reglab/statecodes huggingface dataset:
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 7. Charitable Gift Annuities › 33-20-702. Charitable gift annuity not insurance

33-20-702. Charitable gift annuity not insurance.
(1) The issuance of a qualified charitable gift annuity does not constitute engaging in the business of insurance in this state.
(2) A charitable gift annuity issued before April 24, 2003, is a qualified charitable gift annuity for purposes of this part, and the issuance of that charitable gift annuity does not constitute engaging in the business of insurance in this state.
History: En. Sec. 2, Ch. 482, L. 2003.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 7. Charitable Gift Annuities › 33-20-704. Repealed

33-20-704. Repealed.
Sec. 6, Ch. 26, L. 2019.
History: En. Sec. 4, Ch. 482, L. 2003; amd. Sec. 24, Ch. 469, L. 2005.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 8. Suitability in Annuity Transactions › 33-20-801. Short title

33-20-801. Short title.
This part may be referred to as the "Montana Suitability in Annuity Transactions Act".
History: En. Sec. 1, Ch. 476, L. 2007.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 8. Suitability in Annuity Transactions › 33-20-802. Purpose -- scope

33-20-802. Purpose -- scope.
(1) The purpose of this part is to require producers to act in the best interest of the consumer when making a recommendation of an annuity and to require insurers to establish and maintain a system to supervise recommendations so that the insurance needs and financial objectives of consumers at the time of the transaction are effectively addressed.
(2) This part applies to any sale or recommendation of an annuity.
(3) Nothing in this part may be construed to create or imply a private cause of action for a violation of this part or to subject a producer to civil liability under the best interest standard of care outlined in 33-20-805 or under standards governing the conduct of a fiduciary or a fiduciary relationship.
History: En. Sec. 2, Ch. 476, L. 2007; amd. Sec. 3, Ch. 324, L. 2017; amd. Sec. 1, Ch. 432, L. 2021.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 8. Suitability in Annuity Transactions › 33-20-803. Exemptions

33-20-803. Exemptions.
Unless otherwise specifically included, this part does not apply to recommendations involving:
(1) direct response solicitations when there is no recommendation made based on information collected from the consumer pursuant to this part;
(2) contracts used to fund:
(a) an employee pension or welfare benefit plan that is covered by the Employee Retirement Income Security Act of 1974, 29 U.S.C. 1001, et seq.;
(b) a plan described by section 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code, 26 U.S.C. 401(a), 401(k), 403(b), 408(k), or 408(p), if established or maintained by an employer;
(c) a governmental plan or church plan defined in section 414 of the Internal Revenue Code, 26 U.S.C. 414, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax-exempt organization under section 457 of the Internal Revenue Code, 26 U.S.C. 457;
(d) a nonqualified deferred compensation plan established or maintained by an employer or plan sponsor;
(3) settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process;
(4) formal prepaid funeral contracts; or
(5) variable annuities regulated under Title 30, chapter 10.
History: En. Sec. 3, Ch. 476, L. 2007; amd. Sec. 2, Ch. 432, L. 2021.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 8. Suitability in Annuity Transactions › 33-20-806. Compliance mitigation -- penalties -- enforcement

33-20-806. Compliance mitigation -- penalties -- enforcement.
(1) An insurer is responsible for compliance with this part. If a violation occurs, either because of the action or inaction of the insurer or its producer, the commissioner may order:
(a) an insurer or insurance producer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with this part by the insurer, an entity contracted to perform the insurer's supervisory duties, or the producer; or
(b) a general agency, independent agency, or the producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of this part; and
(c) appropriate penalties and sanctions.
(2) A violation of this part is an unfair trade practice under Title 33, chapter 18. Fines may be imposed pursuant to 33-1-317.
(3) Any applicable penalty for a violation of this part may be reduced or eliminated if corrective action for the consumer was taken promptly after a violation was discovered or the violation was not part of a pattern or practice.
(4) The authority to enforce compliance with this part is vested exclusively with the commissioner.
History: En. Sec. 6, Ch. 476, L. 2007; amd. Sec. 5, Ch. 432, L. 2021.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 9. Annuity Disclosure › 33-20-902. Purpose

33-20-902. Purpose.
The purpose of this part is to provide standards for the disclosure of certain minimum information about annuity contracts to protect consumers and to foster consumer education. This part specifies the minimum information that must be disclosed and the method for disclosing the information in connection with the sale of annuity contracts. The goal of this part is to ensure that purchasers of annuity contracts understand certain basic features of annuity contracts.
History: En. Sec. 8, Ch. 476, L. 2007.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 9. Annuity Disclosure › 33-20-903. Applicability

