reglab/statecodes huggingface dataset:
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 1. Authorization of Insurers › 33-2-110. Special surplus required

33-2-110. Special surplus required.
In addition to the minimum paid-in capital stock (stock insurers) or minimum surplus (mutual and reciprocal insurers) required by 33-2-109, special surplus shall be possessed by insurers as follows:
(1) All stock insurers and mutual and foreign reciprocal insurers which have actively transacted insurance in their state of domicile as an authorized insurer for less than 5 years or, if an alien insurer, have transacted insurance as an authorized insurer in at least one state of the United States for less than 5 years when first authorized to transact insurance in this state shall have a surplus or additional surplus equal to not less than 100% of the paid-in capital stock (if a stock insurer) or surplus (if a mutual or foreign reciprocal) otherwise required under 33-2-109 for the kinds of insurance to be transacted.
(2) Insurers that have actively transacted insurance as authorized insurers in one or more states of the United States for more than 5 years shall possess, when first authorized in this state, surplus or additional surplus equal to not less than 50% of the paid-in capital stock (if a stock insurer) or surplus (if a mutual or foreign reciprocal insurer) otherwise required under 33-2-109.
(3) Insurers authorized to transact multiple lines of insurance in this state shall at all times have and maintain surplus of not less than $100,000, in addition to the capital (if a stock insurer) or surplus (if a mutual or foreign reciprocal insurer) required by 33-2-109. The amount of such surplus shall be included within the surplus required of newly authorized insurers pursuant to subsections (1) and (2) of this section.
History: En. Sec. 53, Ch. 286, L. 1959; R.C.M. 1947, 40-2808; amd. Sec. 3, Ch. 303, L. 1981.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 1. Authorization of Insurers › 33-2-111. Deposit requirement

33-2-111. Deposit requirement.
(1) An insurer may not be authorized to transact insurance in this state unless it makes and maintains in trust in this state through the commissioner for the protection of all its policyholders or of all its policyholders and creditors a deposit of cash or securities eligible for deposit under 33-2-603 in an amount not less than the minimum paid-in capital stock, if a stock insurer, or minimum surplus, if a mutual or reciprocal insurer, other than special surplus, required to be maintained for authority to transact the kinds of insurance to be transacted, except as to:
(a) title insurers, the deposit must be in the amount of $100,000;
(b) foreign insurers, in lieu of the deposit or part of the deposit in this state, the commissioner shall accept the certificate in proper form of the public official having supervision over insurers in any other state to the effect that a like deposit or part of a deposit by the insurer is being maintained in public custody in that state in trust for the purpose, among other reasonable purposes of protection of policyholders or creditors, or both, of the protection of all its policyholders or creditors, or both, in Montana;
(c) alien insurers, in lieu of the deposit or part of the deposit in this state, the commissioner shall accept evidence satisfactory to the commissioner that the insurer maintains within the United States by way of trust deposits with public depositaries or in trust institutions approved by the commissioner assets available for discharge of its United States insurance obligations. The assets must be in an amount not less than the outstanding liabilities of the insurer arising out of its insurance transactions in the United States, together with the larger of the following sums:
(i) the largest deposit required by this code to be made by foreign insurers transacting like kinds of insurance; or
(ii) $300,000.
(2) Deposits of foreign or alien insurers in another state must be in cash or securities, or both, of substantially the same quality as those eligible for deposit in this state under 33-2-603.
(3) Deposits of reserves by domestic life insurers must be made as provided in 33-2-416.
(4) Deposits made in this state are subject to the provisions of part 6 of this chapter.
History: En. Sec. 54, Ch. 286, L. 1959; R.C.M. 1947, 40-2809; amd. Sec. 1, Ch. 238, L. 1979; amd. Sec. 1070, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 1. Authorization of Insurers › 33-2-112. Management qualifications and affiliations

33-2-112. Management qualifications and affiliations.
The commissioner may not grant or continue authority to transact insurance in this state as to any insurer the principal management personnel of which is found by the commissioner to be untrustworthy or not of good character or so lacking in insurance company managerial experience as to make the proposed operation hazardous to the insurance-buying public or to its stockholders or that the commissioner has good reason to believe is affiliated directly or indirectly through ownership, control, management, reinsurance transactions, or other insurance or business relations with any person or persons whose business operations, to the detriment of insurers, stockholders, or creditors, are or have been marked by manipulation of assets, accounts, or reinsurance or by bad faith.
History: En. Sec. 55, Ch. 286, L. 1959; R.C.M. 1947, 40-2810; amd. Sec. 1071, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 1. Authorization of Insurers › 33-2-115. Application for certificate of authority

