reglab/housing_qa huggingface dataset:
MT Code § 33-2-312 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance|33-2-312. Penalty for failure to file statement, pay tax, or pay stamping fee

  33-2-312. Penalty for failure to file statement, pay tax, or pay stamping fee. (1) A surplus lines insurance producer or an insured that independently procured insurance that fails to file the tax and fee statement as required under 33-2-310 or to pay the taxes as required under 33-2-311 is liable for a penalty of $25 for each day of delinquency, commencing 30 calendar days after the due date established by the commissioner by rule. The tax and penalty may be recovered in an action instituted by the commissioner in the name of the state in any court of competent jurisdiction with the attorney general representing the commissioner. The penalty when collected, unless collected by a justice's court, must be paid to the commissioner, forwarded to the state treasurer, and placed to the credit of the general fund. The surplus lines insurance producer's license is also subject to revocation as provided in 33-2-313.   (2) If a surplus lines insurance producer or an insured that independently procured insurance does not pay the stamping fee provided for in 33-2-321, the commissioner may impose a penalty of 25% of the stamping fee due plus 1.5% a month from the time of delinquency until the stamping fee is paid.   History: En. Sec. 196, Ch. 286, L. 1959; R.C.M. 1947, 40-3421; amd. Sec. 15, Ch. 537, L. 1987; amd. Sec. 20, Ch. 557, L. 1987; amd. Sec. 8, Ch. 285, L. 1989; amd. Sec. 2, Ch. 713, L. 1989; amd. Sec. 6, Ch. 451, L. 1993; amd. Sec. 11, Ch. 350, L. 2011.
MT Code § 33-2-313 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance|33-2-313. Revocation or suspension of license

  33-2-313. Revocation or suspension of license. (1) The commissioner shall revoke or suspend any surplus lines insurance producer's license, together with any license as an insurance producer:   (a) if the insurance producer fails to file a tax and fee statement or to remit the tax and fee as required by law;   (b) if the insurance producer fails to keep the records or to allow the commissioner to examine the records, as required by law;   (c) if the insurance producer falsifies the submission form required by 33-2-310;   (d) if the insurance producer closes the surplus lines insurance producer office for a period of more than 30 business days, unless the commissioner grants permission otherwise;   (e) if the insurance producer violates any provision of this part; or   (f) for any of the causes for which an insurance producer's license may be revoked.   (2) The procedures provided by 33-17-1001 for the suspension, revocation, or refusal to license or renew a license or for imposing a fine on an insurance producer or applicant apply to the suspension, revocation, or refusal to license or renew a license or to imposing a fine on a surplus lines insurance producer or applicant.   (3) An insurance producer whose license has been revoked or suspended may not again be licensed within 1 year after revocation or suspension or until the insurance producer pays all penalties and delinquent taxes that are owed.   History: En. Sec. 197, Ch. 286, L. 1959; R.C.M. 1947, 40-3422; amd. Sec. 16, Ch. 537, L. 1987; amd. Secs. 1, 2, Ch. 713, L. 1989; amd. Sec. 7, Ch. 451, L. 1993; amd. Sec. 23, Ch. 227, L. 2001; amd. Sec. 12, Ch. 350, L. 2011.
MT Code § 33-2-314 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance|33-2-314. Actions against insurer -- venue

  33-2-314. Actions against insurer -- venue. Every unauthorized insurer issuing a surplus lines insurance policy under this part is considered to be doing business in this state as an unauthorized insurer and may be sued in this state upon any cause of action arising under any insurance contract so made by it. Such suit must be brought in the district court of the county wherein the plaintiff resides.   History: En. Sec. 198, Ch. 286, L. 1959; R.C.M. 1947, 40-3423; amd. Sec. 17, Ch. 537, L. 1987.
MT Code § 33-2-315 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance|33-2-315. Service of process

  33-2-315. Service of process. (1) Every surplus lines insurer before transacting surplus lines insurance under this part shall designate a registered agent with the commissioner as provided in 33-1-605.   (2) Service upon such an insurer must be made pursuant to 33-1-605 or 33-1-606.   History: En. Sec. 199, Ch. 286, L. 1959; R.C.M. 1947, 40-3424; amd. Sec. 18, Ch. 537, L. 1987; amd. Sec. 6, Ch. 60, L. 2019.
MT Code § 33-2-316 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance|33-2-316. Rules

