reglab/statecodes huggingface dataset:
2023 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.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 3. Domestic Stock and Mutual Insurers › Part 6. Dissolution and Liquidation › 33-3-604. Distribution of assets of mutual insurer

33-3-604. Distribution of assets of mutual insurer.
The maximum amount that a mutual insurer may pay to a policyholder upon dissolution, in addition to the benefits promised in the insurance policy, is the total of the premium payments made by the policyholder with interest at the legal rate compounded annually. Any excess over the amounts must be deposited with the state treasurer to the credit of the state general fund. A person may participate in the distribution of assets of a mutual insurer only if the person has a policy in effect 180 days before the insurer files its plan for dissolution with the commissioner. The amount that a person eligible to participate in the distribution of assets of a mutual insurer may receive must be in the proportion that the premiums paid by the policyholder bear to the total premiums paid to the mutual insurer by all policyholders who had policies in effect 180 days before the insurer filed its plan for dissolution with the commissioner.
History: En. Sec. 5, Ch. 389, L. 1987; amd. Sec. 1148, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 3. Domestic Stock and Mutual Insurers › Part 7. Disclosure of Material Transactions › 33-3-701. Short title

33-3-701. Short title.
This part may be cited as the "Disclosure of Material Transactions Act".
History: En. Sec. 78, Ch. 379, L. 1995.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 3. Domestic Stock and Mutual Insurers › Part 7. Disclosure of Material Transactions › 33-3-702. Report

33-3-702. Report.
(1) An insurer domiciled in this state shall file a report with the commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements unless the acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions have been submitted to the commissioner for review or approval or for information purposes pursuant to other provisions of the insurance code, laws, or regulations or other requirements.
(2) The report required in subsection (1) is due within 15 days after the end of the calendar month in which any of the transactions in subsection (1) occur.
(3) One complete copy of the report, including any exhibits or other attachments, must be filed with:
(a) the insurance department of the state in which the insurer is domiciled; and
(b) the national association of insurance commissioners.
(4) All reports obtained by or disclosed to the commissioner pursuant to this part must be treated confidentially, may not be subject to subpoena, and may not be made public by the commissioner, the national association of insurance commissioners, or any other person, except to insurance departments of other states, without the prior consent of the insurer to which it pertains unless the commissioner, after giving the insurer notice and an opportunity to be heard, determines that the interest of policyholders, shareholders, or the public will be served by publication, in which event the commissioner may publish all or any part of the report in the manner the commissioner chooses.
History: En. Sec. 79, Ch. 379, L. 1995.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 3. Domestic Stock and Mutual Insurers › Part 7. Disclosure of Material Transactions › 33-3-703. Acquisitions and dispositions of assets

33-3-703. Acquisitions and dispositions of assets.
(1) Acquisitions or dispositions of assets that are not material are not required to be reported pursuant to 33-3-702 if the acquisitions or dispositions are not material. For purposes of this part, a material acquisition or the aggregate of any series of related acquisitions during any 30-day period or a disposition or the aggregate of any series of related dispositions during any 30-day period is one that is nonrecurring and not in the ordinary course of business and involves more than 5% of the reporting insurer's total admitted assets as reported in its most recent statutory statement filed with the insurance department of the insurer's state of domicile.
(2) Asset acquisitions subject to this part include every purchase, lease, exchange, merger, consolidation, succession, or other acquisition, other than the construction or development of real property, by or for the reporting insurer or the acquisition of materials for this purpose.
(3) Asset dispositions subject to this part include each sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment, whether for the benefit of creditors or otherwise, abandonment, destruction, or other disposition.
(4) The following information is required to be disclosed in any report of a material acquisition or disposition of assets:
(a) the date of the transaction;
(b) the manner of acquisition or disposition;
(c) the description of the assets involved;
(d) the nature and amount of the consideration given or received;
(e) the purpose or reason for the transaction;
(f) the manner by which the amount of consideration was determined;
(g) the gain or loss recognized or realized as a result of the transaction; and
(h) the names of the persons from whom the assets were acquired or to whom they were disposed.
(5) An insurer is required to report material acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers that uses a pooling arrangement or 100% reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer ceded substantially all of its direct and assumed business to the pool. An insurer cedes substantially all of its direct and assumed business to a pool if the insurer has less than $1 million total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement and the net income of the business not subject to the pooling arrangement represents less than 5% of the insurer's capital and surplus.
History: En. Sec. 80, Ch. 379, L. 1995.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 1. General Provisions › 33-4-101. Scope of chapter -- provisions applicable