33-2-115. Application for certificate of authority.
To apply for an original certificate of authority, an insurer shall file with the commissioner its application accompanied by the applicable fees as specified in 33-2-708, showing its name, location of its home office or principal office in the United States, if an alien insurer, kinds of insurance to be transacted, date of organization or incorporation, form of organization, state or country of domicile, and any additional information that the commissioner may reasonably require. The application must be accompanied by the following documents, as applicable:
(1) if a foreign insurer, a copy of its corporate charter or articles of incorporation, with all amendments, certified by the public officer with whom the originals are on file in the state or country of domicile;
(2) if a mutual insurer, a copy of its bylaws as amended, certified by its secretary or other officer having custody of the bylaws;
(3) if a reciprocal insurer, copies of the power of attorney of its attorney-in-fact and of its subscribers' agreement, if any, certified by its attorney-in-fact;
(4) a copy of its financial statement as of the preceding December 31, sworn to by at least two executive officers of the insurer or certified by the public insurance supervisory official of the insurer's state of domicile or of entry into the United States;
(5) a copy of report of last examination, if any, made of the insurer, certified by the insurance supervisory official of its state of domicile or of entry into the United States;
(6) if a foreign or alien insurer, appointment of a registered agent to receive service of legal process pursuant to 33-1-605;
(7) if a foreign or alien insurer, a certificate of the public official having supervision of insurance in its state or country of domicile or state of entry into the United States, showing that it is authorized to transact the kinds of insurance proposed to be transacted in this state;
(8) if an alien insurer, a copy of the appointment and authority of its United States manager, certified by its officer having custody of its records;
(9) if a foreign insurer, certificate as to deposit if to be tendered pursuant to 33-2-111;
(10) if a domestic insurer, specimen copies of policies proposed to be offered in this state, together with premiums or premium rates applicable, or a declaration that the rates as applicable will be those promulgated by designated rating organizations authorized to file the rates in this state on behalf of the insurer.
History: En. Sec. 56, Ch. 286, L. 1959; R.C.M. 1947, 40-2811; amd. Sec. 9, Ch. 380, L. 2003; amd. Sec. 5, Ch. 60, L. 2019.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 1. Authorization of Insurers › 33-2-116. Issuance or refusal of certificate of authority -- state ownership of certificate

33-2-116. Issuance or refusal of certificate of authority -- state ownership of certificate.
(1) If upon completion of an insurer's application for a certificate of authority the commissioner finds that the insurer has met the requirements for a certificate of authority under this code, the commissioner shall issue to the insurer a proper certificate of authority. If the commissioner does not find that the insurer is entitled to a certificate of authority, the commissioner shall issue an order refusing to issue a certificate. The commissioner shall act upon an application for a certificate of authority within 180 days after its completion.
(2) The certificate, if issued, must specify the kind or kinds of insurance the insurer is authorized to transact in Montana. At the insurer's request, the commissioner may issue a certificate of authority limited to particular types of insurance or insurance coverages within the scope of a kind of insurance as defined in 33-1-205 through 33-1-212.
(3) Although issued to the insurer, the certificate of authority is at all times the property of the state of Montana. Upon any expiration or termination of the certificate of authority, the insurer shall promptly destroy the certificate.
History: En. Sec. 57, Ch. 286, L. 1959; R.C.M. 1947, 40-2812; amd. Sec. 4, Ch. 303, L. 1981; amd. Sec. 1072, Ch. 56, L. 2009; amd. Sec. 2, Ch. 271, L. 2009; amd. Sec. 7, Ch. 157, L. 2023.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 1. Authorization of Insurers › 33-2-117. Renewal, expiration, reinstatement, and amendment of certificate of authority

33-2-117. Renewal, expiration, reinstatement, and amendment of certificate of authority.
(1) A certificate of authority issued or renewed under this code must continue in force as long as the insurer is entitled under this code and until suspended, revoked, or otherwise terminated. A certificate is subject to renewal by the insurer each year by payment on or prior to March 1 of the fee provided for in 33-2-708.
(2) If not continued by the insurer, the certificate of authority expires at midnight on May 31 following failure of the insurer to continue it in force. The commissioner shall promptly notify the insurer of its failure to pay the fee that can result in the expiration of its certificate of authority.
(3) The commissioner may reinstate a certificate of authority that the insurer has inadvertently permitted to expire after the insurer cures any failures resulting in expiration and upon payment of a fee of $100 for reinstatement. Otherwise, the insurer may be granted another certificate of authority only after filing an application and meeting all other requirements for an original certificate of authority in this state.
(4) The commissioner may amend a certificate of authority at any time to accord with changes in the insurer's charter of insuring powers.
History: En. Sec. 58, Ch. 286, L. 1959; R.C.M. 1947, 40-2813; amd. Sec. 1, Ch. 139, L. 1987; amd. Sec. 7, Ch. 379, L. 1995; amd. Sec. 1, Ch. 316, L. 1999; amd. Sec. 7, Ch. 63, L. 2015.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 1. Authorization of Insurers › 33-2-118. Mandatory revocation or suspension of certificate of authority

