33-4-501. Insuring powers in general. (1) In respect to property insurance as defined in 33-1-210, a farm mutual insurer shall insure against loss or damage by fire or other casualty only: (a) rural dwellings and buildings, including the usual contents, farm livestock, machinery, vehicles, growing crops, and other forms of farm property owned by a member of […]
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. 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. (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. (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. […]
33-4-506. Members — minimum membership. (1) A person may not become a member of a farm mutual insurer except by insuring property owned by the person insurable under this chapter. (2) The membership of an insurer consists of the persons lawfully insuring in the insurer. (3) The total membership of the insurer must at all times be not […]
33-4-507. Withdrawal of member — cancellation by insurer. (1) A member of an insurer may withdraw by surrendering the member’s policy to the insurer for cancellation and paying all obligations then owed by the member to the insurer. (2) The insurer may cancel the policy of any member for any cause considered adequate by the insurer and […]
33-4-508. Application for insurance. A person desiring insurance shall make written application to the insurer. If the insurer is transacting business on the assessment plan, the applicant shall at the time of application give the applicant’s obligation to the insurer for the payment of losses and expenses as provided in the insurer’s bylaws and make advance […]
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. (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. (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.
33-4-521. 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. (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 […]