  33-2-316. Rules. The commissioner shall make reasonable rules, consistent with this part, for any of the following purposes:   (1) effectuation of The Surplus Lines Insurance Law; and   (2) establishment of procedures through which determination is to be made as to the eligibility of particular proposed coverages for placement with a surplus lines insurer or insurers.   History: En. Sec. 200, Ch. 286, L. 1959; R.C.M. 1947, 40-3425; amd. Sec. 20, Ch. 537, L. 1987; amd. Sec. 9, Ch. 285, L. 1989; amd. Sec. 12, Ch. 713, L. 1989; amd. Sec. 24, Ch. 227, L. 2001; amd. Sec. 13, Ch. 350, L. 2011.
MT Code § 33-2-317 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance|33-2-317. Exemptions

  33-2-317. Exemptions. The Surplus Lines Insurance Law does not apply to reinsurance or to the following kinds of insurance when placed by a licensed insurance producer of this state:   (1) wet marine insurance;   (2) insurance on property or operations of railroads engaged in interstate commerce; and   (3) insurance of aircraft owned or operated by manufacturers of aircraft or aircraft operated in scheduled interstate flight or cargo of the aircraft or against liability, other than workers' compensation and employers' liability, arising out of the ownership, maintenance, or use of the aircraft.   History: En. Sec. 201, Ch. 286, L. 1959; R.C.M. 1947, 40-3426; amd. Sec. 21, Ch. 537, L. 1987; amd. Sec. 10, Ch. 285, L. 1989; amd. Sec. 13, Ch. 713, L. 1989; amd. Sec. 4, Ch. 531, L. 1997; amd. Sec. 14, Ch. 350, L. 2011.
MT Code § 33-2-318 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance|33-2-318. Exempt commercial purchaser defined

  33-2-318. Exempt commercial purchaser defined. (1) An exempt commercial purchaser means an individual or business entity who at the time of placement:   (a) employs or retains a qualified risk manager to negotiate insurance coverage;   (b) has paid aggregate nationwide commercial property and casualty insurance premiums in excess of $100,000 in the immediately preceding 12 months; and   (c) meets at least one of the following criteria:   (i) possesses a net worth in excess of $20 million, as that amount may be adjusted pursuant to subsection (2);   (ii) generates annual revenue in excess of $50 million, as that amount may be adjusted pursuant to subsection (2);   (iii) employs more than 500 full-time or full-time equivalent employees per individual insured or is a member of an affiliated group employing more than 1,000 employees in the aggregate;   (iv) is a not-for-profit organization or a public entity generating annual budgeted expenditures of at least $30 million, as that amount may be adjusted pursuant to subsection (2); or   (v) is a municipality with a population in excess of 50,000 persons.   (2) Effective January 1, 2015, and on every 5th subsequent January 1, the amounts in subsections (1)(c)(i), (1)(c)(ii), and (1)(c)(iv) must be adjusted to reflect the percentage of change for that 5-year period in the consumer price index for all urban consumers published by the bureau of labor statistics of the United States department of labor.   History: En. Sec. 3, Ch. 350, L. 2011.
MT Code § 33-2-319 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance|33-2-319. Qualified risk manager defined

  33-2-319. Qualified risk manager defined. (1) A qualified risk manager means a person who:   (a) is an employee of or a third-party consultant retained by the commercial policyholder;   (b) provides skilled services in loss prevention, loss reduction, or risk and insurance coverage analysis and purchases of insurance; and   (c) has the qualifications specified in subsection (2).   (2) To be a qualified risk manager, a person must have:   (a) (i) a bachelor's degree or higher from an accredited college or university in risk management, business administration, finance, economics, or any other field determined by the commissioner to demonstrate minimum competence in risk management; and   (ii) (A) 3 years of experience in risk financing, claims administration, loss prevention, risk and insurance analysis, or purchasing commercial lines of insurance; or   (B) one of the following designations:   (I) a designation as a chartered property and casualty underwriter (CPCU) issued by the American institute for CPCU/insurance institute of America;   (II) a designation as an associate in risk management issued by the American institute for CPCU/insurance institute of America;   (III) a designation as certified risk manager issued by the national alliance for insurance education and research;   (IV) a designation as a risk and insurance management society fellow issued by the global risk management institute;   (V) any other designation, certification, or license determined by the commissioner to demonstrate minimum competency in risk management;   (b) (i) at least 7 years of experience in risk financing, claims administration, loss prevention, risk and insurance coverage analysis, or purchasing commercial lines of insurance; and   (ii) any one of the designations specified in subsection (2)(a)(ii)(B);   (c) at least 10 years of experience in risk financing, claims administration, loss prevention, risk and insurance coverage analysis, or purchasing commercial lines of insurance; or   (d) a graduate degree from an accredited college or university in risk management, business administration, finance, economics, or any other field determined by the commissioner to demonstrate minimum competence in risk management.   History: En. Sec. 4, Ch. 350, L. 2011.
MT Code § 33-2-320 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance|33-2-320. Surplus lines insurance producer fee