33-20-903. Applicability.
(1) This part applies to all group and individual annuity contracts and certificates except:
(a) registered or nonregistered variable annuities or other registered products;
(b) immediate and deferred annuities that do not contain nonguaranteed elements;
(c) structured settlement annuities; and
(d) as provided in subsection (2), annuities used to fund:
(i) an employee pension plan that is covered by the Employee Retirement Income Security Act of 1974, 29 U.S.C. 1001, et seq.;
(ii) a plan described by section 401(a), 401(k), or 403(b) of the Internal Revenue Code, 26 U.S.C. 401(a), 401(k), or 403(b), when the plan, for purposes of the Employment Retirement Income Security Act of 1974, is established or maintained by an employer;
(iii) a governmental plan or church plan defined in section 414 of the Internal Revenue Code, 26 U.S.C. 414, or a deferred compensation plan of a state or local government or a tax-exempt organization under section 457 of the Internal Revenue Code, 26 U.S.C. 457; or
(iv) a nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor.
(2) (a) The provisions of this part apply to annuities used to fund a plan or arrangement when:
(i) the plan or arrangement is funded solely by contributions that an employee elects to make whether on a pretax or after-tax basis;
(ii) the insurer has been notified that plan participants may choose from among two or more fixed annuity providers; and
(iii) there is a direct solicitation of an individual employee by an insurance producer for the purchase of an annuity contract.
(b) As used in this subsection (2), direct solicitation does not include any meeting held by an insurance producer solely for the purpose of educating or enrolling employees in the plan or arrangement.
History: En. Sec. 9, Ch. 476, L. 2007.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 9. Annuity Disclosure › 33-20-904. Definitions

33-20-904. Definitions.
As used in this part, the following definitions apply:
(1) "Contract owner" means the owner named in the annuity contract or a certificate holder in the case of a group annuity contract.
(2) (a) "Determinable elements" means elements that are derived from processes or methods that are guaranteed at issue and are not subject to insurer discretion, but the values or amounts cannot be determined until some point after issue.
(b) The term includes premiums, credited interest rates (including any bonus), benefits, values, noninterest-based credits, and charges or elements of formulas used to determine any of these items.
(c) Determinable elements may be described as guaranteed but not determined at issue.
(d) An element is considered determinable if it was calculated from underlying determinable elements only or from both determinable and guaranteed elements.
(3) "Generic name" means a short title descriptive of the annuity contract being applied for, such as "single premium deferred annuity".
(4) "Guaranteed elements" means the premiums, credited interest rates (including any bonus), benefits, values, noninterest-based credits, and charges or elements of formulas used to determine any of these items that are guaranteed and determined at issue. An element is considered guaranteed if all of the underlying elements that go into its calculation are guaranteed.
(5) "Nonguaranteed elements" means the premiums, credited interest rates (including any bonus), benefits, values, noninterest-based credits, and charges or elements of formulas used to determine any of these items that are subject to insurer discretion and are not guaranteed at issue. An element is considered nonguaranteed if any of the underlying nonguaranteed elements are used in its calculation.
(6) "Structured settlement annuity" means a qualified funding asset as defined in section 130(d) of the Internal Revenue Code, 26 U.S.C. 130(d), or an annuity that would be a qualified funding asset under section 130(d) except that it is not owned by an assignee under a qualified assignment.
History: En. Sec. 10, Ch. 476, L. 2007.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 9. Annuity Disclosure › 33-20-906. Report to contract owners

33-20-906. Report to contract owners.
(1) For annuities in the payout period with changes in nonguaranteed elements and for the accumulation period of a deferred annuity, the insurer shall provide each contract owner with a report, at least annually, on the status of the contract.
(2) The report must contain at least the following information:
(a) the beginning and ending date of the current report period;
(b) the accumulation and cash surrender value, if any, at the end of the previous report period and at the end of the current report period;
(c) the total amounts, if any, that have been credited, charged to the contract value, or paid during the current report period; and
(d) the amount of outstanding loans, if any, as of the end of the current report period.
History: En. Sec. 12, Ch. 476, L. 2007.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 9. Annuity Disclosure › 33-20-907. Penalties

33-20-907. Penalties.
In addition to any other penalties provided in Title 33, an insurer or insurance producer that violates a provision of this part also violates 33-18-102.
History: En. Sec. 13, Ch. 476, L. 2007.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 10. General Requirements for Group Life › 33-20-1001. Group contracts required to meet group requirements