33-2-118. Mandatory revocation or suspension of certificate of authority.
(1) The commissioner shall suspend or revoke an insurer's certificate of authority if:
(a) such action is required by any provision of this code;
(b) the insurer no longer meets the requirements for the authority originally granted, on account of deficiency of assets or otherwise; or
(c) the insurer's authority to transact insurance is suspended or revoked by its state of domicile, or state of entry into the United States if an alien insurer.
(2) Except in cases of insolvency or impairment of required capital or surplus or suspension or revocation by another state as referred to in subsection (1)(c) above, the commissioner shall give the insurer at least 15 days' notice in advance of any such suspension or revocation under this section.
History: En. Sec. 59, Ch. 286, L. 1959; R.C.M. 1947, 40-2814.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 1. Authorization of Insurers › 33-2-119. Suspension or revocation for violations and special grounds

33-2-119. Suspension or revocation for violations and special grounds.
(1) The commissioner may suspend or revoke an insurer's certificate of authority if, after a hearing, the commissioner finds that the insurer has:
(a) violated any lawful order of the commissioner or any provision of this code other than those for which suspension or revocation is mandatory;
(b) reinsured more than 90% of its risks resident, located, or to be performed in Montana, in another insurer. In considering suspension or revocation, the commissioner shall consider all relevant factors, including whether:
(i) after the reinsurance transaction all parties will be in compliance with Montana law; and
(ii) the transaction will substantially reduce protection and service to Montana policyholders.
(2) The commissioner shall, after a hearing, suspend or revoke an insurer's certificate of authority if the commissioner finds that the insurer:
(a) is in unsound condition or in a condition or using methods or practices in the conduct of its business that render its further transaction of insurance in Montana injurious or hazardous to its policyholders or to the public;
(b) has refused to be examined or to produce its accounts, records, and files for examination or if any of its officers have refused to give information with respect to its affairs, when required by the commissioner;
(c) has failed to pay any final judgment rendered against it in Montana within 30 days after the judgment became final;
(d) with such frequency as to indicate its general business practice in Montana, has without just cause refused to pay a proper claim arising under its policies, whether the claim is in favor of an insured or is in favor of a third person with respect to the liability of an insured to the third person, or without just cause compels the insured or claimant to accept less than the amount due the claimant or to employ attorneys or to bring suit against the insurer or insured to secure full payment or settlement of the claims;
(e) is affiliated with and under the same general management or interlocking directorate or ownership as another insurer that transacts direct insurance in Montana without having a certificate of authority, except as permitted as to a surplus lines insurer under part 3 of this chapter.
(3) The commissioner may, without advance notice or a hearing, immediately suspend the certificate of authority of any insurer as to which proceedings for receivership, conservatorship, rehabilitation, or other delinquency proceedings have been commenced in any state.
History: En. Sec. 60, Ch. 286, L. 1959; R.C.M. 1947, 40-2815; amd. Sec. 5, Ch. 303, L. 1981; amd. Sec. 2, Ch. 518, L. 1983; amd. Sec. 25, Ch. 537, L. 1987; amd. Sec. 46, Ch. 613, L. 1989; amd. Sec. 1, Ch. 620, L. 1989; amd. Sec. 2, Ch. 310, L. 1997.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 1. Authorization of Insurers › 33-2-120. Notice of suspension or revocation -- effect upon producer's authority

33-2-120. Notice of suspension or revocation -- effect upon producer's authority.
(1) Upon suspending or revoking an insurer's certificate of authority, the commissioner shall give notice to the insurer and to its insurance producers in this state of record in the commissioner's office.
(2) The suspension or revocation must automatically suspend or revoke, as the case may be, the authority of all insurance producers to act as insurance producers of the insurer in this state, and the commissioner shall state that requirement in the notice to insurance producers provided for in subsection (1).
(3) The commissioner may also publish notice of revocation in one or more newspapers of general circulation published in this state.
History: En. Sec. 61, Ch. 286, L. 1959; R.C.M. 1947, 40-2816; amd. Sec. 1, Ch. 713, L. 1989; amd. Sec. 1073, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 1. Authorization of Insurers › 33-2-121. Duration of suspension -- insurer's obligations -- reinstatement

33-2-121. Duration of suspension -- insurer's obligations -- reinstatement.
(1) Suspension of an insurer's certificate of authority must be for a period fixed by the commissioner in the order of suspension and must continue until rescinded or otherwise removed by the commissioner. During the suspension, the commissioner may shorten the period by further order.
(2) During the period of the suspension the insurer shall file its annual statement and pay fees, licenses, and taxes as required under this code as if the certificate had continued in full force.
(3) If within the period of suspension the certificate of authority has not been terminated, the insurer's certificate of authority may be reinstated if the commissioner finds that the causes of the suspension have been removed or that the insurer is otherwise in compliance with the requirements of this code.
(4) Upon reinstatement of the insurer's certificate of authority, the authority of its insurance producers in this state to represent the insurer is reinstated.
(5) The commissioner shall forthwith notify both the insurer and its insurance producers in this state, as shown by the commissioner's records, of the reinstatement.
History: En. Sec. 62, Ch. 286, L. 1959; R.C.M. 1947, 40-2817; amd. Sec. 1, Ch. 534, L. 1987; amd. Sec. 1, Ch. 713, L. 1989; amd. Sec. 1074, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 1. Authorization of Insurers › 33-2-122. Rights and duties of foreign insurer

