reglab/housing_qa huggingface dataset:
MT Code § 33-20-207 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 2. Standard Nonforfeiture Law Life Insurance|33-20-207. Industrial policies -- mortality tables

  33-20-207. Industrial policies -- mortality tables. (1) This section does not apply to industrial policies issued on or after the operative date of 33-20-208.   (2) In the case of industrial policies issued on or after the operative date of this section as defined herein, all adjusted premiums and present values referred to in this part shall be calculated on the basis of commissioner's 1961 standard industrial mortality table and the rate of interest specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits provided that:   (a) such rate of interest shall not exceed 3 1/2% per annum except that a rate of interest not exceeding 4% per annum may be used for policies issued on or after March 17, 1973, and prior to July 1, 1979, and a rate of interest not exceeding 5 1/2% a year may be used for policies issued on or after July 1, 1979;   (b) in calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than those shown in the commissioner's 1961 industrial extended term insurance table;   (c) for insurance issued on a substandard basis the calculations of any such adjusted premiums and present values may be based on such other table of mortality as may be specified by the company and approved by the commissioner.   (3) After February 22, 1965, any insurer may file with the commissioner a written notice of its election to comply with the provisions of this section after a specified date before January 1, 1968. After the filing of such notice, then upon such specified date (which shall be the operative date of this section for such insurer), this section shall become operative with respect to the industrial policies thereafter issued by such insurer. If an insurer makes no such election, the operative date of this section for such insurer shall be January 1, 1968.   History: En. Sec. 325, Ch. 286, L. 1959; amd. Sec. 1, Ch. 65, L. 1961; amd. Sec. 1, Ch. 42, L. 1965; amd. Sec. 2, Ch. 341, L. 1973; R.C.M. 1947, 40-3831(8-b); amd. Sec. 7, Ch. 346, L. 1979; amd. Sec. 5, Ch. 498, L. 1983.
MT Code § 33-20-209 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 2. Standard Nonforfeiture Law Life Insurance|33-20-209. Determination of nonforfeiture values for special plans

  33-20-209. Determination of nonforfeiture values for special plans. For a plan of life insurance that provides for future premium determination the amounts of which are to be determined by the insurer based on then estimates of future experience or for a plan of life insurance that is of such a nature that minimum values cannot be determined by the methods described in 33-20-204 through 33-20-208:   (1) the commissioner must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by 33-20-204 through 33-20-208;   (2) the commissioner must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insureds; and   (3) the cash surrender values and paid-up nonforfeiture benefits provided by such plan may not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of this part, as determined by rules promulgated by the commissioner.   History: En. Sec. 7, Ch. 498, L. 1983.
MT Code § 33-20-211 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 2. Standard Nonforfeiture Law Life Insurance|33-20-211. Calculation of values -- other requisites

  33-20-211. Calculation of values -- other requisites. (1) Any cash surrender value and any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary shall be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary.   (2) All values referred to in 33-20-203 through 33-20-208 may be calculated upon the assumption that any death benefit is payable at the end of the policy year of death.   (3) The net value of any paid-up additions, other than paid-up term additions, shall be not less than the amounts used to provide such additions.   (4) Notwithstanding the provisions of subsections (1) and (3) of 33-20-203, additional benefits payable under the following circumstances shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by this part, and no such additional benefits shall be required to be included in any paid-up nonforfeiture benefits:   (a) in the event of death or dismemberment by accident or accidental means;   (b) in the event of total and permanent disability;   (c) as reversionary annuity or deferred reversionary annuity benefits;   (d) as term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, this part would not apply;   (e) as term insurance on the life of a child or on the lives of children provided in a policy on the life of a parent of the child, if such term insurance expires before the child's age is 26, is uniform in amount after the child's age is 1, and has not become paid up by reason of the death of a parent of the child; and   (f) as other policy benefits additional to life insurance and endowment benefits and premiums for all such additional benefits.   History: En. Sec. 325, Ch. 286, L. 1959; amd. Sec. 1, Ch. 65, L. 1961; amd. Sec. 1, Ch. 42, L. 1965; amd. Sec. 2, Ch. 341, L. 1973; R.C.M. 1947, 40-3831(9); amd. Sec. 8, Ch. 498, L. 1983.
MT Code § 33-20-212 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 2. Standard Nonforfeiture Law Life Insurance|33-20-212. Exceptions