33-20-1001. Group contracts required to meet group requirements.
(1) No life insurance policy shall be delivered in this state insuring the lives of more than one individual unless to one of the groups as provided for in 33-20-1101 through 33-20-1106 and unless in compliance with the other applicable provisions of parts 10 through 12 of this chapter.
(2) Subsection (1) above shall not apply to life insurance policies insuring only individuals:
(a) related by blood, marriage, or legal adoption;
(b) having a common interest through ownership of a business enterprise or a substantial legal interest or equity therein and who are actively engaged in the management thereof; or
(c) otherwise having an insurable interest in each other's lives.
History: En. Sec. 328, Ch. 286, L. 1959; R.C.M. 1947, 40-3901; amd. Sec. 151, Ch. 575, L. 1981.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 10. General Requirements for Group Life › 33-20-1002. Employee life insurance defined

33-20-1002. Employee life insurance defined.
"Employee life insurance" is that plan of life insurance, other than salary savings life insurance or pension trust insurance and annuities, under which individual policies are issued to the employees of any employer and when the policies are issued on the lives of not less than five employees at date of issue. Premiums for the policies must be paid by the employer or the trustee of a fund established by the employer either wholly from the employer's funds or funds contributed by the employer or partly from those funds and partly from funds contributed by the insured employees.
History: En. Sec. 349, Ch. 286, L. 1959; R.C.M. 1947, 40-3922; amd. Sec. 1212, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 10. General Requirements for Group Life › 33-20-1003. Repealed

33-20-1003. Repealed.
Sec. 32, Ch. 396, L. 2017.
History: En. Sec. 350, Ch. 286, L. 1959; R.C.M. 1947, 40-3923.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 11. Groups and Group Requirements › 33-20-1101. Employee groups

33-20-1101. Employee groups.
(1) Subject to the requirements in subsections (2) through (5), the lives of a group of individuals may be insured under a policy issued to an employer or to the trustees of a fund established by an employer to insure employees of the employer for the benefit of persons other than the employer. The employer or trustees must be considered the policyholder.
(2) (a) The employees eligible for insurance under the policy must be all of the employees of the employer or all of any class or classes of the employer determined by conditions pertaining to their employment. The policy may provide that the term "employees" includes:
(i) the employees of one or more subsidiary corporations and the employees, individual proprietors, and partners of one or more affiliated corporations, proprietors, or partnerships if the business of the employer and of the employer's affiliated corporations, proprietors, or partnerships is under common control;
(ii) the individual proprietor or partners if the employer is an individual proprietor or a partnership; or
(iii) retired employees.
(b) A director of a corporate employer is not eligible for insurance under the policy unless the director is otherwise eligible as a bona fide employee of the corporation by performing services other than the usual duties of a director.
(c) An individual proprietor or partner is not eligible for insurance under the policy unless the individual proprietor or partner is actively engaged in and devotes a substantial part of working hours to the conduct of the business of the proprietor or partnership.
(3) (a) Payment of the premium for the insurance must be made by the policyholder from:
(i) the employer's funds or funds contributed by the employer;
(ii) funds contributed by the insured employees or members; or
(iii) funds contributed by a combination of payors in subsections (3)(a)(i) and (3)(a)(ii).
(b) A policy on which no part of the premium is to be derived from funds contributed by the insured employees must insure all eligible employees or all except any as to whom evidence of individual insurability is not satisfactory to the insurer.
(4) The policy must cover at least two employees at date of issue.
(5) The amount of insurance under the policy must be based upon a plan precluding individual selection either by the employees or by the employer or trustees.
History: En. Sec. 329, Ch. 286, L. 1959; R.C.M. 1947, 40-3902; amd. Sec. 25, Ch. 469, L. 2005; amd. Sec. 1, Ch. 430, L. 2007.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 11. Groups and Group Requirements › 33-20-1102. Labor union groups