33-2-122. Rights and duties of foreign insurer.
Except as otherwise provided in this chapter, a foreign insurer which has a certificate of authority under this chapter shall, until its certificate is revoked or withdrawn, enjoy the same but no greater rights and privileges as a domestic insurer and shall be subject to the same duties, restrictions, penalties, and liabilities imposed upon a domestic insurer of like character.
History: En. Sec. 1, Ch. 345, L. 1987.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 1. Authorization of Insurers › 33-2-126. Admission as domestic insurer -- conversion to foreign insurer

33-2-126. Admission as domestic insurer -- conversion to foreign insurer.
(1) An insurer organized under the laws of any other state and admitted to do business in this state for the purposes of writing insurance may become a domestic insurer by complying with all of the laws relative to the organization and licensing of a domestic insurer of the same type, and designating its principal place of business in this state. An insurer complying with this subsection is entitled to a certificate of redomestication and a certificate of authority to transact business in this state, is subject to the authority and jurisdiction of this state, and has the same rights and obligations as other domestic insurers.
(2) A domestic insurer may, upon approval of the commissioner, transfer its domicile to any other state in which it is admitted to transact insurance. If the insurer is otherwise qualified, the commissioner shall approve a proposed transfer unless the commissioner determines a transfer is not in the interest of the policyholders of this state. Upon a transfer, the insurer ceases to be a domestic insurer.
History: En. Sec. 1, Ch. 132, L. 1991; amd. Sec. 2, Ch. 316, L. 1999.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 1. Authorization of Insurers › 33-2-127. Effects of transfer of domicile

33-2-127. Effects of transfer of domicile.
The certificate of authority, producers' appointments and licenses, policy forms, rates, and other items that the commissioner allows that are in existence at the time an insurer admitted to transact insurance in this state transfers its corporate domicile to this or any other state continue in effect upon transfer if the insurer remains qualified to transact insurance in this state. All rates and outstanding policies of a transferring insurer remain in effect, and policies need not be endorsed as to the new name of the company or its domicile unless required by the commissioner. A transferring insurer either shall file new policy forms for use in this state with the commissioner on or before the effective date of the transfer or may use existing policy forms with the appropriate endorsements as allowed by the commissioner. A transferring insurer shall notify the commissioner of the proposed transfer and shall promptly file any resulting amendments to corporate documents required to be filed with the commissioner.
History: En. Sec. 2, Ch. 132, L. 1991; amd. Sec. 1075, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 1. Authorization of Insurers › 33-2-128. Authority to promulgate rules and regulations

33-2-128. Authority to promulgate rules and regulations.
The commissioner may promulgate rules and regulations to carry out the purposes of 33-2-126 and 33-2-127.
History: En. Sec. 3, Ch. 132, L. 1991.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 2. State of Entry -- Trusteed Assets of Alien Insurers › 33-2-201. Scope of part

33-2-201. Scope of part.
This part applies to all alien insurers using Montana as a state of entry to transact insurance in the United States.
History: En. Sec. 599, Ch. 286, L. 1959; R.C.M. 1947, 40-5201.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 2. State of Entry -- Trusteed Assets of Alien Insurers › 33-2-202. Required deposit of assets

33-2-202. Required deposit of assets.
(1) An alien insurer may use Montana as a state of entry to transact insurance in the United States by making and maintaining in this state a deposit of assets in trust with a solvent bank or trust company approved by the commissioner.
(2) The deposit, together with other trust deposits of the insurer held in the United States for the same purpose, must be in amount not less than the deposits required of an alien insurer under 33-2-111(1) and must consist of cash and securities of the same character and diversification as those eligible for the investment of the funds of domestic insurers under chapter 12.
(3) A deposit under this section may be referred to as "trusteed assets".
History: En. Sec. 600, Ch. 286, L. 1959; R.C.M. 1947, 40-5202; amd. Sec. 37, Ch. 304, L. 1999.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 2. State of Entry -- Trusteed Assets of Alien Insurers › 33-2-203. Existing trusts

33-2-203. Existing trusts.
All trusts of trusteed assets created before January 1, 1961, and existing on that date shall be continued under the instruments creating them unless inconsistent with the provisions of this part.
History: En. Sec. 601, Ch. 286, L. 1959; R.C.M. 1947, 40-5203.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 2. State of Entry -- Trusteed Assets of Alien Insurers › 33-2-204. Purpose and duration