  33-2-320. Surplus lines insurance producer fee. (1) A surplus lines insurance producer may collect a flat fee per policy for business placed in the surplus lines insurance market. The fee may not exceed:   (a) $50 for a personal lines insurance policy; or   (b) $100 for a commercial lines insurance policy.   (2) The fees allowed under this section are not considered part of the premium charged to the insured and do not fall within the definition of premium provided in 33-15-102.   (3) The fees allowed under this section apply only to surplus lines insurance producers transacting surplus lines insurance business.   History: En. Sec. 1, Ch. 223, L. 2015.
MT Code § 33-2-321 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance|33-2-321. Stamping fee and clearinghouse processing fee

  33-2-321. Stamping fee and clearinghouse processing fee. (1) The commissioner may collect a stamping fee not to exceed 1% of the premium payable for surplus lines insurance transacted in this state. The commissioner shall establish the stamping fee by rule commensurate with the expenses of regulating surplus lines. The stamping fee must be placed in a state special revenue account to the credit of the commissioner's office and used for the expenses of the commissioner's office in regulating surplus lines insurance.   (2) If the commissioner has entered an agreement with a clearinghouse as authorized pursuant to 33-2-323 to process multistate risks and allocate and distribute taxes and fees collected, the clearinghouse may collect a processing fee from the surplus lines insurance producer or the insured that independently procured insurance. The processing fee may be a flat fee per submission, a percentage of the premium payable for surplus lines insurance, or a combination of a flat fee and a percentage of premium payable. When a percentage of premium payable is used in calculating the processing fee, the charge may not exceed 1% of the premium payable for surplus lines insurance. The commissioner shall establish the processing fee by rule to be commensurate with the clearinghouse's charges to process multistate risks and allocate and distribute taxes and fees collected to the participating states.   (3) If applicable, the surplus lines insurance producer shall collect the stamping fee and clearinghouse processing fee from the insured in addition to the premium payable for the insurance contract and any taxes and fees.   History: En. Sec. 10, Ch. 537, L. 1987; amd. Sec. 11, Ch. 285, L. 1989; amd. Secs. 1, 2, Ch. 713, L. 1989; amd. Sec. 1, Ch. 184, L. 2001; amd. Sec. 15, Ch. 350, L. 2011.
MT Code § 33-2-322 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance|33-2-322. Surplus lines advisory organization -- consultation with commissioner in developing approved risk list

  33-2-322. Surplus lines advisory organization -- consultation with commissioner in developing approved risk list. (1) A surplus lines insurance advisory organization of surplus lines insurance producers may be formed to:   (a) facilitate and encourage compliance by its members with the laws of this state and the rules of the commissioner relative to surplus lines insurance;   (b) communicate with organizations of authorized insurers with respect to the proper use of the surplus lines insurance market;   (c) receive and disseminate to its members information relative to surplus lines insurance; and   (d) communicate member and industry concerns to the commissioner.   (2) The surplus lines insurance advisory organization shall file with the commissioner:   (a) a copy of its constitution, its articles of agreement or association, or its certificate of incorporation;   (b) a copy of its bylaws, rules, and regulations governing its activities;   (c) a current list of its members.   (3) The commissioner may consult with the organization in regard to the development of the approved risk list and other matters concerning the regulation of surplus lines insurance transactions.   History: En. Sec. 16, Ch. 350, L. 2011.
MT Code § 33-2-324 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance|33-2-324. and 33-2-325 reserved

  33-2-324 and 33-2-325 reserved.
MT Code § 33-2-326 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance|33-2-326. Penalties

  33-2-326. Penalties. A surplus lines insurance producer who in this state represents or aids an unauthorized insurer in violation of this part is subject to the penalties and procedures in 33-1-317 and 33-1-318.   History: En. Sec. 19, Ch. 537, L. 1987; amd. Sec. 2, Ch. 713, L. 1989; amd. Sec. 11, Ch. 380, L. 2003.
MT Code § 33-2-401 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 4. Standard Valuation|33-2-401. Short title