33-4-101. Scope of chapter -- provisions applicable.
(1) The chapter applies to:
(a) all domestic mutual hail, fire, and other casualty insurers of farm property and stock and rural buildings formed and immediately prior to January 1, 1961, lawfully transacting insurance under sections 40-1501 through 40-1517 of the Revised Codes of Montana, 1947;
(b) all domestic mutual rural insurers formed and immediately prior to January 1, 1961, lawfully transacting insurance under sections 40-1601 through 40-1625 of the Revised Codes of Montana, 1947;
(c) all insurers formed under this chapter.
(2) The insurance laws of this state do not apply to or govern, either directly or indirectly, domestic farm mutual insurers except as provided in this chapter.
(3) The following chapters and sections of this title apply to farm mutual insurers to the extent applicable and not inconsistent with the express provisions of this chapter and the reasonable implications of the express provisions of this chapter: chapter 1, parts 1 through 4, 7, 12, and 13; 33-2-112; 33-2-501; 33-2-502; 33-2-708; 33-2-1212; chapter 2, parts 13 and 16; 33-2-1501; 33-2-1517(2); 33-3-218; 33-3-308; 33-3-309; 33-3-401; 33-3-402; 33-3-431; 33-3-436; chapter 3, part 6; and chapters 18 and 19.
History: En. Secs. 468, 520, Ch. 286, L. 1959; R.C.M. 1947, 40-4801, 40-4853; amd. Sec. 141, Ch. 575, L. 1981; amd. Sec. 12, Ch. 451, L. 1993; amd. Sec. 1, Ch. 158, L. 1997; amd. Sec. 19, Ch. 472, L. 1999; amd. Sec. 32, Ch. 227, L. 2001; amd. Sec. 15, Ch. 380, L. 2003; amd. Sec. 7, Ch. 469, L. 2005; amd. Sec. 11, Ch. 63, L. 2015.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 1. General Provisions › 33-4-102. Definitions

33-4-102. Definitions.
(1) A "county mutual insurer" is a farm mutual insurer authorized to insure property and liability risks located in the county in which its principal office is located and in the counties in this state with boundaries contiguous with the principal office county.
(2) A "farm mutual insurer" is an insurer that meets the qualifications of 33-4-101(1).
(3) A "state mutual insurer" is a farm mutual insurer authorized to insure property and liability risks throughout the state.
(4) "Surplus" is the extent to which the value of an insurer's assets exceeds its liabilities.
History: En. Secs. 469, 481, Ch. 286, L. 1959; R.C.M. 1947, 40-4802, 40-4814; amd. Sec. 2, Ch. 158, L. 1997.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 1. General Provisions › 33-4-103. Corporate powers in general

33-4-103. Corporate powers in general.
(1) An insurance corporation formed under this chapter or existing on January 1, 1961, and of a type which might be formed under this chapter shall have the same capacity to act possessed by individuals but with authority to perform only such lawful acts as are necessary or proper to accomplish its purposes.
(2) Without affecting the authority contained in subsection (1) above, every such corporation shall have the following corporate powers:
(a) to have succession by its corporate name for the period stated in its articles;
(b) to sue and be sued in its corporate name;
(c) to adopt, use, and alter a corporate seal;
(d) to acquire, hold, sell, use, dispose of, pledge, or mortgage any such property as its purpose may require, subject to any limitation prescribed by law or the articles of incorporation;
(e) to transact insurance;
(f) to conduct its affairs through its directors, officers, employees, insurance producers, and representatives thereunto duly authorized;
(g) to make bylaws not inconsistent with law for the exercise of its corporate powers, the management, regulation, and government of its affairs and property, including but not limited to calling and holding of meetings of its directors or members, and to modify or amend such bylaws;
(h) to exercise, subject to law and the express provisions of the articles of incorporation, all such incidental and subsidiary powers as may be necessary or convenient to the attainment of the objectives set forth in such articles;
(i) to dissolve and wind up or be dissolved and wound up in the manner provided by law.
(3) An insurance corporation formed under this chapter may also form a subsidiary entity for the purpose of acting as an insurance producer, transacting insurance underwritten by other insurers. The subsidiary entity shall comply with the licensing requirements of chapter 17, as well as all other laws that apply to insurance producers. Funds used by an insurance corporation formed under this chapter for a subsidiary entity insurance producer are considered investments but are exempt from the requirements of 33-4-403.
History: En. Sec. 479, Ch. 286, L. 1959; R.C.M. 1947, 40-4812; amd. Sec. 1, Ch. 713, L. 1989; amd. Sec. 15, Ch. 151, L. 2017.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 2. Formation › 33-4-201. Eligible incorporators

