the resulting reciprocal insurer proportionate to stockholder or policyholder interests;   (iii) (A) in the case of a stock insurer, is approved by a majority of the shareholders who are entitled to vote and who are represented at a regular or special meeting at which a quorum is present either in person or by proxy; or   (B) in the case of a mutual insurer, by a majority of the voting interests of the policyholders who are represented at a regular or special meeting at which a quorum is present either in person or by proxy; and   (iv) meets the requirements of 33-28-105.   (d) If the commissioner approves a plan of conversion, the certificate of authority for the converting insurer must be amended to state that it is a reciprocal insurer. The conversion is effective and the corporate existence of the converting entity ceases to exist on the date on which the amended certificate is issued to the attorney-in-fact of the reciprocal insurer. The resulting reciprocal insurer shall file the articles of the merger or conversion with the secretary of state.   History: En. Sec. 1, Ch. 151, L. 2017; amd. Sec. 6, Ch. 223, L. 2019.
MT Code § 33-28-112 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 28. Captive Insurance Companies|Part 1. General Provisions and Licensing|33-28-112. through 33-28-119 reserved

  33-28-112 through 33-28-119 reserved.
MT Code § 33-28-120 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 28. Captive Insurance Companies|Part 1. General Provisions and Licensing|33-28-120. Captive insurance regulatory and supervision account

  33-28-120. Captive insurance regulatory and supervision account. (1) There is an account in the state special revenue fund called the captive insurance regulatory and supervision account, which may be referred to as the captive account.  (2) The purpose of the captive account is to provide the financial means for the commissioner to administer this chapter and for reimbursement of reasonable expenses incurred in promoting captive insurance in this state.   (3) (a) Twenty percent of the premium tax collected under 33-28-201 and all fees and assessments received by the commissioner pursuant to the administration of this chapter must be deposited in the captive account.   (b) All fines and administrative penalties collected pursuant to this chapter must be deposited in the general fund.   (4) All payments from the captive account for the maintenance of staff and associated expenses, including necessary contractual services, may only be disbursed from the state treasury upon warrants issued by the commissioner, after receipt by the commissioner of proper documentation regarding services rendered and expenses incurred.   (5) At the end of each fiscal year, the balance in the captive account must be transferred to the general fund.   History: En. Sec. 2, Ch. 518, L. 2007; amd. Sec. 15, Ch. 6, Sp. L. November 2017; amd. Sec. 1, Ch. 420, L. 2021.
MT Code § 33-28-202 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 28. Captive Insurance Companies|Part 2. Operations|33-28-202. Legal investments

  33-28-202. Legal investments. (1) (a) An industrial insured captive insurance company, an association captive insurance company, and a captive risk retention group shall comply with the investment requirements contained in Title 33, chapter 12, and the rules promulgated in accordance with these provisions.   (b) The commissioner may approve the use of alternative reliable methods of valuation and rating.   (c) When a captive insurance company's admitted assets total less than $5 million, the commissioner may approve an investment of up to 20% of admitted assets in rated credit instruments in any one investment that meets the requirements of 33-12-303(1)(c).   (2) A pure captive insurance company or protected cell captive insurance company is not subject to any restrictions on allowable investments, except that the commissioner may prohibit or limit any investment that threatens the solvency or liquidity of the company.   (3) Any captive insurance company may make loans to any of its affiliates. Loans may not be made without prior written approval of the commissioner and must be evidenced by a note in a form approved by the commissioner. Loans of minimum capital and surplus funds required by 33-28-104 are prohibited.   History: En. Sec. 11, Ch. 298, L. 2001; amd. Sec. 39, Ch. 469, L. 2005; amd. Sec. 11, Ch. 518, L. 2007; amd. Sec. 6, Ch. 28, L. 2009; amd. Sec. 5, Ch. 75, L. 2011; amd. Sec. 20, Ch. 169, L. 2013.
MT Code § 33-28-203 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 28. Captive Insurance Companies|Part 2. Operations|33-28-203. Reinsurance

  33-28-203. Reinsurance. (1) Subject to the prior approval of the commissioner, a captive insurance company may provide reinsurance on risks ceded by any other insurer.   (2) (a) Any captive insurance company may take credit for reserves on risks or portions of risks ceded to reinsurers complying with the provisions of 33-2-1216 and 33-2-1217.   (b) Prior approval of the commissioner is required for ceding or taking credit for reserves on risks or portions of risks ceded to reinsurers not complying with 33-2-1216 and 33-2-1217.   (3) (a) In addition to the credit allowed to reinsurers in 33-2-1216 and 33-2-1217, a captive insurance company may, if approved by the commissioner, take credit for reserves on risks or portions of risks ceded to a pool, exchange, or association acting as a reinsurer that has been authorized by the commissioner.   (b) The commissioner may require any documents, financial information, or other evidence that a pool, exchange, or association will be able to provide adequate security for its financial obligations.   (c) The commissioner may deny authorization or impose any limitations on the activities of a reinsurance pool, exchange, or association that, in the commissioner's judgment, are necessary and proper to provide adequate security for the ceding captive insurance company and for the protection and consequent benefit of the public at large.   History: En. Sec. 12, Ch. 298, L. 2001.
MT Code § 33-28-204 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 28. Captive Insurance Companies|Part 2. Operations|33-28-204. Rating organizations

  33-28-204. Rating organizations. A captive insurance company is not required to join a rating organization.   History: En. Sec. 13, Ch. 298, L. 2001.
MT Code § 33-28-205 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 28. Captive Insurance Companies|Part 2. Operations|33-28-205. Exemption from compulsory organizations

  33-28-205. Exemption from compulsory organizations. A captive insurance company may not join or contribute financially to any plan, pool, association, or guaranty or insolvency fund in this state, and a captive insurance company, its insureds, its parent, any affiliated company, or any member of an association may not receive any benefit from the plan, pool, association, or guaranty or insolvency fund for claims arising out of the operations of the captive insurance company.   History: En. Sec. 14, Ch. 298, L. 2001; amd. Sec. 12, Ch. 518, L. 2007.
MT Code § 33-28-206 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 28. Captive Insurance Companies|Part 2. Operations|33-28-206. Rules

  33-28-206. Rules. The commissioner may adopt rules necessary to implement the provisions of this chapter. The rules may include but are not limited to rules relating to forms, payment of fees, authorization, capital and surplus, formation of companies, reports, examinations, investigations, redomestications, captive risk retention groups, risk-based capital and holding company systems, letters of credit, risks managed by pure captive insurance companies, standards to ensure that parent or affiliated companies are able to exercise control of the risk management function of any controlled unaffiliated entities to be insured by the pure captive insurance companies, the use of deductible reimbursement with workers' compensation, and suspension and revocation of licenses.   History: En. Sec. 15, Ch. 298, L. 2001; amd. Sec. 13, Ch. 518, L. 2007; amd. Sec. 8, Ch. 335, L. 2015.