33-2-204. Purpose and duration.
The deposit required by 33-2-202 shall be for the benefit, security, and protection of the policyholders or policyholders and creditors of the insurer in the United States. It shall be maintained as long as there is outstanding any liability of the insurer arising out of its insurance transactions in the United States.
History: En. Sec. 602, Ch. 286, L. 1959; R.C.M. 1947, 40-5204.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 2. State of Entry -- Trusteed Assets of Alien Insurers › 33-2-205. Trust agreement -- approval

33-2-205. Trust agreement -- approval.
(1) The deposit referred to in 33-2-202 must be made under a written trust agreement between the insurer and the trustee, consistent with the provisions of this part, and must be authenticated in the form and manner that the commissioner may designate or approve.
(2) The agreement may not be effective until filed with and approved in writing by the commissioner. The commissioner may not approve any trust agreement found by the commissioner not to be in compliance with law or the terms of which do not in fact provide reasonably adequate protection for the insurer's policyholders or creditors, or both, in the United States.
History: En. Sec. 603, Ch. 286, L. 1959; R.C.M. 1947, 40-5205; amd. Sec. 1076, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 2. State of Entry -- Trusteed Assets of Alien Insurers › 33-2-206. Authority to execute trust agreement

33-2-206. Authority to execute trust agreement.
An alien insurer using or proposing to use Montana as a state of entry to transact insurance in the United States, whether or not it is then authorized to transact insurance in this state, is authorized to make and execute any trust agreement required by this part.
History: En. Sec. 604, Ch. 286, L. 1959; R.C.M. 1947, 40-5206.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 2. State of Entry -- Trusteed Assets of Alien Insurers › 33-2-207. Amendment of trust agreement

33-2-207. Amendment of trust agreement.
A trust agreement may be amended, but the amendment shall not be effective until filed with and approved in writing by the commissioner as being in compliance with this part.
History: En. Sec. 605, Ch. 286, L. 1959; R.C.M. 1947, 40-5207.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 2. State of Entry -- Trusteed Assets of Alien Insurers › 33-2-208. Withdrawal of approval

33-2-208. Withdrawal of approval.
The commissioner's approval of any trust agreement or of any amendment of a trust agreement may be withdrawn by the commissioner if the commissioner finds upon hearing, after notice to the insurer and the trustee or trustees, that the requisites for approval, as provided in this part, no longer exist.
History: En. Sec. 606, Ch. 286, L. 1959; R.C.M. 1947, 40-5208; amd. Sec. 1077, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 2. State of Entry -- Trusteed Assets of Alien Insurers › 33-2-209. Title to trusteed assets

33-2-209. Title to trusteed assets.
Title to the trusteed assets is vested in the trustee or trustees and their successors for the purposes of the trust deposit, and the trust agreement shall so provide.
History: En. Sec. 607, Ch. 286, L. 1959; R.C.M. 1947, 40-5209.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 2. State of Entry -- Trusteed Assets of Alien Insurers › 33-2-210. Assets kept separate

33-2-210. Assets kept separate.
The trustee shall keep the trusteed assets separate from other assets and shall maintain a record thereof sufficient to identify trusteed assets at all times.
History: En. Sec. 608, Ch. 286, L. 1959; R.C.M. 1947, 40-5210.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 2. State of Entry -- Trusteed Assets of Alien Insurers › 33-2-211. Statement of trustee

33-2-211. Statement of trustee.
(1) The trustee of trusteed assets shall, from time to time, file with the commissioner statements, in the form that the commissioner may designate and request in writing, certifying the character of the assets and the amounts of the assets.
(2) If the trustee fails to file any statement described in subsection (1) after a request for the statement and expiration of a reasonable time, the commissioner may suspend or revoke the certificate of authority of the insurer.
History: En. Sec. 609, Ch. 286, L. 1959; R.C.M. 1947, 40-5211; amd. Sec. 1078, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 2. State of Entry -- Trusteed Assets of Alien Insurers › 33-2-212. Examination of assets

33-2-212. Examination of assets.
The commissioner may examine trusteed assets of any insurer at any time in accordance with the same conditions and procedures as govern the examination of insurers in general under chapter 1 of this title.
History: En. Sec. 610, Ch. 286, L. 1959; R.C.M. 1947, 40-5212.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 2. State of Entry -- Trusteed Assets of Alien Insurers › 33-2-213. Withdrawal of assets