33-20-1102. Labor union groups.
The lives of a group of individuals may be insured under a policy issued to a labor union, which shall be deemed the policyholder, to insure members of such union for the benefit of persons other than the union or any of its officials, representatives, or agents, subject to the following requirements:
(1) The members eligible for insurance under the policy shall be all of the members of the union or all of any class or classes thereof determined by conditions pertaining to their employment or to membership in the union, or both.
(2) The premium for the policy shall be paid by the policyholder, either wholly from the union's funds or partly from such funds and partly from funds contributed by the insured members specifically for their insurance. No policy may be issued on which the entire premium is to be derived from funds contributed by the insured members specifically for their insurance. A policy on which part of the premium is to be derived from funds contributed by the insured members specifically for their insurance may be placed in force only if at least 75% of the then eligible members, excluding any as to whom evidence of individual insurability is not satisfactory to the insurer, elect to make the required contributions. A policy on which no part of the premium is to be derived from funds contributed by the insured members specifically for their insurance must insure all eligible members or all except any as to whom evidence of individual insurability is not satisfactory to the insurer.
(3) The policy must cover at least 25 members at date of issue.
(4) The amounts of insurance under the policy must be based upon some plan precluding individual selection either by the members or by the union.
History: En. Sec. 330, Ch. 286, L. 1959; R.C.M. 1947, 40-3903.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 11. Groups and Group Requirements › 33-20-1104. Public employee groups

33-20-1104. Public employee groups.
The lives of a group of individuals may be insured under a policy issued to an incorporated city, town, or village or an association or league of cities, towns, or villages, an independent school district, state college or university, any association of state employees, and any association of state, county, and city, town, or village employees and any combination of state, county, or city, town, or village employees and any department of the state or county government, which employer or association shall be deemed the policyholder, to insure the employees of any such incorporated city, town, or village, of any such independent school district, of any such state college and university, or of any such department of the state or county government or members of any association of state, county, or city, town, or village employees, for the benefit of persons other than the policyholder, subject to the following requirements:
(1) The employees eligible for insurance under the policy shall be all of the employees of the employer or all of any class or classes thereof determined by conditions pertaining to their employment. The policy may provide that the term "employees" shall include retired employees. A policy issued to insure the employees of a public body may provide that the term "employees" shall include elected or appointed officials.
(2) The premium for the policy shall be paid by the policyholder wholly from funds contributed by it as employer or partly from such funds and partly from funds contributed by the insured employees or wholly from funds contributed by the insured employees, except that:
(a) the employer may deduct from the employees' salaries the required contributions for the premiums when authorized in writing by the respective employees so to do; and
(b) the premium for the policy may be paid by the policyholder wholly or partly from funds contributed by any incorporated city, town, or village policyholder when authorized by the charter of such city, town, or village or as otherwise authorized by law.
(3) Such policy may be placed in force only if at least 75% of the eligible employees, excluding any as to whom evidence of individual insurability is not satisfactory to the insurer, elect to make the required premium contributions and become insured thereunder.
(4) The policy must cover at least 10 employees at date of issue.
History: En. Sec. 332, Ch. 286, L. 1959; R.C.M. 1947, 40-3905.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 11. Groups and Group Requirements › 33-20-1105. Debtor groups

33-20-1105. Debtor groups.
The lives of a group of individuals may be insured under a policy issued to a creditor, who is considered the policyholder, to insure the debtors of the creditor, subject to the following requirements:
(1) The debtors eligible for insurance under the policy must be all of the debtors of the creditor or all of any class or classes of those debtors determined by conditions pertaining to the indebtedness or the purchase giving rise to the indebtedness. The policy may provide that the term "debtors" includes the debtors of one or more subsidiary corporations and the debtors of one or more affiliated corporations, proprietors, or partnerships if the business of the policyholder and of the affiliated corporations, proprietors, or partnerships is under common control.
(2) The premium for the policy must be paid by the policyholder from the creditor's funds, from charges collected from the insured debtors, or from both. A policy on which part or all of the premium is to be derived from the collection from the insured debtors of identifiable charges not required of uninsured debtors may not include, in the class or classes of debtors eligible for insurance, debtors under obligations outstanding at its date of issue without evidence of individual insurability unless at least 75% of the then eligible debtors elect to pay the required charges. A policy on which no part of the premium is to be derived from the collection of identifiable charges must insure all eligible debtors or all except any as to whom evidence of individual insurability is not satisfactory to the insurer.
(3) The policy may be issued only if the group of eligible debtors is then receiving new entrants at the rate of at least 100 persons yearly or may reasonably be expected to receive at least 100 new entrants during the first policy year and only if the policy reserves to the insurer the right to require evidence of individual insurability if less than 75% of the new entrants become insured. The policy may exclude from the classes eligible for insurance classes of debtors determined by age.
(4) The amount of insurance on the life of any debtor may not at any time exceed the amount owed by the debtor to the creditor.
(5) The insurance must be payable to the policyholder. Each payment must reduce or extinguish the unpaid indebtedness of the debtor to the extent of the payment.
History: En. Sec. 333, Ch. 286, L. 1959; amd. Sec. 1, Ch. 132, L. 1965; R.C.M. 1947, 40-3906; amd. Sec. 1, Ch. 617, L. 1985; amd. Sec. 1214, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 11. Groups and Group Requirements › 33-20-1106. Credit union groups

