reglab/housing_qa huggingface dataset:
MT Code § 33-3-306 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 3. Management|33-3-306. Participation of policyholders in election of directors of stock insurer

  33-3-306. Participation of policyholders in election of directors of stock insurer. The bylaws of a domestic stock life insurer may provide a plan for its policyholders to participate with stockholders in the election of its directors.   History: En. Sec. 438, Ch. 286, L. 1959; R.C.M. 1947, 40-4721.
MT Code § 33-3-307 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 3. Management|33-3-307. Bonding of officers and employees

  33-3-307. Bonding of officers and employees. (1) When acting in a fiduciary capacity, officers and employees of each mutual insurer or stock insurer shall maintain a fidelity bond issued by an authorized corporate surety in favor of the insurer. The commissioner shall consider the insurer's exposure, total assets, and total income in determining the bond amount. In lieu of individual bonds, officers and employees may be covered under a blanket bond for the same respective amounts. The insurer shall file the blanket bond with the commissioner.   (2) The insurer shall pay the premium for the bond.   (3) A bond is not subject to cancellation except upon written notice to both the insurer and the commissioner, delivered not less than 30 days in advance of the effective date of the cancellation.   (4) This section may not be considered to limit the amount of bonded protection that the insurer may carry as to any officer or employee.   (5) The commissioner may adopt rules to determine the bond amount for officers and employees who are subject to the provisions of this section.   History: En. Sec. 439, Ch. 286, L. 1959; R.C.M. 1947, 40-4722; amd. Sec. 13, Ch. 531, L. 1997; amd. Sec. 18, Ch. 472, L. 1999.
MT Code § 33-3-308 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 3. Management|33-3-308. Prohibited pecuniary interest of officials

  33-3-308. Prohibited pecuniary interest of officials. (1) Any officer or director or any member of any committee or an employee of a domestic insurer who is charged with the duty of investing or handling the insurer's funds may not:   (a) deposit or invest the funds except in the insurer's corporate name;   (b) borrow the funds of the insurer;   (c) be pecuniarily interested in any loan, pledge of deposit, security, investment, sale, purchase, exchange, reinsurance, or other similar transaction or property of the insurer except as a stockholder or member;   (d) take or receive to the individual's own use any fee, brokerage, commission, gift, or other consideration for or on account of any transaction made by or on behalf of the insurer.   (2)  An insurer may not guarantee any financial obligation of any of its officers or directors.   (3) This section may not prohibit a director or officer or member of a committee or employee from becoming a policyholder of the insurer and enjoying the usual rights provided for its policyholders.   (4) The commissioner may, by regulations from time to time, define and permit additional exceptions to the prohibition contained in subsection (1) solely to enable payment of reasonable compensation to a director who is not otherwise an officer or employee of the insurer or to a corporation or firm in which a director is interested for necessary services performed or sales or purchases made to or for the insurer in the ordinary course of the insurer's business and in the usual private professional or business capacity of the director or the corporation or firm.   History: En. Sec. 440, Ch. 286, L. 1959; R.C.M. 1947, 40-4723; amd. Sec. 1136, Ch. 56, L. 2009.
MT Code § 33-3-309 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 3. Management|33-3-309. Management and exclusive agency contracts

  33-3-309. Management and exclusive agency contracts. (1) A domestic insurer may not make any contract under which any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors or to have the controlling or preemptive right to produce substantially all insurance business for the insurer unless the contract is filed with and approved by the commissioner. The contract must be considered approved unless disapproved by the commissioner within 20 days after date of filing, subject to a reasonable extension of time that the commissioner may require by notice given within 20 days. Any disapproval must be delivered to the insurer in writing, stating the grounds for disapproval.   (2) The commissioner shall disapprove any contract if the commissioner finds that it:   (a) subjects the insurer to excessive charges;   (b) is to extend for an unreasonable length of time;   (c) does not contain fair and adequate standards of performance; or   (d) contains other inequitable provision or provisions that impair the proper interests of stockholders or members of the insurer.   History: En. Sec. 441, Ch. 286, L. 1959; R.C.M. 1947, 40-4724; amd. Sec. 1137, Ch. 56, L. 2009.
MT Code § 33-3-310 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 3. Management|33-3-310. Agreement not to sell property prohibited

  33-3-310. Agreement not to sell property prohibited. No insurer shall enter into any agreement to withhold from sale any of its property. Disposition of an insurer's property shall be at all times within the control of its board of directors.   History: En. Sec. 444, Ch. 286, L. 1959; R.C.M. 1947, 40-4727.
MT Code § 33-3-402 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-402. Vouchers for expenditures