33-2-213. Withdrawal of assets.
(1) A trust agreement under this part must provide, in substance, that withdrawals of trusteed assets may not be made by the insurer or permitted by the trustee without the written authorization or approval of the commissioner in advance of the withdrawal, except as follows:
(a) any or all income, earnings, dividends, or interest accumulations of the trusteed assets may be paid over to the United States manager of the insurer upon request of the insurer or the manager;
(b) for substitution, coincidentally with a withdrawal, of other securities or assets of value at least equal in amount to those being withdrawn if the substituted securities or assets are eligible for investment of the funds of domestic insurers under chapter 12, if the withdrawal is requested in writing by the insurer's United States manager pursuant to general or specific written authority previously given or delegated by the insurer's board of directors or other similar governing body and a copy of the authority has been filed with the trustee;
(c) for the purpose of making deposits required by law in any state in which the insurer is or becomes an authorized insurer, for the protection of the insurer's policyholders or policyholders and creditors in such state or in the United States, if a withdrawal does not reduce the insurer's deposit in this state to an amount less than the minimum deposit required under 33-2-111(1)(c)(i) and (1)(c)(ii). The trustee shall transfer any assets withdrawn and in the amount required to be deposited in the other state direct to the depositary required to receive the deposit in the other state, as certified in writing by the public official having supervision of insurance in the other state.
(d) for the purpose of transferring the trusteed assets to an official liquidator, conservator, or rehabilitator pursuant to the order of a court of competent jurisdiction.
(2) The commissioner shall authorize or approve withdrawal of only the assets that are in excess of the amount of assets required to be held in trust under 33-2-202 or as may otherwise be consistent with the provisions of this part.
(3) If at any time the insurer becomes insolvent or if its assets held in the United States are less in amount than as required under 33-2-111(1)(c), the commissioner shall in writing order the trustee to suspend the right of the insurer or any other person to withdraw assets as authorized under subsections (1)(a), (1)(b), and (1)(c), and the trustee shall comply with the order and until the further order of the commissioner.
History: En. Sec. 611, Ch. 286, L. 1959; R.C.M. 1947, 40-5213; amd. Sec. 38, Ch. 304, L. 1999.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 2. State of Entry -- Trusteed Assets of Alien Insurers › 33-2-214. Substitution of trustee

33-2-214. Substitution of trustee.
(1) A new trustee or new trustees may be substituted for the original trustee or trustees of trusteed assets in the event of a vacancy or for other proper cause. Any substitution is subject to the commissioner's approval.
(2) If the trustees of any trusteed assets are individuals and if the number of trustees is reduced to less than three by death, resignation, or otherwise, the commissioner shall require that there be substituted for the trustees a bank or trust company in this state approved by the commissioner.
History: En. Sec. 612, Ch. 286, L. 1959; R.C.M. 1947, 40-5214; amd. Sec. 1079, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 2. State of Entry -- Trusteed Assets of Alien Insurers › 33-2-215. Canadian insurers

33-2-215. Canadian insurers.
The provisions of this part applicable to a United States manager shall, in the case of insurers domiciled in Canada, be deemed to refer to the president, vice-president, secretary, or treasurer of such a Canadian insurer.
History: En. Sec. 613, Ch. 286, L. 1959; R.C.M. 1947, 40-5215.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance › 33-2-303. Filing and endorsement of contract -- submission form

33-2-303. Filing and endorsement of contract -- submission form.
(1) Each insurance contract, cover note, or certificate of insurance procured and delivered as surplus lines insurance under this part, along with a submission form prescribed by the commissioner by rule, must be filed with:
(a) the commissioner if Montana is the home state of the insured and:
(i) the coverage is for a single-state risk; or
(ii) the commissioner has not entered an agreement pursuant to 33-2-323 for multistate risks;
(b) the clearinghouse, established pursuant to 33-2-323, if in operation and if the commissioner has entered an agreement pursuant to 33-2-323 for multistate risks.
(2) The commissioner shall establish by rule a submission form for reporting surplus lines transactions. The commissioner may establish different submission forms for insureds that independently procured insurance, surplus lines insurance producers, single-state risks, and multistate risks. The submission form for surplus lines insurance producers must include:
(a) information regarding the producing producer's diligent efforts to place the coverage with authorized insurers and the results of the efforts; and
(b) the producing insurance producer's affirmation that the producer has expressly advised the insured prior to placing the insurance that:
(i) the surplus lines insurer with whom the insurance is placed is not authorized in this state and is not subject to the same supervision as an authorized insurer; and
(ii) in the event of the insolvency of the surplus lines insurer, the property and casualty guaranty fund of the state will not pay losses under the surplus lines coverage.
(3) A submission form filed under this section is subject to public inspection.
(4) The commissioner may establish by rule an endorsement to be made on each insurance contract, cover note, or certificate of insurance procured and delivered as surplus lines insurance by a surplus lines insurance producer under this part advising the insured that the coverage is issued by an unauthorized insurer that is not covered by the property and casualty guaranty fund of this state if the unauthorized insurer becomes insolvent. The surplus lines insurance producer shall properly fill in and sign the endorsement.
History: En. Sec. 187, Ch. 286, L. 1959; R.C.M. 1947, 40-3412; amd. Sec. 4, Ch. 537, L. 1987; amd. Sec. 2, Ch. 285, L. 1989; amd. Sec. 9, Ch. 713, L. 1989; amd. Sec. 6, Ch. 350, L. 2011.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance › 33-2-304. Surplus lines insurance valid