33-20-1106. Credit union groups.
The lives of a group of individuals may be insured under a policy issued to a credit union organized pursuant to the laws of the state of Montana or the Federal Credit Union Act, which shall be deemed the policyholder, to insure eligible members for amounts of insurance not in excess of the share balance of each member, based upon some plan which will preclude individual selection, for the benefit of someone other than the credit union or its officials and subject to the following requirements:
(1) The members eligible for insurance under the policy shall be all the members of the credit union who meet standard physical requirement conditions of the insurer or all of any class or classes thereof determined by conditions pertaining to their age or to membership in the credit union or both.
(2) The premiums for the policy shall be paid by the policyholder, either wholly from the credit union's funds or partly from such funds and partly from funds contributed by the insured members specifically for their insurance. No policy may be issued on which the entire premium is to be derived from funds contributed by the insured members specifically for their insurance. A policy on which part of the premium is to be derived from funds contributed by the insured members specifically for their insurance may be placed only if at least 75% of the then eligible members, excluding any as to whom evidence of individual insurability is not satisfactory to the insured, elect to make the required contribution. A policy on which no part of the premium is to be derived from funds contributed by the insured members specifically for their insurance must insure all eligible members or all except any as to whom evidence of individual insurability is not satisfactory to the insurer.
(3) The policy must cover at least 25 members at the date of issue.
History: En. Sec. 334, Ch. 286, L. 1959; R.C.M. 1947, 40-3907.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 11. Groups and Group Requirements › 33-20-1112. Discretionary groups

33-20-1112. Discretionary groups.
(1) Subject to the requirements of this section, the lives of a group of individuals may be insured under a policy issued to a group other than one described in this part if the commissioner finds that:
(a) the issuance of the policy is not contrary to the best interest of the public;
(b) the issuance of the policy would result in economies of acquisition or administration; and
(c) the benefits of the policy are reasonable in relation to the premiums charged.
(2) Group life insurance coverage under this section may be offered in this state by an insurer under a policy issued in another state only if this state or another state that has requirements substantially similar to the requirements in subsection (1) has made a determination that the requirements of subsection (1) have been met.
(3) The premium for a policy issued under this section must be paid either from the policyholder's funds, from funds contributed by the covered persons, or from both.
(4) An insurer may exclude or limit the coverage on any individual if the evidence of the individual's insurability is not satisfactory to the insurer.
History: En. Sec. 1, Ch. 163, L. 2011.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 12. Group Contract Provisions › 33-20-1201. Provisions required in group contracts

33-20-1201. Provisions required in group contracts.
A policy of group life insurance or a certificate may not be delivered in this state unless it contains in substance the provisions set forth in this part or provisions that in the opinion of the commissioner are more favorable to the persons insured or at least as favorable to the persons insured and more favorable to the policyholder. A provision may be omitted from a certificate if the commissioner has determined that the provision is not appropriate in a certificate. However:
(1) 33-20-1207 through 33-20-1211 do not apply to policies issued to a creditor to insure debtors of the creditor;
(2) the standard provisions required for individual life insurance policies do not apply to group life insurance policies; and
(3) if the group life insurance policy is on a plan of insurance other than the term plan, it must contain a nonforfeiture provision or provisions that in the opinion of the commissioner is or are equitable to the insured persons and to the policyholder. However, this subsection may not be construed to require that group life insurance policies contain the same nonforfeiture provisions as are required for individual life insurance policies.
History: En. Sec. 337, Ch. 286, L. 1959; R.C.M. 1947, 40-3910; amd. Sec. 39, Ch. 472, L. 1999; amd. Sec. 49, Ch. 227, L. 2001.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 12. Group Contract Provisions › 33-20-1202. Grace period

33-20-1202. Grace period.
The group life insurance policy and certificate must contain a provision that the policyholder is entitled to a grace period of 31 days for the payment of any premium due except the first, during which grace period the death benefit coverage must continue in force, unless the policyholder has given the insurer written notice of discontinuance in advance of the date of discontinuance and in accordance with the terms of the policy. The policy may provide that the policyholder is liable to the insurer for the payment of a pro rata premium for the time the policy was in force during the grace period.
History: En. Sec. 338, Ch. 286, L. 1959; R.C.M. 1947, 40-3911; amd. Sec. 28, Ch. 380, L. 2003.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 12. Group Contract Provisions › 33-20-1203. Incontestability