  33-3-402. Vouchers for expenditures. (1) No insurer shall make any disbursement of $100 or more unless evidenced by a voucher correctly describing the consideration for the payment and supported by a check or receipt endorsed or signed by or on behalf of the person receiving the money.   (2) If the disbursement is for services and reimbursement, the voucher shall describe the services and expenditures.   (3) If the disbursement is in connection with any matter pending before any legislature or public body or before any public official, the voucher shall also correctly describe the nature of the matter and of the insurer's interest therein.   (4) If a voucher cannot be obtained, the expenditure referred to in subsection (1) above shall be evidenced by an affidavit in which is set forth the character and object of the expenditure and the reasons for not obtaining a voucher therefor.   History: En. Sec. 443, Ch. 286, L. 1959; R.C.M. 1947, 40-4726.
MT Code § 33-3-403 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-403. through 33-3-410 reserved

  33-3-403 through 33-3-410 reserved.
MT Code § 33-3-411 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-411. Contingent liability of mutual members

  33-3-411. Contingent liability of mutual members. (1) Each member of a domestic mutual insurer shall, except as otherwise provided in this part with respect to nonassessable policies, have a contingent liability, pro rata and not one for another, for the discharge of its obligations. The contingent liability must be expressed in the policy and must be in a maximum amount specified in the insurer's articles of incorporation.   (2) Termination of the policy of any member may not relieve the member of contingent liability for the member's proportion, if any, of the obligations of the insurer that accrued while the policy was in force.   (3) Unrealized contingent liability of members does not constitute an asset of the insurer in any determination of its financial condition.   History: En. Sec. 446, Ch. 286, L. 1959; R.C.M. 1947, 40-4729; amd. Sec. 1138, Ch. 56, L. 2009.
MT Code § 33-3-412 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-412. Levy of contingent liability

  33-3-412. Levy of contingent liability. (1) If at any time the assets of a domestic mutual insurer are less than its liabilities and the minimum amount of surplus required to be maintained by it by this code for authority to transact the kinds of insurance being transacted and the deficiency is not cured from other sources, its directors shall levy an assessment only upon its members who held policies providing for contingent liability at any time within the 12 months preceding the date notice of the assessment was mailed to them, and the members are liable to the insurer for the amount assessed.   (2) The assessment must be for an amount that is required to cure the deficiency and to provide a reasonable amount of working funds in excess of the minimum amount of surplus, but the working funds provided may not exceed 5% of the insurer's liabilities as of the date that the amount of the deficiency was determined.   (3) In levying an assessment upon a policy providing for contingent liability, the assessment must be computed on the basis of the premiums earned on the policy during the period to which the assessment relates.   (4) A member may not have an offset against any assessment for which the member is liable on account of any claim for unearned premium or loss payable.   (5) As to life insurance, any part of an assessment upon a member that remains unpaid following notice of assessment, demand for payment, and lapse of a reasonable waiting period as specified in the notice may, if approved by the commissioner as being in the best interests of the insurer and its members, be secured by placing a lien upon the cash surrender values and accumulated dividends held by the insurer to the credit of the member.   History: En. Sec. 447, Ch. 286, L. 1959; R.C.M. 1947, 40-4730; amd. Sec. 1139, Ch. 56, L. 2009.
MT Code § 33-3-413 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-413. Enforcement of contingent liability

  33-3-413. Enforcement of contingent liability. (1) Any assessment made by an insurer under 33-3-412 or 33-3-433 shall be deemed to be prima facie correct. The amount of such assessment to be paid by each member as determined by the insurer shall be deemed to be likewise prima facie correct.   (2) The insurer shall notify each member of the amount of the assessment to be paid by written notice mailed to the address of the member last of record with the insurer. Failure of the member to receive the notice so mailed, within the time specified therein for the payment of the assessment or at all, shall be no defense in any action to collect the assessment.   (3) If a member fails to pay the assessment within the period specified in the notice, which period shall not be less than 20 days after mailing, the insurer may institute suit to collect the same.   History: En. Sec. 448, Ch. 286, L. 1959; R.C.M. 1947, 40-4731.
MT Code § 33-3-414 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-414. Nonassessable policies of mutual insurers