33-2-304. Surplus lines insurance valid.
Insurance contracts procured as surplus lines insurance from unauthorized insurers in accordance with this law shall be fully valid and enforceable as to all parties and shall be given acceptance and recognition in all matters and respects to the same effect as like contracts issued by authorized insurers.
History: En. Sec. 188, Ch. 286, L. 1959; R.C.M. 1947, 40-3413; amd. Sec. 5, Ch. 537, L. 1987.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance › 33-2-305. Licensing of surplus lines insurance producer -- license fee

33-2-305. Licensing of surplus lines insurance producer -- license fee.
(1) If Montana is the home state of the insured, the person placing a contract of surplus lines insurance with an unauthorized insurer must possess a current surplus lines insurance producer's license issued by the commissioner.
(2) The commissioner shall issue licenses to persons to act as surplus lines insurance producers on either a resident or nonresident basis. To be eligible for a resident surplus lines insurance producer license, the person must hold a current property and casualty insurance producer license.
(3) Persons applying for a resident surplus lines insurance producer license shall:
(a) remit to the commissioner the fee prescribed by 33-2-708; and
(b) submit to the commissioner a completed license application in a form and manner approved by the commissioner.
(4) Persons applying for a nonresident surplus lines insurance producer license shall comply with 33-17-401.
(5) The licensee shall renew the license on a form prescribed by the commissioner. The commissioner may establish rules for biennial renewal of the license. A license lapses if not renewed.
(6) A business entity is eligible to be licensed as a surplus lines insurance producer if:
(a) the business entity license lists the individuals within the business entity who have satisfied the requirements of this part to become surplus lines insurance producers; and
(b) only those individuals listed on the business entity license transact surplus lines insurance.
(7) This section may not be construed to require agents, producers, or brokers acting as intermediaries between a surplus lines insurance producer and an unauthorized insurer under this part to hold a valid Montana surplus lines insurance producer's license.
(8) This section may not be construed to require a surplus lines insurance producer license for independently procured insurance.
(9) The commissioner may participate in the national association of insurance commissioners' producer licensing database regarding surplus lines insurance producer licensing.
History: En. Sec. 189, Ch. 286, L. 1959; R.C.M. 1947, 40-3414; amd. Sec. 6, Ch. 537, L. 1987; amd. Sec. 3, Ch. 285, L. 1989; amd. Secs. 1, 2, Ch. 713, L. 1989; amd. Sec. 1, Ch. 180, L. 1991; amd. Sec. 4, Ch. 451, L. 1993; amd. Sec. 10, Ch. 379, L. 1995; amd. Sec. 6, Ch. 427, L. 2003; amd. Sec. 3, Ch. 469, L. 2005; amd. Sec. 4, Ch. 271, L. 2009; amd. Sec. 2, Ch. 313, L. 2009; amd. Sec. 7, Ch. 350, L. 2011.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance › 33-2-306. Surplus lines insurance producer's authority under license -- acceptance of business from other insurance producers

33-2-306. Surplus lines insurance producer's authority under license -- acceptance of business from other insurance producers.
(1) Under a surplus lines insurance producer's license, the licensee may place surplus lines insurance, in compliance with this part, with a foreign or alien insurer not authorized to transact insurance in this state and may act as a surplus lines insurance producer in this state for the insurer.
(2) The surplus lines insurance producer may accept surplus lines insurance from a licensed insurance producer of an authorized insurer or, if the commissioner agrees in advance, through an individual or business entity that has not been appointed as an insurance producer in this state and may provide compensation for the service, notwithstanding 33-17-1103.
(3) A surplus lines insurance producer who places or renews surplus lines insurance in accordance with subsection (1) may collect an inspection fee for the actual costs of inspecting the risk to be covered.
History: En. Sec. 190, Ch. 286, L. 1959; R.C.M. 1947, 40-3415; amd. Sec. 7, Ch. 537, L. 1987; amd. Sec. 4, Ch. 285, L. 1989; amd. Secs. 1, 2, Ch. 713, L. 1989; amd. Sec. 2, Ch. 180, L. 1991; amd. Sec. 1080, Ch. 56, L. 2009; amd. Sec. 5, Ch. 271, L. 2009; amd. Sec. 3, Ch. 313, L. 2009.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance › 33-2-307. Requirements for eligible surplus lines insurers -- list of eligible surplus lines insurers

