reglab/housing_qa huggingface dataset:
MT Code § 33-3-433 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-433. Assessment of stockholders or members

  33-3-433. Assessment of stockholders or members. (1) Any insurer receiving the commissioner's notice mentioned in 33-3-432(1):   (a) if a stock insurer, by resolution of its board of directors and subject to any limitations upon assessment contained in its articles of incorporation, may assess its stockholders for amounts necessary to cure the deficiency and provide the insurer with a reasonable amount of surplus in addition. If a stockholder fails to pay a lawful assessment after notice given to the stockholder in person or by advertisement in a time and manner approved by the commissioner, the insurer may require the return of the original certificate of stock held by the stockholder and in cancellation and in lieu of the original certificate issue a new certificate for the number of shares that the stockholder may then be entitled to, upon the basis of the stockholder's proportionate interest in the amount of the insurer's capital stock as determined by the commissioner to be remaining at the time of determination of the amount of impairment under 33-3-432, after deducting from the proportionate interest the amount of the unpaid assessment. The insurer may pay for or reissue fractional shares under this subsection.   (b) if a mutual insurer, shall levy such an assessment upon members as is provided for under 33-3-412.   (2) Neither 33-3-432 nor this section may be considered to prohibit the insurer from curing any deficiency through any lawful means other than those referred to in 33-3-432 or this section.   History: En. Sec. 457, Ch. 286, L. 1959; R.C.M. 1947, 40-4740; amd. Sec. 1140, Ch. 56, L. 2009.
MT Code § 33-3-434 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-434. Directors' liability for losses during deficiency

  33-3-434. Directors' liability for losses during deficiency. The directors of the insurer shall be individually liable as to losses incurred under policies issued by the insurer after expiration of the period provided in 33-3-432 for curing any deficiency of the insurer's capital stock or surplus and prior to the curing of the deficiency.   History: En. Sec. 458, Ch. 286, L. 1959; R.C.M. 1947, 40-4741.
MT Code § 33-3-435 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-435. Stock transfer during impairment of capital

  33-3-435. Stock transfer during impairment of capital. Any transfer of the stock of a domestic insurer made during the existence of any impairment of such insurer's capital does not release the stockholder making the transfer from any liability as a stockholder of such insurer which accrued prior to such transfer.   History: En. Sec. 459, Ch. 286, L. 1959; R.C.M. 1947, 40-4742.
MT Code § 33-3-436 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-436. Mutual member's share of assets on liquidation

  33-3-436. Mutual member's share of assets on liquidation. (1) Upon any liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness, policy obligations, repayment of contributed or borrowed surplus, if any, and expenses of administration must be distributed to existing persons who were its members at any time within 36 months preceding the date that liquidation was authorized or ordered or the date of last termination of the insurer's certificate of authority, whichever date is the earlier.   (2) The distributive share of each member under subsection (1) must be in the proportion that the aggregate premiums earned by the insurer on the policies of the member during the combined periods of membership bear to the aggregate of all premiums earned on the policies of all members. The insurer may, and if the insurer is a life insurer shall, make a reasonable classification of its policies held by members and a formula based upon the classification for determining the equitable distributive share of each member. The classification and formula are subject to the approval of the commissioner.   History: En. Sec. 466, Ch. 286, L. 1959; R.C.M. 1947, 40-4749; amd. Sec. 1141, Ch. 56, L. 2009.
MT Code § 33-3-437 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-437. through 33-3-440 reserved

  33-3-437 through 33-3-440 reserved.
MT Code § 33-3-441 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-441. Equity securities of domestic stock insurance company -- statement of ownership

  33-3-441. Equity securities of domestic stock insurance company -- statement of ownership. (1) When used in 33-3-441 through 33-3-447, the term "equity security" means:   (a) any stock or similar security;   (b) any security convertible, with or without consideration, into an equity security or carrying any warrant or right to subscribe to or purchase an equity security;   (c) any warrant or right described in subsection (1)(b); or   (d) any other security that the commissioner considers to be of a similar nature and considers necessary or appropriate, by rules as the commissioner may prescribe in the public interest or for the protection of investors, to treat as an equity security.   (2) A domestic stock insurance company shall report to the commissioner the name of any person who acquires 10% or more of any class of equity security of the company. The company shall report the name of the person within 30 days of the person acquiring 10% or more of any class of equity security of the company. The company shall provide any other information about the person that the commissioner may require.   (3) If a person has not acquired at least a 10% interest of any class of equity security of a domestic stock insurance company during the last calendar year preceding the annual statement filing date, the company is only required to report in the annual statement the names and percentages of those persons holding at least 10% interest in any class of equity security.   History: En. Secs. 1, 6, Ch. 159, L. 1965; R.C.M. 1947, 40-4751, 40-4756; amd. Sec. 14, Ch. 380, L. 2003.
MT Code § 33-3-442 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-442. Inside trading of securities -- profit inures to company -- limitation of action to recover -- rules

