33-4-509. Application and policy forms filed with commissioner
33-4-509. Application and policy forms filed with commissioner. All forms of application for insurance and of policies proposed to be used by an insurer must be filed with the commissioner at least 30 days in advance of any use. The commissioner shall disapprove any form found by the commissioner to be unlawful, illegible, or misleading. An […]
33-4-510. Rates — filing — discrimination
33-4-510. Rates — filing — discrimination. (1) A farm mutual insurer is not required to file any of its insurance rates with the commissioner. No such rate shall be unfairly discriminatory as between subjects of insurance covered for like perils under like policies and having substantially the same insuring, exposure, and underwriting characteristics. (2) Notwithstanding any provision […]
33-4-511. Insurance of schools, community houses, and churches
33-4-511. Insurance of schools, community houses, and churches. (1) A contract of insurance effected upon the property of any school district, rural community house, rural church, or rural public building pursuant to 33-4-501 does not constitute the school district or the owners of the community house, church, or public building a member of the insurer. (2) A […]
33-4-512. through 33-4-520 reserved
33-4-512 through 33-4-520 reserved.
33-4-521. Farm mutual insurers — merger
33-4-521. Farm mutual insurers — merger. (1) A domestic farm mutual insurer may not merge or consolidate with a stock insurer. (2) A domestic farm mutual insurer may merge or consolidate with another farm mutual insurer or another domestic mutual insurer if: (a) the insurers transact similar lines of business; (b) the insurers agree on a plan for merger […]
33-4-522. Bulk reinsurance — farm mutual insurers
33-4-522. Bulk reinsurance — farm mutual insurers. (1) A domestic farm mutual insurer may reinsure all or substantially all its business in force, or all or substantially all of a major class of its business, with another insurer, stock or mutual, by an agreement of bulk reinsurance after compliance with this section. An agreement may not […]
33-4-502. Limit of risk — retention of liability
33-4-502. Limit of risk — retention of liability. (1) Except as provided in subsection (3), the maximum amount of insurance that an insurer may retain on a single risk, after deduction of applicable reinsurance, may not exceed the greater of 10% of the admitted assets of the insurer or $50,000. (2) For the purposes of this section, […]
33-4-503. Reinsurance
33-4-503. Reinsurance. A farm mutual insurer may cede reinsurance to any other farm mutual insurer or insurers and to other authorized property insurers and reinsurers meeting the requirements of 33-2-1216 and may accept reinsurance from other farm mutual insurers. History: En. Sec. 472, Ch. 286, L. 1959; R.C.M. 1947, 40-4805; amd. Sec. 8, Ch. 469, L. 2005; […]
33-4-504. Cash premium or assessment plans
33-4-504. Cash premium or assessment plans. (1) An insurer may transact business either on a cash premium plan or on an assessment plan, depending upon which plan is provided for in its articles of incorporation or bylaws. (2) If transacting business on the cash premium plan, the insurer shall collect from each member a premium in cash […]
33-4-505. Certificate of authority required — issuance — continuation — fee
33-4-505. Certificate of authority required — issuance — continuation — fee. (1) A farm mutual insurer may not insure any risk in this state unless it then holds a subsisting certificate of authority issued to it by the commissioner. (2) Upon application, the commissioner shall issue a certificate of authority to every insurer qualified under this chapter. […]