  33-20-212. Exceptions. (1) This part does not apply to:   (a) reinsurance;   (b) group insurance;   (c) a pure endowment;   (d) an annuity or reversionary annuity contract;   (e) a term policy of uniform amount that provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of 20 years or less expiring before age 71 for which uniform premiums are payable during the entire term of the policy;   (f) a term policy of decreasing amount that provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in 33-20-204 through 33-20-208, is less than the adjusted premiums so calculated on a term policy of uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of 20 years or less expiring before age 71, for which uniform premiums are payable during the entire term of the policy;   (g) a policy which provides no guaranteed nonforfeiture or endowment benefits for which the cash surrender value, if any, or present value of any paid-up nonforfeiture benefit at the beginning of any policy year, calculated as specified in 33-20-203 through 33-20-208, does not exceed 2.5% of the amount of insurance at the beginning of the same policy year;   (h) a policy that is delivered outside this state through an insurance producer or other representative of the insurer issuing the policy.   (2) For purposes of subsection (1), the age at expiry for a joint term life insurance policy is the age at expiry of the oldest life.   History: En. Sec. 325, Ch. 286, L. 1959; amd. Sec. 1, Ch. 65, L. 1961; amd. Sec. 1, Ch. 42, L. 1965; amd. Sec. 2, Ch. 341, L. 1973; R.C.M. 1947, 40-3831(10); amd. Sec. 10, Ch. 498, L. 1983; amd. Sec. 1, Ch. 713, L. 1989.
MT Code § 33-20-213 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 2. Standard Nonforfeiture Law Life Insurance|33-20-213. Operative date

  33-20-213. Operative date. After July 1, 1945, any insurer could have filed with the state auditor a written notice of its election to comply with the provisions of this part, except 33-20-206 and 33-20-207, after a specified date before January 1, 1948, with respect to the policies specified in the notice. After the filing of such notice, then upon such specified date (which shall be the operative date for such insurer with respect to such policies), this part, except 33-20-206 and 33-20-207, shall have become operative with respect to the policies specified in such notice thereafter issued by such insurer. As to all of its policies and contracts with respect to which an insurer makes no such election, the operative date of this part, except 33-20-206 and 33-20-207, with respect to such policies and contracts for such insurer is January 1, 1948.   History: En. Sec. 325, Ch. 286, L. 1959; amd. Sec. 1, Ch. 65, L. 1961; amd. Sec. 1, Ch. 42, L. 1965; amd. Sec. 2, Ch. 341, L. 1973; R.C.M. 1947, 40-3831(11); amd. Sec. 24, Ch. 198, L. 1979.
MT Code § 33-20-301 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 3. Annuity Contract Provisions|33-20-301. Standard provisions -- annuity and pure endowment contracts

  33-20-301. Standard provisions -- annuity and pure endowment contracts. (1) No annuity or pure endowment contract, other than reversionary annuities, survivorship annuities, or group annuities and except as stated herein, shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions specified in 33-20-302 through 33-20-307. Any of such provisions not applicable to single premium annuities or single premium pure endowment contracts shall not, to that extent, be incorporated therein.   (2) This section shall not apply to contracts for deferred annuities included in or upon the lives of beneficiaries under life insurance policies.   History: En. Sec. 312, Ch. 286, L. 1959; R.C.M. 1947, 40-3818.
MT Code § 33-20-302 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 3. Annuity Contract Provisions|33-20-302. Grace period

  33-20-302. Grace period. In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that there shall be a period of grace of 1 month, but not less than 30 days, within which any stipulated payment to the insurer falling due after the first may be made, subject at the option of the insurer to an interest charge thereon at a rate to be specified in the contract but not exceeding 6% per annum for the number of days of grace elapsing before such payment, during which period of grace the contract shall continue in full force; but in case a claim arises under the contract on account of death prior to expiration of the period of grace before the overdue payment to the insurer or the deferred payments of the current contract year, if any, are made, the amount of such payments, with interest on any overdue payments, may be deducted from any amount payable under the contract in settlement.   History: En. Sec. 313, Ch. 286, L. 1959; R.C.M. 1947, 40-3819.
MT Code § 33-20-303 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 3. Annuity Contract Provisions|33-20-303. Incontestability

