33-2-1124. Conflict with other laws. All laws and parts of laws of this state inconsistent with this part are hereby superseded with respect to matters covered by this part. History: En. Sec. 14, Ch. 64, L. 1971; R.C.M. 1947, 40-5522.
33-2-1125. Recovery of dividends. (1) If an order for liquidation or rehabilitation of an insurer domiciled in this state has been entered, the receiver appointed under the order has a right to recover on behalf of the insurer: (a) from any parent corporation or holding company or person or affiliate who otherwise controlled the insurer, the amount […]
33-2-1126 through 33-2-1129 reserved.
33-2-1130. Short title. Sections 33-2-1130 through 33-2-1138 may be cited as the “Own Risk and Solvency Assessment Act”. History: En. Sec. 1, Ch. 370, L. 2015.
33-2-1131. Purpose. The purpose of sections 33-2-1130 through 33-2-1138 is to provide: (1) requirements for maintaining a risk management framework and completing an own risk and solvency assessment; and (2) guidance and instructions for filing an ORSA summary report with the commissioner. History: En. Sec. 2, Ch. 370, L. 2015.
33-2-1132. Definitions. For the purposes of 33-2-1130 through 33-2-1138, the following definitions apply: (1) ”Insurance group” means those insurers and affiliates included within an insurance holding company system as defined in 33-2-1101. (2) ”NAIC” means the national association of insurance commissioners. (3) ”ORSA guidance manual” means the current version of the own risk and solvency assessment guidance manual developed […]
33-2-1133. Risk management framework required. All Montana insurers and insurance groups shall maintain a risk management framework. This requirement is satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer. History: En. Sec. 4, Ch. 370, L. 2015.
33-2-1134. Own risk and solvency assessment required. Subject to the exemptions in 33-2-1136, an insurer or an insurance group of which the insurer is a member shall conduct an own risk and solvency assessment consistent with a process comparable to the ORSA guidance manual. The own risk and solvency assessment must be conducted no less than […]
33-2-1135. ORSA summary report. (1) No more than once a year, the commissioner may request and an insurer or its insurance group shall provide to the commissioner, as provided in subsection (2), an ORSA summary report or any combination of reports that together contain the information described in the ORSA guidance manual as applicable to the […]
33-2-1136. ORSA exemptions — conditions — waiver — override. (1) Except as provided in subsection (5), an insurer is exempt from the requirements of 33-2-1130 through 33-2-1138 if: (a) (i) the insurer has an annual direct written and unaffiliated assumed premium of less than $500 million. This total includes international direct and assumed premiums. The total excludes premiums […]
33-2-1137. Confidentiality. (1) Information provided or developed under 33-2-1130 through 33-2-1138 for an own risk and solvency assessment or ORSA summary report and in the possession of or control of the commissioner or any other person under 33-2-1130 through 33-2-1138 is recognized as proprietary and containing trade secrets. The information is confidential information as provided in […]
33-2-1138. Penalty. (1) Any insurer failing to timely file the ORSA summary report shall be fined no more than $500 for each day’s delay, up to a maximum penalty of $25,000. (2) The commissioner shall collect the fine and deposit the money in the state general fund. History: En. Sec. 9, Ch. 370, L. 2015.
33-2-1139 reserved.
33-2-1140. Groupwide supervision of internationally active insurance groups. (1) (a) The commissioner is authorized to act as the groupwide supervisor for any internationally active insurance group in accordance with the provisions of this section. However, the commissioner may otherwise acknowledge another regulatory official as the groupwide supervisor where the internationally active insurance group: (i) does not have […]