33-20-1203. Incontestability.
The group life insurance policy and certificate must contain a provision that the validity of the policy may not be contested, except for nonpayment of premium, after it has been in force for 2 years from its date of issue and that a statement made by any person insured under the policy relating to the person's insurability may not be used in contesting the validity of the insurance with respect to which the statement was made after the insurance has been in force prior to the contest for a period of 2 years during the person's lifetime or unless it is contained in a written instrument signed by the person.
History: En. Sec. 339, Ch. 286, L. 1959; R.C.M. 1947, 40-3912; amd. Sec. 29, Ch. 380, L. 2003.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 12. Group Contract Provisions › 33-20-1204. Application -- statements considered representations

33-20-1204. Application -- statements considered representations.
The group life insurance policy and certificate must contain a provision that a copy of the application, if any, of the policyholder must be attached to the policy when issued, that all statements made by the policyholder or by the persons insured must be considered representations and not warranties, and that a statement made by any person insured may not be used in any contest unless a copy of the instrument containing the statement is or has been furnished to the person or to the person's beneficiary.
History: En. Sec. 340, Ch. 286, L. 1959; R.C.M. 1947, 40-3913; amd. Sec. 30, Ch. 380, L. 2003.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 12. Group Contract Provisions › 33-20-1205. Insurability

33-20-1205. Insurability.
The group life insurance policy and certificate must contain a provision setting forth the conditions, if any, under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability satisfactory to the insurer as a condition to part or all of the person's coverage.
History: En. Sec. 341, Ch. 286, L. 1959; R.C.M. 1947, 40-3914; amd. Sec. 31, Ch. 380, L. 2003.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 12. Group Contract Provisions › 33-20-1206. Misstatement of age

33-20-1206. Misstatement of age.
The group life insurance policy and certificate must contain a provision specifying an equitable adjustment of premiums or of benefits or of both to be made in the event the age of a person insured has been misstated. The provision must contain a clear statement of the method of adjustment to be used.
History: En. Sec. 342, Ch. 286, L. 1959; R.C.M. 1947, 40-3915; amd. Sec. 32, Ch. 380, L. 2003.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 12. Group Contract Provisions › 33-20-1207. Payment of benefits

33-20-1207. Payment of benefits.
(1) The group life insurance policy and certificate must contain a provision that any benefits becoming due by reason of the death of the person insured are payable to the beneficiary designated by the person insured, subject to the provisions of the policy. In the event there is not a designated beneficiary with regard to all or some of the benefits, then those benefits must be considered a part of the intestate estate, pursuant to 72-2-111. In addition, the insurer may pay a benefit amount not exceeding $500 to any person appearing to the insurer to be equitably entitled to that amount by reason of having incurred funeral or other expenses incident to the last illness or death of the person insured.
(2) The provisions of 33-20-114(2) must be incorporated into the group life insurance policy and certificate and are applicable as set out in that subsection.
History: En. Sec. 343, Ch. 286, L. 1959; R.C.M. 1947, 40-3916; amd. Sec. 3, Ch. 469, L. 1985; amd. Sec. 33, Ch. 380, L. 2003.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 12. Group Contract Provisions › 33-20-1208. Certificate

33-20-1208. Certificate.
The group life insurance policy must contain a provision that the insurer will issue to the policyholder for delivery to each person insured an individual certificate setting forth a statement as to the insurance protection to which the person is entitled, to whom the insurance benefits are payable, and the rights and conditions set forth in 33-20-1209 through 33-20-1211.
History: En. Sec. 344, Ch. 286, L. 1959; R.C.M. 1947, 40-3917; amd. Sec. 1215, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 12. Group Contract Provisions › 33-20-1210. Conversion on termination of policy or certificate

33-20-1210. Conversion on termination of policy or certificate.
(1) The group life insurance policy or certificate must contain a provision that if the group policy or certificate terminates or is amended to terminate the insurance of any class of insured persons, every person insured under the group policy or certificate at the date of the termination whose insurance terminates and who has been insured for at least 3 years prior to the termination date is entitled to have issued to the person by the insurer an individual policy of life insurance, subject to the same conditions and limitations that are provided by 33-20-1209, except that the group policy or certificate may provide that the amount of the individual policy may not exceed the smaller of:
(a) the amount of the person's life insurance protection ceasing because of the termination or amendment of the group policy or certificate, less the amount of any life insurance for which the person is or becomes eligible under any group policy issued or reinstated by the same or another insurer within 31 days after the termination; or
(b) $10,000.
(2) A group insurer may meet the requirements of this section by contracting with another insurer to issue conversion policies as described in subsection (1). The conversion carrier must be authorized to act as an insurer in this state and shall submit the conversion policies to the commissioner.
History: En. Sec. 346, Ch. 286, L. 1959; R.C.M. 1947, 40-3919; amd. Sec. 2, Ch. 579, L. 1981; amd. Sec. 9, Ch. 518, L. 1983; amd. Sec. 51, Ch. 227, L. 2001; amd. Sec. 35, Ch. 380, L. 2003.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 12. Group Contract Provisions › 33-20-1211. Death pending conversion