  33-3-442. Inside trading of securities -- profit inures to company -- limitation of action to recover -- rules. (1) For the purpose of preventing the unfair use of information that may have been obtained by the beneficial owner, director, or officer by reason of the individual's relationship to the company, any profit realized by the individual from any purchase and sale, or any sale and purchase, of any equity security of the company within any period of less than 6 months, unless the security was acquired in good faith in connection with a debt previously contracted, must benefit and be recoverable by the company, irrespective of any intention on the part of the beneficial owner, director, or officer in entering into the transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding 6 months.   (2) Suit to recover the profit described in subsection (1) may be instituted at law or in equity in any court of competent jurisdiction by the company or by the owner of any security of the company in the name and in behalf of the company if the company fails or refuses to bring suit within 60 days after request or fails to diligently prosecute the suit. However, the suit may not be brought more than 2 years after the date the profit was realized.   (3) This section may not be construed to cover any transaction in which the beneficial owner was not the beneficial owner both at the time of the purchase and sale, or the sale and purchase, of the security involved or any transaction or transactions that the commissioner may exempt by rule as not comprehended within the purpose of this section.   History: En. Sec. 2, Ch. 159, L. 1965; R.C.M. 1947, 40-4752; amd. Sec. 1142, Ch. 56, L. 2009.
MT Code § 33-3-443 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-443. Short sales of equity securities prohibited -- time for delivery after sale

  33-3-443. Short sales of equity securities prohibited -- time for delivery after sale. (1) It is unlawful for any beneficial owner, director, or officer, directly or indirectly, to sell any equity security of the company if the person selling the security or the person's principal:   (a) does not own the security sold; or   (b) if the person owns the security, does not deliver it against the sale within 20 days or does not within 5 days after the sale deposit it in the mail or other usual channels of transportation.   (2) A person may not be considered to have violated this section if the person proves that notwithstanding the exercise of good faith the person was unable to make the delivery or deposit within that time or that to do so would cause undue inconvenience or expense.   History: En. Sec. 3, Ch. 159, L. 1965; R.C.M. 1947, 40-4753; amd. Sec. 1143, Ch. 56, L. 2009.
MT Code § 33-3-444 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-444. Exemptions -- securities held in an investment account -- primary or secondary market -- rules

  33-3-444. Exemptions -- securities held in an investment account -- primary or secondary market -- rules. (1) The provisions of 33-3-442 do not apply to any purchase and sale, or sale and purchase, and the provisions of 33-3-443 do not apply to any sale of an equity security of a domestic stock insurance company not then or later held by a person in an investment account by a broker-dealer in the ordinary course of business and incident to the establishment or maintenance by the broker-dealer of a primary or secondary market, except on an exchange as defined in the Securities Exchange Act of 1934, for the security.   (2) The commissioner may, by rules that the commissioner considers necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.   History: En. Sec. 4, Ch. 159, L. 1965; R.C.M. 1947, 40-4754; amd. Sec. 1144, Ch. 56, L. 2009.
MT Code § 33-3-445 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-445. Exemptions -- arbitrage transactions

  33-3-445. Exemptions -- arbitrage transactions. The provisions of 33-3-441 through 33-3-443 shall not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules as the commissioner may adopt in order to carry out the purposes of 33-3-441 through 33-3-447.   History: En. Sec. 5, Ch. 159, L. 1965; R.C.M. 1947, 40-4755.
MT Code § 33-3-446 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-446. Exemptions -- registered securities -- holding by less than 100 persons

  33-3-446. Exemptions -- registered securities -- holding by less than 100 persons. The provisions of 33-3-441 through 33-3-443 shall not apply to equity securities of a domestic stock insurance company if:   (1) such securities shall be registered or shall be required to be registered, pursuant to section 12 of the Securities Exchange Act of 1934, as amended; or   (2) such domestic stock insurance company shall not have any class of its equity securities held of record by 100 or more persons on the last business day of the year next preceding the year in which equity securities of the company would be subject to the provisions of 33-3-441 through 33-3-443 except for the provisions of this subsection (2).   History: En. Sec. 7, Ch. 159, L. 1965; R.C.M. 1947, 40-4757.
MT Code § 33-3-447 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-447. Rules of commissioner -- classifications -- effect