33-4-201. Eligible incorporators.
(1) One hundred or more individuals residing in this state, each of whom is 18 years of age or more, who collectively own farm property as referred to in 33-4-501(1)(a) valued at not less than $500,000 which they desire to insure, and each of whom owns farm lands or ranch lands situated in this state valued at not less than $5,000, may incorporate a state mutual insurer.
(2) Twenty-five or more individuals residing in this state, each of whom is 18 years or more of age, each of whom owns farm land or ranch land valued at $5,000 or more in the county wherein is to be located the principal office of the proposed insurer or in any county in this state contiguous with such county, and who collectively own in such counties farm property referred to in 33-4-501(1)(a) valued at not less than $125,000 which they desire to insure, may incorporate a county mutual insurer.
History: En. Sec. 474, Ch. 286, L. 1959; amd. Sec. 8, Ch. 423, L. 1971; R.C.M. 1947, 40-4807.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 2. Formation › 33-4-202. Declaration of intention to incorporate -- articles of incorporation

33-4-202. Declaration of intention to incorporate -- articles of incorporation.
(1) The individuals proposing to form a farm mutual insurer as referred to in 33-4-201 shall file with the commissioner:
(a) a declaration of their intention to form the corporation signed by at least 100 persons if a proposed state mutual insurer or by at least 25 persons if a proposed county mutual insurer; and
(b) proposed articles of incorporation executed by three or more incorporators. The signatures of the incorporators must be notarized.
(2) The articles of incorporation must state:
(a) the name of the corporation. If a state mutual insurer, the words "farm mutual" must be a part of the name; if a county mutual insurer, the name must contain the words "farm mutual" or "rural mutual" together with the name of the county in which its principal place of business is to be located. The name may not be so similar to one already used by a corporation in this state as to be misleading.
(b) if a county mutual insurer, the name of the county or counties in which the corporation is to transact insurance and the address where its principal business office will be located;
(c) if a state mutual insurer, the location of its principal business office, which must be located in this state;
(d) the objects and purposes for which the corporation is formed;
(e) whether the insurer intends to transact business on the cash premium plan or the assessment plan;
(f) the duration of the corporation's existence, which may be perpetual;
(g) the number of its directors, which may not be less than 5 or more than 11, and the names and addresses of the members of the initial board of directors appointed to manage the affairs of the corporation until the first annual meeting of the members at which time successors must be elected and qualified;
(h) other provisions, not inconsistent with law, considered appropriate by the incorporators;
(i) the names, residences, and addresses of the persons signing the declaration under subsection (1)(a) and the value of their property to be insured in the county or counties where the operations of the corporation are to be transacted.
History: En. Sec. 475, Ch. 286, L. 1959; R.C.M. 1947, 40-4808; amd. Sec. 35, Ch. 379, L. 1995; amd. Sec. 14, Ch. 531, L. 1997; amd. Sec. 16, Ch. 380, L. 2003; amd. Sec. 6, Ch. 117, L. 2019.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 2. Formation › 33-4-203. Approval of articles -- commencement of corporate existence

33-4-203. Approval of articles -- commencement of corporate existence.
(1) If the commissioner finds the proposed articles of incorporation to be in accordance with the provisions of this chapter and not in conflict with the constitution and laws of the United States or of this state, the articles must be approved. The commissioner shall forward the approved articles and the applicable fees to the secretary of state.
(2) If the commissioner considers the name of the proposed corporation to be so similar to one already appropriated by another company or corporation as to be likely to mislead the public, the commissioner shall reject the name applied for and shall notify the incorporators of the rejection.
(3) The corporation has legal existence upon the issuance of the certificate of incorporation by the secretary of state, but it may not transact business as an insurer until it has obtained a certificate of authority as provided in 33-4-505.
History: En. Sec. 476, Ch. 286, L. 1959; R.C.M. 1947, 40-4809; amd. Sec. 13, Ch. 451, L. 1993; amd. Sec. 36, Ch. 379, L. 1995; amd. Sec. 15, Ch. 531, L. 1997; amd. Sec. 20, Ch. 472, L. 1999; amd. Sec. 7, Ch. 117, L. 2019.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 2. Formation › 33-4-204. Amendment of articles -- change of status