  33-2-401. Short title. This part may be cited as the "Standard Valuation Act".   History: En. Sec. 10, Ch. 370, L. 2015.
MT Code § 33-2-402 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 4. Standard Valuation|33-2-402. Definitions

  33-2-402. Definitions. As used in this part, the following definitions apply unless the context clearly indicates otherwise:   (1) "Accident and health insurance" means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions.   (2) "Appointed actuary" means a qualified actuary who is appointed in accordance with the valuation manual to prepare an actuarial opinion required by this part.   (3) "Deposit-type contract" means a contract that does not incorporate mortality or morbidity risks.   (4) "Insurer" means an entity that:   (a) has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in Montana and has at least one of the named contracts in force or on claim; or   (b) has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in Montana.   (5) "Life insurance" means contracts that incorporate mortality risk, including annuity and pure endowment contracts.   (6) "NAIC" means the national association of insurance commissioners.   (7) (a) "Policyholder behavior" means any action taken by a policyholder, a contract holder, or any other person with the right to elect options, such as the action that a certificate holder may take under a policy or a contract subject to this part. The actions include but are not limited to allowing a policy or contract to lapse, making a premium payment or loan, or making benefit elections prescribed by the policy or contract. Other actions may be identified by rule.   (b) The term does not include events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract.   (8) "Principle-based valuation" means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer. A principle-based valuation must comply with the provisions of 33-2-404.   (9) "Qualified actuary" means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American academy of actuaries qualification standards and meets the requirements specified in the valuation manual.   (10) "Tail risk" means a risk that occurs either when the frequency of low-probability events is higher than expected under a normal probability distribution or when there are observed events of very significant size or magnitude.   (11) "Valuation manual" means the valuation manual adopted by the NAIC in accordance with its model law regarding standard valuation and adopted by the commissioner by rule.   History: En. Sec. 11, Ch. 370, L. 2015.
MT Code § 33-2-404 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 4. Standard Valuation|33-2-404. Principle-based valuation

  33-2-404. Principle-based valuation. (1) A company domiciled in Montana shall establish reserves using a principle-based valuation that meets the conditions for policies or contracts in this section and as specified in the valuation manual.   (2) The principle-based valuation at a minimum must:   (a) quantify the benefits and guarantees as well as the funding associated with the contracts and their risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring during the lifetime of the contracts. The principle-based valuation method must reflect conditions appropriately adverse to quantify the tail risk for policies and contracts with significant tail risk.   (b) incorporate assumptions, risk analysis methods, and financial models and management techniques that are consistent with but not necessarily identical to those used within the company's overall risk assessment process. This process must recognize potential differences in financial reporting structures and any prescribed assumptions or methods.   (c) incorporate assumptions derived:   (i) as prescribed in the valuation manual; or   (ii) if not prescribed in the valuation manual, using:   (A) the company's available experience to the extent the experience is relevant and statistically credible; or   (B) other relevant and statistically credible experience whenever the company's own data is not available, relevant, or statistically credible; and   (d) provide margins for uncertainty, including adverse deviation and estimation error to the extent that the greater the uncertainty, the larger the margin and resulting reserve.   (3) A company using principle-based valuation for one or more policies or contracts subject to this section and as specified in the valuation manual shall:   (a) establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the valuation manual;   (b) provide to the commissioner and its board of directors an annual certification of the effectiveness of the internal controls with respect to the principle-based valuation. These internal controls must be designed to ensure that all material risks inherent in the liabilities and associated assets subject to the principle-based valuation are included in the valuation and are performed in accordance with the valuation manual. The certification must be based on controls in place as of the end of the preceding calendar year.   (c) develop a principle-based valuation report that complies with standards prescribed in the valuation manual. This report must be filed with the commissioner upon the commissioner's request. A report under this subsection (3)(c) is required after the commissioner has adopted rules as provided in 33-2-418.   (4) A principle-based valuation may include a prescribed formulaic reserve component.   History: En. Sec. 13, Ch. 370, L. 2015.
MT Code § 33-2-405 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 2. Regulation of Insurance Companies|Part 4. Standard Valuation|33-2-405. Experience reporting

  33-2-405. Experience reporting. A company shall submit mortality, morbidity, policyholder behavior, expense experience, and other data as prescribed by the commissioner and in accordance with the valuation manual.   History: En. Sec. 14, Ch. 370, L. 2015.