33-20-1211. Death pending conversion.
The group life insurance policy or certificate must contain a provision that if a person insured under the policy or certificate dies during the period that the person would have been entitled to have an individual policy issued to the person in accordance with 33-20-1209 or 33-20-1210 and before an individual policy becomes effective, the amount of life insurance that the person would have been entitled to have issued to the person under an individual policy is payable as a claim under the group policy or certificate, whether or not application for the individual policy or the payment of the first premium has been made.
History: En. Sec. 347, Ch. 286, L. 1959; R.C.M. 1947, 40-3920; amd. Sec. 52, Ch. 227, L. 2001.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 12. Group Contract Provisions › 33-20-1212. Notice as to conversion right

33-20-1212. Notice as to conversion right.
If an individual insured under a group life insurance policy or certificate delivered in this state becomes entitled under the terms of the policy or certificate to have an individual policy of life insurance issued to the individual without evidence of insurability, subject to making an application and payment of the first premium within the period specified in the policy and if an individual is not given notice of the existence of the right at least 15 days prior to the expiration date of the period, then the individual must have an additional period to exercise the right, but this section may not be construed to continue any insurance beyond the period provided in the policy. The additional period expires 15 days after the individual is given the notice, but an additional period may not extend beyond 60 days after the expiration date of the period provided in the policy. Written notice presented to the individual or mailed by the policyholder to the last-known address of the individual or mailed by the insurer to the last-known address of the individual as furnished by the policyholder constitutes notice for the purpose of this section.
History: En. Sec. 348, Ch. 286, L. 1959; R.C.M. 1947, 40-3921; amd. Sec. 53, Ch. 227, L. 2001.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 12. Group Contract Provisions › 33-20-1213. Policy and certificate provisions -- conformity with state statutes

33-20-1213. Policy and certificate provisions -- conformity with state statutes.
Each policy and certificate regulated by this part must contain a provision or its equivalent as follows:
"Conformity with Montana statutes. The provisions of this policy or certificate conform to the minimum requirements of Montana law and control over any conflicting statutes of any state in which the insured resides on or after the effective date of this policy or certificate."
History: En. Sec. 22, Ch. 798, L. 1991; amd. Sec. 36, Ch. 380, L. 2003.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 13. Viatical Settlements › 33-20-1304. Issuance of license

33-20-1304. Issuance of license.
(1) The commissioner may issue a license to the applicant if the commissioner determines that the applicant:
(a) has satisfied all of the requirements for the license for which an application is made;
(b) has not engaged in conduct that would authorize the commissioner to refuse to issue a license under this part; and
(c) is financially responsible and has a good business reputation.
(2) If the commissioner denies an application, the commissioner shall inform the applicant and state the grounds for the denial.
(3) An individual may act as a viatical settlement provider or viatical settlement broker under the authority of the license of a firm or of a corporate viatical settlement provider whether or not the individual holds a license as a viatical settlement provider if:
(a) the individual is a member or employee of the firm or is an employee, officer, or director of the corporation; and
(b) the individual is designated by the firm or corporation on its license application or on a form that amends or supplements the application as being authorized to act as a viatical settlement provider under the authority of the license.
History: En. Sec. 4, Ch. 298, L. 1997; amd. Sec. 20, Ch. 157, L. 2023.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 13. Viatical Settlements › 33-20-1305. Expiration of license

33-20-1305. Expiration of license.
(1) A license issued under this part expires on its expiration date unless it is renewed on or before its expiration date.
(2) Unless the commissioner designates another date, a license expires on the last day of the month in which the second anniversary of the initial issuance date of the license occurs and on the last day of the month of the second anniversary following each renewal.
History: En. Sec. 5, Ch. 298, L. 1997.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 13. Viatical Settlements › 33-20-1306. Notification by licensee of material change affecting qualification for license