  33-3-447. Rules of commissioner -- classifications -- effect. (1) The commissioner may adopt rules that may be necessary for the execution of the functions vested in the commissioner by 33-3-441 through 33-3-446 and may classify domestic stock insurance companies, securities, and other persons or matters within the commissioner's jurisdiction.   (2) A provision of 33-3-441 through 33-3-443 imposing any liability does not apply to any act done or omitted in good faith in conformity with any rule of the commissioner, notwithstanding that the rule may, after the act or omission, be amended or rescinded or determined by judicial or other authority to be invalid for any reason.   History: En. Sec. 8, Ch. 159, L. 1965; R.C.M. 1947, 40-4758; amd. Sec. 1145, Ch. 56, L. 2009.
MT Code § 33-3-448 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-448. and 33-3-449 reserved

  33-3-448 and 33-3-449 reserved.
MT Code § 33-3-450 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-450. Purpose

  33-3-450. Purpose. The purpose of 33-3-450 through 33-3-453 is to authorize domestic insurance companies to utilize modern systems for holding and transferring securities without physical delivery of securities certificates, subject to appropriate rules adopted by the commissioner.   History: En. Sec. 1, Ch. 380, L. 2003.
MT Code § 33-3-451 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-451. Definitions

  33-3-451. Definitions. As used in this chapter, the following definitions apply:   (1) "Clearing corporation" has the meaning provided in 30-8-112, except that with respect to securities issued by institutions organized or existing under the laws of any foreign country or securities used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business in the foreign country, a clearing corporation may include a corporation that is organized or existing under the laws of any foreign country and is legally qualified under those laws to effect transactions in securities by computerized book entry.   (2) "Direct participant" means a bank, trust company, or other institution that maintains an account in its name in a clearing corporation and through which an insurance company participates in a clearing corporation.   (3) "Federal reserve book-entry system" means the computerized systems sponsored by the United States department of the treasury and certain agencies and instrumentalities of the United States for holding and transferring securities of the United States government and those agencies and instrumentalities, respectively, in federal reserve banks through banks that are members of the federal reserve system or that otherwise have access to the computerized systems.   (4) "Member bank" means a national bank, state bank, or trust company that is a member of the federal reserve system and through which an insurance company participates in the federal reserve book-entry system.   (5) "Security" has the meaning provided in 30-8-112.   History: En. Sec. 2, Ch. 380, L. 2003.
MT Code § 33-3-452 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-452. Use of book-entry systems -- rules

  33-3-452. Use of book-entry systems -- rules. (1) (a) Other provisions of law may not be construed as prohibiting a domestic insurance company from depositing or arranging for the deposit of securities held in or purchased for its general account and its separate accounts in a clearing corporation or the federal reserve book-entry system.   (b) When securities are deposited with a clearing corporation, certificates representing securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of the clearing corporation with any other securities deposited with the clearing corporation by any person, regardless of the ownership of the securities. Certificates representing securities of small denominations may be merged into one or more certificates of larger denominations.   (c) The records of any member bank through which an insurance company holds securities in the federal reserve book-entry system and the records of any custodian bank through which an insurance company holds securities in a clearing corporation at all times must show that the securities are held for the insurance company and for which accounts of the insurance company.   (d) Ownership and other interests in securities subject to this subsection (1) may be transferred by bookkeeping entry on the books of a clearing corporation or in the federal reserve book-entry system without, in either case, physical delivery of certificates representing the securities.   (2) The commissioner may adopt rules that include but are not limited to rules governing the deposit by insurance companies of securities with clearing corporations and in the federal reserve book-entry system and rules pertaining to evidence that must be provided to the commissioner with respect to the recording of securities.   History: En. Sec. 3, Ch. 380, L. 2003.
MT Code § 33-3-453 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-453. Deposit of securities by insurance companies