  33-3-414. Nonassessable policies of mutual insurers. (1) While possessing surplus funds in amount not less than the paid-in capital stock required of a domestic stock insurer transacting like kinds of insurance, a domestic mutual insurer may, upon receipt of the commissioner's order so authorizing, extinguish the contingent liability of its members as to all its policies in force and may omit provisions imposing contingent liability in all its policies currently issued.   (2) A foreign or alien mutual insurer may issue nonassessable policies to its members in this state pursuant to its articles of incorporation and the laws of its domicile.   (3) No policy of a domestic mutual insurer which, pursuant to the commissioner's order, is without contingent liability and thereby nonassessable by its terms shall be subject to assessment for any debt or liability of the insurer.   History: En. Sec. 449, Ch. 286, L. 1959; R.C.M. 1947, 40-4732.
MT Code § 33-3-415 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-415. Insufficient reserves -- nonassessable policies prohibited -- revocation of authority

  33-3-415. Insufficient reserves -- nonassessable policies prohibited -- revocation of authority. The commissioner shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if at any time the insurer's assets are less than the sum of its liabilities and the surplus required for such authority or if the insurer, by resolution of its board of directors approved by a majority of its members, requests that the authority be revoked. During the absence of such authority the insurer shall not issue any policy without providing therein for the contingent liability of the policyholder or renew any policy which is renewable at the option of the insurer without endorsing the same to provide for such contingent liability.   History: En. Sec. 450, Ch. 286, L. 1959; R.C.M. 1947, 40-4733.
MT Code § 33-3-416 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-416. through 33-3-420 reserved

  33-3-416 through 33-3-420 reserved.
MT Code § 33-3-421 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-421. Participating policies

  33-3-421. Participating policies. (1) If provided in its articles of incorporation, a domestic stock or domestic mutual insurer may issue any or all of its policies with or without participation in profits, savings, or unabsorbed portions of premiums, may classify policies issued on a participating and nonparticipating basis, and may determine the right to participate and the extent of participation of any class or classes of policies. Any such classification or determination shall be reasonable and shall not unfairly discriminate as between policyholders within the same such classifications. A life insurer may issue both participating and nonparticipating policies only if the right or absence of right to participate is reasonably related to the premium charged. Any such domestic insurer which prior to January 1, 1961, has been issuing all or part of its policies on a participating basis without specific authorization in its articles of incorporation may continue to issue such policies on a basis not inconsistent with this section.   (2) After the third policy year no dividend otherwise earned shall be made contingent upon the payment of renewal premium on any policy.   History: En. Sec. 451, Ch. 286, L. 1959; R.C.M. 1947, 40-4734.
MT Code § 33-3-422 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-422. Dividends to stockholders

  33-3-422. Dividends to stockholders. (1) A domestic stock insurer shall not pay any cash dividend to stockholders except out of that part of its available surplus funds which is derived from realized net profits on its business.   (2) A stock dividend may be paid out of any available surplus funds in excess of the aggregate amount of surplus loaned to the insurer under 33-3-431.   (3) A dividend otherwise proper may be payable out of the insurer's earned surplus even though its total surplus is then less than the aggregate of its past contributed surplus resulting from issuance of its capital stock at a price in excess of the par value thereof.   History: En. Sec. 452, Ch. 286, L. 1959; R.C.M. 1947, 40-4735.
MT Code § 33-3-423 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-423. Dividends to mutual policyholders

  33-3-423. Dividends to mutual policyholders. (1) The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members dividends only out of that part of its surplus funds which represents net realized savings and net realized earnings in excess of the surplus required by law to be maintained.   (2) A dividend otherwise proper may be payable out of such savings and earnings even though the insurer's total surplus is then less than the aggregate of its contributed surplus.   History: En. Sec. 453, Ch. 286, L. 1959; R.C.M. 1947, 40-4736.
MT Code § 33-3-424 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-424. Illegal dividends -- administrative or civil penalty

  33-3-424. Illegal dividends -- administrative or civil penalty. (1) Any director of a domestic stock or mutual insurer who votes for or concurs in declaration or payment of a dividend to stockholders or members other than as authorized under 33-3-422 or 33-3-423 shall be jointly and severally liable, together with other such directors likewise voting for or concurring, for any loss thereby sustained by the insurer.   (2) Any stockholder receiving such an illegal dividend shall be liable in the amount thereof to the insurer.   (3) The commissioner may revoke or suspend the certificate of authority of an insurer which has declared or paid such an illegal dividend.   History: En. Sec. 454, Ch. 286, L. 1959; R.C.M. 1947, 40-4737; amd. Sec. 25, Ch. 396, L. 2017.
MT Code § 33-3-425 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-425. through 33-3-430 reserved