33-2-307. Requirements for eligible surplus lines insurers -- list of eligible surplus lines insurers.
(1) If an unauthorized insurer is domiciled in any state, a surplus lines insurance producer may not place insurance with that unauthorized insurer unless, at the time of placement, the unauthorized insurer:
(a) is authorized to issue the same kind of property or casualty insurance in its domiciliary jurisdiction; and
(b) maintains capital and surplus or its equivalent under the laws of its state of domicile, which equals the greater of:
(i) the minimum capital and surplus requirements of 33-2-109 and 33-2-110; or
(ii) $15 million. An insurer possessing less than $15 million capital and surplus may satisfy the requirements of this subsection upon an affirmative finding of acceptability by the commissioner. The commissioner's finding must be based on factors that include:
(A) the quality of management, capital, and surplus of a parent company;
(B) company underwriting profit and investment income trends;
(C) market availability; and
(D) company record and reputation within the industry.
(2) The commissioner may not make an affirmative finding of acceptability when the surplus lines insurer's capital and surplus is less than $4.5 million.
(3) If an unauthorized insurer is an alien insurer, a surplus lines insurance producer may not place insurance with that unauthorized insurer unless, at the time of placement, the unauthorized insurer appears on the national association of insurance commissioners' Quarterly Listing of Alien Insurers.
(4) A list of eligible surplus lines insurers must be published at least semiannually by the commissioner for a range of risks, including disability income insurance. This subsection does not require the commissioner to place or maintain the name of any unauthorized insurer on the list of eligible surplus lines insurers. An action may not lie against the commissioner or an employee of the commissioner for anything said in issuing the list of eligible surplus lines insurers referred to in this subsection.
(5) As used in this section, the following definitions apply:
(a) "Capital", as used in the financial requirements of this section, means funds invested in for stocks or other evidences of ownership.
(b) "Surplus", as used in the financial requirements of this section, means funds over and above liabilities and capital of the insurer for the protection of policyholders.
History: En. Sec. 191, Ch. 286, L. 1959; R.C.M. 1947, 40-3416; amd. Sec. 6, Ch. 303, L. 1981; amd. Sec. 8, Ch. 537, L. 1987; (4) En. Sec. 9, Ch. 537, L. 1987; amd. Sec. 2, Ch. 713, L. 1989; amd. Sec. 5, Ch. 451, L. 1993; amd. Sec. 11, Ch. 379, L. 1995; amd. Sec. 3, Ch. 531, L. 1997; amd. Sec. 22, Ch. 227, L. 2001; amd. Sec. 10, Ch. 380, L. 2003; amd. Sec. 8, Ch. 350, L. 2011; amd. Sec. 2, Ch. 410, L. 2019; amd. Sec. 2, Ch. 471, L. 2021.
2023 Montana Code Annotated › Title 33. Insurance and Insurance Companies › Chapter 2. Regulation of Insurance Companies › Part 3. Authorization of Surplus Lines Insurers, Insurance Producers, and Insurance › 33-2-308. Evidence of insurance -- changes

33-2-308. Evidence of insurance -- changes.
(1) Upon placing surplus lines insurance, the surplus lines insurance producer shall promptly issue or deliver to the insured or the producing insurance producer evidence of the insurance, consisting either of the policy as issued by the insurer or, if the policy is not then available, a cover note or certificate of insurance signed or countersigned by the insurance producer. The cover note or certificate must show the subject, coverage, conditions, and term of the insurance, the premium charged and taxes collected from the insured, and the name and address of the insurer. If a direct risk is assumed by more than one insurer, the cover note or certificate must state the name and address and proportion of the entire direct risk assumed by each insurer.
(2) If after the issuance and delivery of any cover note or certificate there is a change as to the identity of the insurers or the proportion of the direct risk assumed by the insurer as stated in the original cover note or certificate or in any other material respect as to the insurance coverage evidenced by the cover note or certificate, the surplus lines insurance producer shall promptly issue or deliver to the insured a substitute cover note or certificate accurately showing the current status of the coverage and the insurers responsible under the coverage.
(3) If a policy issued by the insurer is not available upon placement of the insurance and the surplus lines insurance producer has issued and delivered a cover note or certificate as provided in subsection (2), upon request by the insured, the surplus lines insurance producer shall as soon as reasonably possible procure from the insurer its policy evidencing the insurance and deliver the policy to the insured in replacement of the cover note or certificate previously issued.
(4) A surplus lines insurance producer may not issue or deliver an evidence of insurance or purport to insure or represent that insurance will be or has been written by an eligible surplus lines insurer unless the surplus lines insurance producer has authority from the insurer to cause the risk to be insured or has received information from the insurer in the regular course of business that the insurance has been granted.
History: En. Sec. 192, Ch. 286, L. 1959; R.C.M. 1947, 40-3417; amd. Sec. 11, Ch. 537, L. 1987; amd. Sec. 5, Ch. 285, L. 1989; amd. Sec. 10, Ch. 713, L. 1989; amd. Sec. 1081, Ch. 56, L. 2009; amd. Sec. 20, Ch. 396, L. 2017.