33-4-204. Amendment of articles -- change of status.
(1) A farm mutual insurer may, by a vote of two-thirds of its members present at any annual meeting or at any special meeting called for that purpose, amend its articles of incorporation to extend its corporate duration or any other particular within the scope of this chapter by causing amended articles to be filed in the same form and manner as required for original articles of incorporation.
(2) (a) A county mutual insurer may change its status to that of a state mutual insurer by amending its articles of incorporation pursuant to the requirements of this section.
(b) A county mutual insurer that changes its status to that of a state mutual insurer shall conform with all requirements for a state mutual insurer under this chapter.
(3) (a) A state mutual insurer may change its status to that of a county mutual insurer by amending its articles of incorporation pursuant to this section.
(b) A state mutual insurer that changes its status to that of a county mutual insurer shall conform with all requirements for a county mutual insurer under this chapter.
(4) The commissioner shall review the amended articles for compliance with this title. The amended articles of incorporation may be signed only by the president and secretary of the corporation. Notice of the proposed amendment must be contained in the notice of the annual or special meeting.
History: En. Sec. 477, Ch. 286, L. 1959; R.C.M. 1947, 40-4810; amd. Sec. 16, Ch. 531, L. 1997; amd. Sec. 1, Ch. 228, L. 2001; amd. Sec. 16, Ch. 151, L. 2017; amd. Sec. 8, Ch. 117, L. 2019.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 2. Formation › 33-4-205. Certified copies of articles as evidence

33-4-205. Certified copies of articles as evidence.
A copy of the articles of incorporation of a farm mutual insurer and any amendments thereof filed pursuant to law and certified by the commissioner shall be received in all courts and other places as prima facie evidence of the facts therein stated and of the due incorporation of the insurer.
History: En. Sec. 478, Ch. 286, L. 1959; R.C.M. 1947, 40-4811.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 2. Formation › 33-4-206. Initial qualifications

33-4-206. Initial qualifications.
When applying for an original certificate of authority as an insurer newly organized in this state or for an amended certificate of authority in the case of a county mutual insurer that is changing its status to that of a state mutual insurer pursuant to 33-4-204, the insurer must have surplus as required by 33-4-401 and be otherwise qualified under this chapter, and:
(1) if a county mutual insurer, it must have received acceptable bona fide written applications from 25 separate persons for substantial insurance of the kinds of insurance proposed to be transacted, aggregating at least $100,000. The applicants must have given to the insurer the obligations referred to in 33-4-508 or paid the premium required for the insurance, subject to the insurer qualifying to transact the kinds of insurance for which it has applied.
(2) if a state mutual insurer or a county mutual insurer that has changed its status to that of a state mutual insurer pursuant to 33-4-204, it must have received acceptable bona fide written applications from 100 separate persons, each for substantial insurance, aggregating at least $500,000 of the kinds of insurance proposed to be transacted. The applicants must have given to the insurer the obligations referred to in 33-4-508 or paid the premium required for the insurance, subject to the insurer qualifying to transact the kinds of insurance for which it has applied.
(3) if to insure growing crops against loss or damage by hail, it must have received applications for hail insurance from not less than 100 persons residing in Montana and owning in the aggregate not less than 5,000 acres of grain. Each applicant must have given to the insurer the obligations referred to in 33-4-508 or paid the premium required for the insurance, subject to the insurer qualifying to transact hail insurance.
History: En. Sec. 480, Ch. 286, L. 1959; R.C.M. 1947, 40-4813; amd. Sec. 2, Ch. 228, L. 2001.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 3. Management › 33-4-301. Bylaws -- adoption -- power to amend

33-4-301. Bylaws -- adoption -- power to amend.
Upon commencement of the legal existence of an insurer, its initial board of directors shall adopt such original bylaws, not inconsistent with the state constitution or this chapter, as may be deemed necessary for the management of its affairs. The bylaws shall be subject to the approval of the insurer's members at their next succeeding meeting. The members shall otherwise have the power to make, modify, and revoke bylaws.
History: En. Sec. 484, Ch. 286, L. 1959; R.C.M. 1947, 40-4817.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 3. Management › 33-4-302. Bylaws -- contents

33-4-302. Bylaws -- contents.
(1) The bylaws of a farm mutual insurer must provide:
(a) for the liability of each member for payment of the expenses and losses of the insurer and for what obligations must be given for the expenses and losses when a person applies for insurance;
(b) for the time when obligations of members for losses and expenses become due;
(c) for the limitation of liability of members for the payment of expenses and losses of the insurer;
(d) for the terms of office of the directors. At least part of the directors must be elected at each annual meeting of members. The term of any director may not be longer than 3 years.
(e) the month of the annual meeting of the members, at which vacancies existing or occurring on the board of directors are to be filled by election by the members. Each member must be permitted to cast at least one vote, either in person or, if authorized in the bylaws, by proxy, for each director to be elected and may cumulate the member's votes for one or more directors, not exceeding the number to be elected.
(f) how directors are to be elected in case an election does not occur at the annual meeting or in event of resignation, disability, or death of a director;
(g) the manner and time of giving notice of annual and special meetings of members.
(2) The bylaws may provide:
(a) the character of property to be insured and under what restrictions and limitations;
(b) restrictions and limitations as to membership and the powers, duties, and obligations of the members other than as to obligations covered under subsection (1)(a);
(c) the manner of making and collecting assessments;
(d) the manner of the suspension and expulsion of members;
(e) the form of application and the form of policy;
(f) the manner of making proof, adjustment, and payment of losses;
(g) for who is authorized to adjust losses for the insurer;
(h) for arbitration, as provided in 33-4-411, in the event that the insurer's adjuster and any claimant cannot agree as to the amount of any insured damage or loss;
(i) the duties and compensation of the officers and the bonds to be required of them;
(j) the books and records to be kept by the insurer, the reports required of the officers, and the manner of examining and auditing their accounts;
(k) what must be contained on the corporate seal and when the seal is required to be used;
(l) other matters as may be considered necessary or convenient for the management of the affairs of the insurer.
History: En. Sec. 485, Ch. 286, L. 1959; R.C.M. 1947, 40-4818; amd. Sec. 1149, Ch. 56, L. 2009; amd. Sec. 9, Ch. 169, L. 2013.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 3. Management › 33-4-303. Bylaws binding upon members