33-20-1306. Notification by licensee of material change affecting qualification for license.
A licensee shall immediately notify the commissioner of any material change in ownership or control or in any other matter affecting the qualification of the licensee for the license in this state, including keeping the commissioner informed about personnel and address changes.
History: En. Sec. 6, Ch. 298, L. 1997.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 13. Viatical Settlements › 33-20-1308. Terms of contract

33-20-1308. Terms of contract.
(1) A viatical settlement contract must be in writing. A viatical settlement provider shall establish in the contract the terms under which the viatical settlement provider will pay compensation or anything of value in return for the policyholder's or certificate holder's assignment, transfer, sale, devise, or bequest of the death benefit or ownership of the insurance policy or certificate to the viatical settlement provider.
(2) A viatical settlement provider may not use a viatical settlement contract in this state unless the viatical settlement provider has filed the contract form with the commissioner and the commissioner has approved the contract form according to the provisions set forth in 33-1-501. The commissioner shall disapprove a viatical settlement contract form if, in the commissioner's judgment, the contract or any provision of the contract is unreasonable, contrary to the interests of the public, or otherwise misleading or unfair to the policyholder or certificate holder.
(3) Each viatical settlement contract entered into in this state must contain a provision enabling the policyholder or certificate holder to rescind the contract not later than the 30th day after the date on which the contract is executed by all parties or not later than the 15th day after the policyholder or certificate holder receives the viatical settlement proceeds, whichever is the longer period. In order to rescind a contract, a policyholder or certificate holder who has received the proceeds shall return them to the viatical settlement provider or financing entity.
(4) If a viatical settlement provider enters into a viatical settlement that allows the viator to retain an interest in the policy, the viatical settlement contract must contain all of the following provisions:
(a) that the viatical settlement provider shall effect the transfer of the amount of the death benefit only to the extent or portion of the amount viaticated. Benefits in excess of the amount viaticated must be paid directly to the viator's beneficiary by the insurance company.
(b) that the premiums to be paid by the viatical settlement provider and the viator will be apportioned unless the viatical settlement contract specifies that all premiums must be paid by the viatical settlement provider. The contract may also require that the viator reimburse the viatical settlement provider for the premiums attributable to the retained interest.
(c) that the viatical settlement provider shall, upon acknowledgment of the perfection of the transfer, either:
(i) advise the insured in writing that the insurance company has confirmed the viator's interest in the policy; or
(ii) provide the insured with a copy of the instrument provided by the insurance company to the viatical settlement provider that acknowledges the viator's interest in the policy.
History: En. Sec. 8, Ch. 298, L. 1997; amd. Sec. 5, Ch. 272, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 13. Viatical Settlements › 33-20-1309. Annual report by provider

33-20-1309. Annual report by provider.
Unless the commissioner grants a time extension, a viatical settlement provider shall file a report for the preceding calendar year with the commissioner on or before March 1 of each year. The report must be in the form and must contain the information that the commissioner prescribes. The report must be verified as follows:
(1) if the viatical settlement provider is a corporation, by at least two principal officers of the viatical settlement provider;
(2) if the viatical settlement provider is a partnership, by two partners; or
(3) if the viatical settlement provider is not a corporation or a partnership, by the provider's owner and manager.
History: En. Sec. 9, Ch. 298, L. 1997.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 20. Life Insurance › Part 13. Viatical Settlements › 33-20-1310. Examination of business and practices of licensee or applicant -- maintenance of business records

33-20-1310. Examination of business and practices of licensee or applicant -- maintenance of business records.
(1) The commissioner may examine the business and practices of any licensee or applicant for a license when the commissioner determines an examination to be necessary. The commissioner may order a licensee or applicant to produce any records, books, files, or other information reasonably necessary to ascertain whether the licensee or applicant is acting or has acted in violation of the law or contrary to the interests of the public. The licensee or applicant shall pay the expenses incurred in conducting an examination.
(2) A viatical settlement provider shall maintain records of all transactions of viatical settlement contracts of the viatical settlement provider and shall make the records available to the commissioner for inspection during reasonable business hours. The records must be maintained for a period of not less than 5 years from the date of their creation.
(3) The commissioner may at any time require a licensee to fully disclose the identity of all stockholders, partners, officers, and employees.
(4) The names of and individual identification data for all policyholders and certificate holders who have entered viatical settlement contracts with viatical settlement providers are confidential and may not be disclosed except in cases in which the commissioner determines that the merits of public disclosure exceed the demands of individual privacy.
History: En. Sec. 10, Ch. 298, L. 1997; amd. Sec. 10, Ch. 416, L. 1999.