  33-20-303. Incontestability. If any statements other than those relating to age and identity are required as a condition to issuing an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, and subject to 33-20-305, there shall be a provision that the contract shall be incontestable after it has been in force during the lifetime of the person or of each of the persons as to whom such statements are required, for a period of 2 years from its date of issue, except for nonpayment of stipulated payments to the insurer; and at the option of the insurer such contract may also except any provisions relative to benefits in the event of disability and any provisions which grant insurance specifically against death by accident or accidental means.   History: En. Sec. 314, Ch. 286, L. 1959; R.C.M. 1947, 40-3820; amd. Sec. 9, Ch. 798, L. 1991.
MT Code § 33-20-304 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 3. Annuity Contract Provisions|33-20-304. Entire contract

  33-20-304. Entire contract. In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the contract when issued, a provision that the contract and the application therefor shall constitute the entire contract between the parties.   History: En. Sec. 315, Ch. 286, L. 1959; R.C.M. 1947, 40-3821.
MT Code § 33-20-305 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 3. Annuity Contract Provisions|33-20-305. Misstatement of age

  33-20-305. Misstatement of age. In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that if the age of the person or persons upon whose life or lives the contract is made, or of any of them, has been misstated, the amount payable or benefits accruing under the contract shall be such as the stipulated payment or payments to the insurer would have purchased according to the correct age and that if the insurer shall make or has made any overpayment or overpayments on account of any such misstatement, the amount thereof, with interest at the rate to be specified in the contract but not exceeding 6% per annum, may be charged against the current or next succeeding payment or payments to be made by the insurer under the contract.   History: En. Sec. 316, Ch. 286, L. 1959; R.C.M. 1947, 40-3822; amd. Sec. 10, Ch. 798, L. 1991.
MT Code § 33-20-306 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 3. Annuity Contract Provisions|33-20-306. Dividends

  33-20-306. Dividends. If an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract.   History: En. Sec. 317, Ch. 286, L. 1959; R.C.M. 1947, 40-3823.
MT Code § 33-20-307 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 3. Annuity Contract Provisions|33-20-307. Reinstatement

  33-20-307. Reinstatement. In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract may be reinstated at any time within 1 year from the default in making stipulated payments to the insurer, unless the cash surrender value had been paid, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall be paid or reinstated with interest thereon at a rate to be specified in the contract but not exceeding 6% per annum payable annually. In cases where applicable the insurer may also include a requirement of evidence of insurability satisfactory to the insurer.   History: En. Sec. 318, Ch. 286, L. 1959; R.C.M. 1947, 40-3824.
MT Code § 33-20-308 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 3. Annuity Contract Provisions|33-20-308. Annuity information

  33-20-308. Annuity information. The commissioner shall promulgate rules prescribing information that must be delivered to prospective annuitants at the time of sale. The rules must address the following:   (1) the manner of delivery of the information;   (2) when the information must be delivered;   (3) by whom the information is to be delivered; and   (4) the contents of the information, including:   (a) the type of annuity being sold; and   (b) the settlement options available under the annuity contract.   History: En. Sec. 1, Ch. 260, L. 1997.
MT Code § 33-20-309 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 3. Annuity Contract Provisions|33-20-309. Annuity penalty -- 10-year prohibition

  33-20-309. Annuity penalty -- 10-year prohibition. (1) An annuity may not charge a surrender penalty on an annuity contract after 10 years from:   (a) the date of issuance; or   (b) for contracts for which the annuitant voluntarily deposits a separate premium that was not required under the annuity contract, the date of each separate annuity premium deposit. Within 10 years after the separate deposit, the insurer may charge a surrender penalty for that deposit.   (2) An insurer must provide written notice to the annuitant of any surrender penalty imposed under the contract, including subsequent notices if the annuitant voluntarily contributes separate premium deposits under subsection (1)(b).   (3) For purposes of this section, the term "surrender penalty" means a surrender penalty, fee, or charge for the early withdrawal of funds from an annuity contract or for the cancellation of the annuity contract.   (4) This section applies to any annuity contract, including but not limited to annuity contracts under Title 30, chapter 10.   History: En. Sec. 1, Ch. 177, L. 2017.
MT Code § 33-20-401 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 4. Reversionary Annuity Contract Provisions|33-20-401. Standard provisions