33-4-303. Bylaws binding upon members.
The bylaws of a farm mutual insurer are binding upon all of its members and as from time to time amended are a part of the contracts of insurance between the insurer and its members.
History: En. Sec. 486, Ch. 286, L. 1959; R.C.M. 1947, 40-4819.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 3. Management › 33-4-304. Annual meetings of members -- where held

33-4-304. Annual meetings of members -- where held.
Annual meetings of the members of a farm mutual insurer may be held at its principal business office or at any other place located in any county in this state in which the insurer is authorized to transact insurance.
History: En. Sec. 488, Ch. 286, L. 1959; R.C.M. 1947, 40-4821.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 3. Management › 33-4-305. Annual meeting -- presentation of annual statement

33-4-305. Annual meeting -- presentation of annual statement.
The annual statement of the insurer as required to be filed with the commissioner under 33-4-313 shall be presented at the annual meeting of the members of the insurer next following the end of the calendar year to which such statement relates.
History: En. Sec. 489, Ch. 286, L. 1959; R.C.M. 1947, 40-4822.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 3. Management › 33-4-306. Adjourned annual meetings -- notice

33-4-306. Adjourned annual meetings -- notice.
Notice of any adjourned annual meeting of members shall be given to the members of an insurer in the same manner as provided in the insurer's bylaws for the regular annual meeting of members.
History: En. Sec. 490, Ch. 286, L. 1959; R.C.M. 1947, 40-4823.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 3. Management › 33-4-307. Members' voting rights

33-4-307. Members' voting rights.
Each member of an insurer is entitled to one vote upon each matter coming to a vote at meetings of members of the insurer. A member may vote by written proxy if and as may be provided in the insurer's bylaws. No such proxy shall be made irrevocable or for longer than 1 year.
History: En. Sec. 491, Ch. 186, L. 1959; R.C.M. 1947, 40-4824.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 3. Management › 33-4-308. Board of directors -- quorum

33-4-308. Board of directors -- quorum.
(1) The general management of the affairs of a farm mutual insurer is vested in its board of directors.
(2) A majority of the directors shall constitute a quorum to do business at any lawful meeting of the board.
History: En. Sec. 494, Ch. 286, L. 1959; R.C.M. 1947, 40-4827.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 3. Management › 33-4-309. Directors -- election and term

33-4-309. Directors -- election and term.
(1) Directors of a farm mutual insurer must be elected by its members by ballot or acclamation for terms not to exceed 3 years and hold office until their respective successors are elected and have qualified.
(2) An individual may not serve as a director unless the individual is a member of the insurer.
History: En. Sec. 495, Ch. 286, L. 1959; R.C.M. 1947, 40-4828; amd. Sec. 11, Ch. 227, L. 2011.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 3. Management › 33-4-310. Officers

33-4-310. Officers.
The board of directors of an insurer shall elect from their number a president and vice-president. The board shall also elect a secretary and treasurer or a secretary-treasurer, who may or may not be members of the insurer. Officers shall hold their offices for 1 year and until their successors are elected and qualified, unless earlier removed by the board of directors.
History: En. Sec. 496, Ch. 286, L. 1959; R.C.M. 1947, 40-4829.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 3. Management › 33-4-311. Bonding of officers, managers, and employees

33-4-311. Bonding of officers, managers, and employees.
(1) When acting in a fiduciary capacity, officers, managers, and employees shall each give bonds to the insurer for the faithful performance of their duties. The bond must be issued by an authorized corporate surety.
(2) The commissioner may adopt rules to determine the amount of the bonds required under this section.
History: En. Sec. 497, Ch. 286, L. 1959; R.C.M. 1947, 40-4830; amd. Sec. 21, Ch. 472, L. 1999.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 3. Management › 33-4-312. Officers, agents, and employees not licensed -- exception for liability insurance