  33-3-453. Deposit of securities by insurance companies. (1) Securities qualified for deposit under 33-3-450 through 33-3-453 may be deposited with a clearing corporation or held in the federal reserve book-entry system.   (2) An insurance company that is using securities to help meet the deposit requirements of Title 33, chapter 2, parts 1 and 6, and depositing those securities with a clearing corporation or holding the securities in the federal reserve book-entry system:   (a) may not withdraw the securities without the approval of the commissioner; and   (b) shall provide to the commissioner evidence issued by its custodian or member bank through which the insurance company has deposited the securities in a clearing corporation or through which the securities are held in the federal reserve book-entry system, respectively, in order to establish that the securities are actually recorded in an account in the name of the custodian, other direct participant, or member bank and that the records of the custodian, other direct participant, or member bank reflect that the securities are held subject to the order of the commissioner.   History: En. Sec. 4, Ch. 380, L. 2003; amd. Sec. 11, Ch. 151, L. 2017.
MT Code § 33-3-501 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 5. Insurance Operations|33-3-501. Repealed

  33-3-501. Repealed. Sec. 29, Ch. 303, L. 1981.   History: En. Sec. 430, Ch. 286, L. 1959; R.C.M. 1947, 40-4713.
MT Code § 33-3-502 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 5. Insurance Operations|33-3-502. Solicitations in other states

  33-3-502. Solicitations in other states. (1) A domestic insurer may not knowingly solicit insurance business in any reciprocating state in which it is not then licensed as an authorized insurer.   (2) This section does not prohibit advertising through publication and radio, television, and other broadcasts originating outside the reciprocating state if the insurer is licensed in a majority of the states in which the advertising is disseminated and if the advertising is not specifically directed to residents of the reciprocating state.   (3) This section does not prohibit insurance, covering persons or risks located in a reciprocating state, under contracts solicited and issued in states in which the insurer is then licensed. This section does not prohibit insurance effectuated by the insurer as an unauthorized insurer in accordance with the laws of the reciprocating state.   (4) A reciprocating state, as used in this section, is one under the laws of which a similar prohibition is imposed upon and enforced against insurers domiciled in that state.   (5) The commissioner shall suspend or revoke the certificate of authority of a domestic insurer found by the commissioner, after a hearing, to have violated this section.   History: En. Sec. 445, Ch. 286, L. 1959; R.C.M. 1947, 40-4728; amd. Sec. 1146, Ch. 56, L. 2009.
MT Code § 33-3-503 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 5. Insurance Operations|33-3-503. Membership in mutuals

  33-3-503. Membership in mutuals. (1) Each policyholder of a domestic mutual insurer, other than of a reinsurance contract, is a member of the insurer with all rights and obligations of such membership, and the policy shall so specify.   (2) Any person, government or governmental agency, state or political subdivision thereof, public or private corporation, board, association, firm, estate, trustee, or fiduciary may be a member of a domestic, foreign, or alien mutual insurer. Any officer, stockholder, trustee, or legal representative of any such corporation, board, association, or estate may be recognized as acting for or on its behalf for the purpose of such membership and shall not be personally liable upon any contract of insurance for acting in such representative capacity.   (3) Any domestic corporation may participate as a member of a mutual insurer as an incidental purpose for which such corporation is organized and as much granted as the rights and powers expressly conferred.   History: En. Sec. 431, Ch. 286, L. 1959; R.C.M. 1947, 40-4714.
MT Code § 33-3-602 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 6. Dissolution and Liquidation|33-3-602. Conversion to involuntary liquidation

  33-3-602. Conversion to involuntary liquidation. An insurer may at any time during liquidation under Title 35, chapter 2, part 7, or Title 35, chapter 14, part 14, apply to the commissioner to have the liquidation continued under the commissioner's supervision. Upon receipt of the application, the commissioner shall apply to the court for liquidation under 33-2-1341.   History: En. Sec. 3, Ch. 389, L. 1987; amd. Sec. 190, Ch. 368, L. 1991; amd. Sec. 1147, Ch. 56, L. 2009; amd. Sec. 13, Ch. 151, L. 2017; amd. Sec. 234, Ch. 271, L. 2019.
MT Code § 33-3-603 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 6. Dissolution and Liquidation|33-3-603. Revocation of voluntary dissolution

  33-3-603. Revocation of voluntary dissolution. If an insurer revokes the voluntary dissolution proceedings under 35-2-724 or 35-14-1404, the insurer shall file a copy of the revocation of voluntary dissolution proceedings with the commissioner.   History: En. Sec. 4, Ch. 389, L. 1987; amd. Sec. 191, Ch. 368, L. 1991; amd. Sec. 14, Ch. 151, L. 2017; amd. Sec. 235, Ch. 271, L. 2019.