  33-3-425 through 33-3-430 reserved.
MT Code § 33-3-431 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-431. Borrowed surplus

  33-3-431. Borrowed surplus. (1) A domestic stock or mutual insurer may borrow money to defray the expenses of the insurer's organization, to provide the insurer with surplus funds, or for any purpose of the insurer's business upon a written agreement that the money is required to be repaid only out of the insurer's surplus in excess of that stipulated in the agreement. The agreement may provide for interest at a rate not to exceed the greater of the rate established in 25-9-205 or a rate that is 6 percentage points per year higher than the prime rate published by the federal reserve system in its statistical release H.15 Selected Interest Rates for bank prime loans dated 3 business days prior to the execution of the agreement. The agreement must specify whether the interest constitutes a liability of the insurer. A commission or promotion expense may not be paid in connection with a loan of the type described in this section.   (2) Money borrowed, together with the interest if stipulated in the agreement, does not form a part of the insurer's legal liabilities except as to the insurer's surplus in excess of the amount stipulated in the agreement or the basis of any setoff. However, until the money or interest, or both, are repaid, financial statements filed or published by the insurer must show as a footnote the amount then unpaid together with any interest accrued but unpaid.   (3) A loan of this type to a mutual or stock insurer is subject to the commissioner's approval. The insurer shall, in advance of the loan, file with the commissioner a statement of the purpose of the loan and a copy of the proposed loan agreement. The loan and agreement are approved unless within 15 days after filing the insurer is notified of the commissioner's disapproval and reasons for the disapproval. The commissioner shall disapprove any proposed loan or agreement if the commissioner finds the loan is unnecessary or excessive for the purpose intended or that the terms of the loan agreement are not fair and equitable to the parties, and to other similar lenders, if any, to the insurer, or that the information filed by the insurer is inadequate.   (4) A loan to a mutual or stock insurer or a substantial portion of the loan must be repaid by the insurer when the loan is no longer reasonably necessary for the purpose originally intended. Repayment of either principal or interest on the loan may not be made by a mutual or stock insurer unless approved in advance by the commissioner.   (5) This section does not apply to loans obtained by the insurer in the ordinary course of business from banks and other financial institutions or to loans secured by pledge or mortgage of assets.   History: En. Sec. 455, Ch. 286, L. 1959; R.C.M. 1947, 40-4738; amd. Sec. 6, Ch. 798, L. 1991; amd. Sec. 34, Ch. 379, L. 1995; amd. Sec. 6, Ch. 469, L. 2005; amd. Sec. 3, Ch. 108, L. 2011.
MT Code § 33-3-432 (2021)
2021 Montana Code Annotated|Title 33. Insurance and Insurance Companies|Chapter 3. Domestic Stock and Mutual Insurers|Part 4. Finance|33-3-432. Impairment of capital or assets

  33-3-432. Impairment of capital or assets. (1) If a stock insurer's capital, as represented by the aggregate par value of its outstanding capital stock, becomes impaired or the assets of a mutual insurer are less than its liabilities and the minimum amount of surplus required to be maintained by it under 33-3-204 for authority to transact the kinds of insurance being transacted, the commissioner shall at once determine the amount of deficiency and serve notice upon the insurer to make good the deficiency within 60 days after service of such notice.   (2) The deficiency may be made good in cash or in assets eligible under chapter 12 for the investment of the insurer's funds as follows:   (a) if a stock insurer, by reduction of the insurer's capital to an amount not below the minimum required for the kinds of insurance to be transacted; or   (b) if a mutual insurer, by amendment of its certificate of authority to cover only the kind or kinds of insurance for which the insurer has sufficient surplus under this title.   (3) If the deficiency is not made good and proof is filed with the commissioner within the 60-day period, the insurer is insolvent and the commissioner shall institute delinquency proceedings against it under chapter 2, part 13; except that if the deficiency exists because of increased loss reserves required by the commissioner or because of disallowance by the commissioner of certain assets or reduction of the value at which carried in the insurer's accounts, the commissioner may, upon application and good cause shown, extend for not more than an additional 60 days the period within which the deficiency may be made good and proof of making good is filed.   History: En. Sec. 456, Ch. 286, L. 1959; R.C.M. 1947, 40-4739; amd. Sec. 12, Ch. 303, L. 1981; amd. Sec. 141, Ch. 575, L. 1981; amd. Sec. 44, Ch. 304, L. 1999.