33-4-312. Officers, agents, and employees not licensed -- exception for liability insurance.
(1) Except as provided in subsection (2), an agent of an insurer is not required to obtain a license or authority from any public official to transact business for the insurer. The insurer or its officers, agents, or employees are not required to pay any fee for a license for the transaction of the business of the insurer, except as provided in this chapter.
(2) A farm mutual insurer that offers liability insurance is required to have an insurance producer licensed by the state of Montana to transact liability insurance. A person may not sell, solicit, negotiate, or take applications for, procure, or place for others liability insurance for a farm mutual insurer unless that person is licensed under Title 33, chapter 17.
History: En. Sec. 498, Ch. 286, L. 1959; R.C.M. 1947, 40-4831; amd. Sec. 1, Ch. 28, L. 1987; amd. Sec. 1, Ch. 713, L. 1989; amd. Sec. 3, Ch. 399, L. 2007.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 3. Management › 33-4-313. Annual statement

33-4-313. Annual statement.
The president and secretary of each insurer, on or before March 1 each year, shall prepare, affirm under oath, and file with the commissioner, on forms prescribed and furnished by the commissioner, an annual statement for the preceding calendar year showing the condition of the insurer as of December 31 of the preceding year and exhibiting the following facts:
(1) the names of the president and secretary;
(2) the date of the annual meeting;
(3) the amount of insurance in force;
(4) the number of members;
(5) the number of assessments made during the year;
(6) the amount paid in losses during the year;
(7) the number of members withdrawn, suspended, and expelled during the year;
(8) the number of new members admitted during the year;
(9) the expenses during the year;
(10) the amount of money on hand;
(11) the amount and character of the insurer's assets;
(12) the amount of the insurer's liabilities, including any reserves required to be established under this chapter; and
(13) other information concerning the insurer's affairs that the commissioner may reasonably require.
History: En. Sec. 499, Ch. 286, L. 1959; R.C.M. 1947, 40-4832; amd. Sec. 1, Ch. 337, L. 1987; amd. Sec. 17, Ch. 531, L. 1997; amd. Sec. 22, Ch. 472, L. 1999.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 3. Management › 33-4-314. Annual statement -- exclusive report -- penalty for failure to file

33-4-314. Annual statement -- exclusive report -- penalty for failure to file.
(1) A report, statement, or return of any nature may not be required of any farm mutual insurer other than those required by 33-4-313.
(2) The commissioner may:
(a) suspend or revoke the certificate of authority of any insurer failing to file its annual statement as required; or
(b) impose a fine of up to $100 a day for each day that an insurer is late in filing its annual statement, with the aggregate penalty not to exceed $1,000.
History: En. Sec. 500, Ch. 286, L. 1959; R.C.M. 1947, 40-4833; amd. Sec. 18, Ch. 531, L. 1997.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 3. Management › 33-4-315. Examination by commissioner -- expense

33-4-315. Examination by commissioner -- expense.
(1) The commissioner has power, at any time, to investigate and examine the affairs and books of any insurer.
(2) The insurer shall pay the costs of investigation and examination by the commissioner in the same manner as prescribed in 33-1-413.
History: En. Sec. 501, Ch. 286, L. 1959; R.C.M. 1947, 40-4834; amd. Sec. 1, Ch. 177, L. 1987.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 3. Management › 33-4-316. Records -- inspections

33-4-316. Records -- inspections.
(1) A farm mutual insurer, through its president and secretary, shall keep or cause to be kept accurate records and accounts of its transactions. The books, files, and records of the insurer must be located at its principal place of business or, in the case of a county mutual insurer, at a place within the county of its principal place of business as may be designated by the insurer's board of directors and shown in the minutes of the board.
(2) The books, files, and records of the insurer must be available for inspection by the insurer's directors and officers and by the commissioner or the commissioner's duly constituted examiner at all reasonable times.
History: En. Sec. 508, Ch. 286, L. 1959; R.C.M. 1947, 40-4841; amd. Sec. 1150, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 3. Management › 33-4-320. Managing general agent waiver -- exceptions

33-4-320. Managing general agent waiver -- exceptions.
(1) The commissioner may waive the requirements for a managing general agent under Title 33, chapter 2, part 16, for a person managing the property and liability business of a resident domestic farm mutual insurer.
(2) The commissioner may revoke the waiver if the commissioner determines through examination that licensure of the person as a managing general agent is necessary.
(3) A person serving as a managing general agent for crop hail insurance may not receive a waiver under this section.
History: En. Sec. 1, Ch. 208, L. 2013.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 4. Finance › 33-4-401. Surplus funds required