  33-20-401. Standard provisions. (1) Except as stated herein, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the following provisions:   (a) Any such reversionary annuity contract shall contain the provisions specified in 33-20-302 through 33-20-306, except that under 33-20-302 the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue payment in lieu of providing for deduction of such payments from an amount payable upon settlement under the contract.   (b) In such reversionary annuity contracts there shall be a provision that the contract may be reinstated at any time within 3 years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer and upon condition that all overdue payments and any indebtedness to the insurer on account of the contract be paid or, within the limits permitted by the then cash values of the contract, reinstated, with interest as to both payments and indebtedness at a rate to be specified in the contract but not exceeding 6% per annum compounded annually.   (2) This section shall not apply to group annuities or to annuities included in life insurance policies, and any of such provisions not applicable to single premium annuities shall not to that extent be incorporated therein.   History: En. Sec. 319, Ch. 286, L. 1959; R.C.M. 1947, 40-3825.
MT Code § 33-20-501 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 5. Standard Nonforfeiture Law Individual Deferred Annuities|33-20-501. Short title

  33-20-501. Short title. This part shall be known as the "Standard Nonforfeiture Law for Individual Deferred Annuities".   History: En. Sec. 8, Ch. 346, L. 1979.
MT Code § 33-20-502 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 5. Standard Nonforfeiture Law Individual Deferred Annuities|33-20-502. Application

  33-20-502. Application. This part does not apply to any reinsurance, group annuity purchased under a retirement plan, or plan of deferred compensation established or maintained by an employer (including a partnership or sole proprietorship) or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under section 408 of the Internal Revenue Code, as now or hereafter amended, premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity payments have commenced, or reversionary annuity or to any contract which is delivered outside this state through an insurance producer or other representative of the company issuing the contract.   History: En. Sec. 9, Ch. 346, L. 1979; amd. Sec. 1, Ch. 713, L. 1989.
MT Code § 33-20-503 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 5. Standard Nonforfeiture Law Individual Deferred Annuities|33-20-503. Nonforfeiture provisions

  33-20-503. Nonforfeiture provisions. In the case of contracts issued on or after the operative date of this part as defined in 33-20-513, no contract of annuity except as stated in 33-20-502 shall be delivered or issued for delivery in this state unless it contains in substance the following provisions or corresponding provisions which in the opinion of the commissioner are at least as favorable to the contract holder, upon cessation of payment of considerations under the contract:   (1) that upon cessation of payment of considerations under a contract the company will grant a paid-up annuity benefit on a plan stipulated in the contract of such value as is specified in 33-20-506 through 33-20-509 and 33-20-511;   (2) that if a contract provides for a lump-sum settlement at maturity or at any other time, than upon surrender of the contract at or prior to the commencement of any annuity payments, the company will pay in lieu of any paid-up annuity benefit a cash surrender benefit of such amount as is specified in 33-20-506, 33-20-507, 33-20-509, and 33-20-511. The company shall reserve the right to defer the payment of such cash surrender benefit for a period of 6 months after demand therefor with surrender of the contract.   (3) a statement of the mortality table, if any, and interest rates used in calculating any minimum paid-up annuity, cash surrender, or death benefits that are guaranteed under the contract, together with sufficient information to determine the amounts of such benefits;   (4) a statement that any paid-up annuity, cash surrender, or death benefits that may be available under the contract are not less than the minimum benefits required by any statute of the state in which the contract is delivered and an explanation of the manner in which such benefits are altered by the existence of any additional amounts credited by the company to the contract, any indebtedness to the company on the contract, or any prior withdrawals from or partial surrenders of the contract.   History: En. Sec. 10, Ch. 346, L. 1979.
MT Code § 33-20-504 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 20. Life Insurance|Part 5. Standard Nonforfeiture Law Individual Deferred Annuities|33-20-504. Exception

  33-20-504. Exception. Notwithstanding the requirements of 33-20-503, any deferred annuity contract may provide that if no consideration has been received under a contract for a period of 2 full years and the portion of the paid-up annuity benefit at maturity on the plan stipulated in the contract arising from consideration paid prior to such period would be less than $20 monthly, the company may at its option terminate such contract by payment in cash of the then present value of such portion of the paid-up annuity benefit, calculated on the basis of the mortality table, if any, and interest rate specified in the contract for determining the paid-up annuity benefit, and by such payment shall be relieved of any further obligation under such contract.   History: En. Sec. 11, Ch. 346, L. 1979.