33-4-401. Surplus funds required.
A domestic farm mutual insurer is authorized to transact insurance if it is otherwise in compliance with the applicable provisions of this chapter and if it maintains surplus funds as follows:
(1) if a state mutual insurer or a county mutual insurer that has changed its status to that of a state mutual insurer pursuant to the provisions of 33-4-204, surplus of not less than $200,000; or
(2) if a county mutual insurer, surplus of not less than $50,000.
History: En. Sec. 482, Ch. 286, L. 1959; R.C.M. 1947, 40-4815; amd. Sec. 3, Ch. 228, L. 2001.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 4. Finance › 33-4-402. Members' liability -- limitation

33-4-402. Members' liability -- limitation.
All liability of the members of a farm mutual insurer must be as limited in the insurer's bylaws. For insurers transacting business on the cash premium plan, the limitation must comply with 33-4-504(4). A member may not be required to pay more than the full amount of the member's obligation given to the insurer or of the member's liability as provided for in the bylaws.
History: En. Sec. 492, Ch. 286, L. 1959; R.C.M. 1947, 40-4825; amd. Sec. 1151, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 4. Finance › 33-4-404. Repealed

33-4-404. Repealed.
Sec. 44, Ch. 531, L. 1997.
History: En. Sec. 503, Ch. 286, L. 1959; R.C.M. 1947, 40-4836.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 4. Finance › 33-4-405. Repealed

33-4-405. Repealed.
Sec. 73, Ch. 227, L. 2001.
History: En. Sec. 504, Ch. 286, L. 1959; R.C.M. 1947, 40-4837.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 4. Finance › 33-4-406. Reserves -- cash premium plan

33-4-406. Reserves -- cash premium plan.
Each insurer transacting business on the cash premium plan shall maintain the following reserves:
(1) a loss reserve, in amount reasonably adequate to pay in full all losses already incurred but currently unpaid. The amount subsequently paid on such losses shall be credited against this reserve.
(2) a reserve for unearned premiums, which reserve shall be computed at 50% of net premiums (gross premiums less premiums returned) charged and collected for unexpired policy periods that commenced during the calendar year covered by the financial statement plus 100% of such net premiums charged and collected in advance for policy periods that are to commence after such calendar year. In the alternative, the insurer may at its option compute its entire reserve for unearned premiums as the aggregate amount of the pro rata unearned premiums for each policy in force as at the end of the calendar year to be covered by the financial statement.
History: En. Sec. 505, Ch. 286, L. 1959; R.C.M. 1947, 40-4838.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 4. Finance › 33-4-407. Profits or dividends

33-4-407. Profits or dividends.
An insurer may not accumulate any profits or pay any dividends. This provision does not prohibit an insurer from accumulating and maintaining surplus funds as required to be maintained by the insurer under this chapter or from accumulating and maintaining other voluntary reserves for purposes and in amounts that may be reasonable. Limitations on any accumulations and the purposes of the accumulations may be provided for in the insurer's bylaws.
History: En. Sec. 506, Ch. 286, L. 1959; R.C.M. 1947, 40-4839; amd. Sec. 33, Ch. 227, L. 2001.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 4. Finance › 33-4-408. Deficiency of surplus

33-4-408. Deficiency of surplus.
(1) If the surplus funds of a farm mutual insurer at any time fall below the amount required to be maintained under this chapter, the insurer shall cure such deficiency within 6 months thereafter, notwithstanding that new losses or expenses may be incurred within such 6-month period.
(2) If the deficiency is not so cured, the commissioner may, upon the insurer's written application therefor, allow an additional reasonable period, not to exceed 6 months, for the curing of the deficiency.
(3) If the deficiency is not so cured within the first 6-month period, if additional time is not so applied for, or within such additional period as the commissioner may so allow, the commissioner shall forthwith suspend or revoke the insurer's certificate of authority.
History: En. Sec. 507, Ch. 286, L. 1959; R.C.M. 1947, 40-4840.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 4. Finance › 33-4-409. Repealed

33-4-409. Repealed.
Sec. 44, Ch. 531, L. 1997.
History: En. Sec. 509, Ch. 286, L. 1959; R.C.M. 1947, 40-4842; amd. Sec. 2, Ch. 177, L. 1987; amd. Sec. 1, Ch. 327, L. 1987.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 4. Finance › 33-4-410. Losses -- notice -- adjustment

33-4-410. Losses -- notice -- adjustment.
(1) Every member of a domestic farm mutual insurer who has sustained any insured loss or damage shall immediately notify the insurer's secretary thereof and of the amount of damage or loss claimed.
(2) Upon receipt of the notice of loss referred to in subsection (1) above, the secretary shall notify the person or persons authorized by the bylaws of such insurer to ascertain the amount of the loss or damage and adjust the same.
History: En. Sec. 514, Ch. 286, L. 1959; R.C.M. 1947, 40-4847.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 4. Finance › 33-4-411. Arbitration -- committee -- compensation

33-4-411. Arbitration -- committee -- compensation.
(1) If any insurer's adjuster and a claimant fail to agree as to the amount of the insured loss or damage sustained by the claimant and if provided for in the insurer's bylaws, the matter must be submitted to three persons as a committee of reference. One member must be selected by the claimant, one by the insurer, and the third by the other two members, all of whom must be sworn to a faithful and impartial investigation and award.
(2) The committee of reference has authority to examine witnesses and determine all matters in dispute. The decision or award of the committee must be made in writing to the secretary of the insurer. If it relates to any claimed loss or damage to a crop, the decision or award may not be made until after maturity of the crop. The decision or award of the committee is final and binding upon all parties unless an interested party appeals to the court within 30 days after the decision or award.
(3) The compensation of each member of any committee must be at the rate of $10 per day for each day of service in the discharge of duties. The compensation must be paid by the claimant unless the award of the committee exceeds the sum offered by the insurer in settlement of the claim, in which case the compensation must be paid by the insurer.
History: En. Sec. 515, Ch. 286, L. 1959; R.C.M. 1947, 40-4848; amd. Sec. 1152, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 4. Finance › 33-4-412. Obligations or assessments due -- losses payable

33-4-412. Obligations or assessments due -- losses payable.
(1) Obligations or assessments of members for losses and expenses become due and payable at such time as may be provided in the bylaws of the insurer, and the insurer shall use due diligence to collect each obligation or assessment.
(2) Any valid claim for an insured loss against an insurer transacting business on the assessment plan shall not be payable by the insurer until 30 days after such obligations of the members are due and payable.
History: En. Sec. 516, Ch. 286, L. 1959; R.C.M. 1947, 40-4849.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 4. Finance › 33-4-413. Suit to collect obligations -- liability of directors or officers

33-4-413. Suit to collect obligations -- liability of directors or officers.
(1) An insurer may institute a suit against any member of such insurer if the member fails to pay when due any obligation or liability of the member given such insurer under the provisions of this chapter.
(2) The directors or officers of an insurer are liable in their individual capacity to the person sustaining an insured loss if they willfully refuse or neglect to perform the duties imposed upon them by the provisions of this section.
History: En. Sec. 517, Ch. 286, L. 1959; R.C.M. 1947, 40-4850.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 4. Finance › 33-4-414. Proportionate payment of losses

33-4-414. Proportionate payment of losses.
If the aggregate whole amount of the members' obligations to an insurer transacting business on the assessment plan are insufficient to pay all valid claims for losses under the insurer's contracts of insurance after necessary expenses in any one year, then such claimants insured by the insurer shall receive their proportionate share of the funds realized from such obligations in full satisfaction of such losses.
History: En. Sec. 518, Ch. 286, L. 1959; R.C.M. 1947, 40-4851.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 4. Finance › 33-4-415. Suit to collect for loss

33-4-415. Suit to collect for loss.
If the insurer fails to pay any insured loss when due, an action may be maintained against it to collect for such loss, but subject to 33-4-414 as to assessment plan insurers.
History: En. Sec. 519, Ch. 286, L. 1959; R.C.M. 1947, 40-4852.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 4. Farm Mutual Insurers › Part 5. Insurance Operations › 33-4-501. Insuring powers in general

33-4-501. Insuring powers in general.
(1) In respect to property insurance as defined in 33-1-210, a farm mutual insurer shall insure against loss or damage by fire or other casualty only:
(a) rural dwellings and buildings, including the usual contents, farm livestock, machinery, vehicles, growing crops, and other forms of farm property owned by a member of the insurer or by the member's spouse;
(b) residential dwellings, appurtenant structures, and personal property owned by a member of the insurer or by the member's spouse;
(c) dwellings and related buildings designed for occupancy by not over four families, together with the usual contents;
(d) rural schoolhouses and buildings used in connection with the schoolhouse, rural community houses, rural churches, or other rural public buildings.
(2) A farm mutual insurer may insure against the liability risks provided in 33-1-206(1)(b):
(a) only to the extent of the limit of risks provided in 33-4-502(3); and
(b) if contingent liability exists, provided that every policy contains a statement that each member of the farm mutual insurer is subject to a contingent liability under 33-3-411.
History: En. Sec. 470, Ch. 286, L. 1959; R.C.M. 1947, 40-4803; amd. Sec. 2, Ch. 28, L. 1987; amd. Sec. 2, Ch. 334, L. 1993; amd. Sec. 1, Ch. 281, L. 1995; amd. Sec. 4, Ch. 228, L. 2001.