33-2-301. Short title — purpose — definitions. (1) This part constitutes and may be referred to as “The Surplus Lines Insurance Law”. (2) The purpose of this part is to: (a) protect persons seeking insurance in this state; (b) permit surplus lines insurance to be placed with reputable and financially sound unauthorized insurers and to be exported from this […]
33-2-302. Home state exclusive authority — conditions precedent to sale of surplus lines insurance. (1) Pursuant to the Nonadmitted and Reinsurance Reform Act of 2010, Title V, subtitle B, of Public Law 111-203, the transaction of surplus lines insurance is subject to the statutory and regulatory requirements of the home state of the insured, regardless of […]
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: […]
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, […]
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 […]
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 […]
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 […]
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 […]
33-2-309. Liability of insurer as to losses and unearned premiums. (1) As to a surplus lines risk that has been assumed by an unauthorized insurer pursuant to The Surplus Lines Insurance Law and if the premium on the surplus lines risk has been received by the surplus lines insurance producer who placed the insurance, in all […]
33-2-310. Records — tax and fee statement. (1) Each surplus lines insurance producer shall keep a separate record and account of all business transacted under the producer’s license, including a copy of each daily report, if any, or of each policy, certificate of insurance, cover note, or other evidence of insurance issued or delivered by the […]
33-2-311. Tax on surplus lines insurance. (1) Except as provided in 33-2-323, when this state is the home state of the insured, the surplus lines insurance producer shall collect from the insured and pay to the commissioner a tax on premiums collected for surplus lines insurance transacted in this state. The amount of premiums collected and […]
33-2-312. Penalty for failure to file statement, pay tax, or pay stamping fee. (1) A surplus lines insurance producer or an insured that independently procured insurance that fails to file the tax and fee statement as required under 33-2-310 or to pay the taxes as required under 33-2-311 is liable for a penalty of $25 for […]
33-2-313. Revocation or suspension of license. (1) The commissioner shall revoke or suspend any surplus lines insurance producer’s license, together with any license as an insurance producer: (a) if the insurance producer fails to file a tax and fee statement or to remit the tax and fee as required by law; (b) if the insurance producer fails to […]
33-2-314. Actions against insurer — venue. Every unauthorized insurer issuing a surplus lines insurance policy under this part is considered to be doing business in this state as an unauthorized insurer and may be sued in this state upon any cause of action arising under any insurance contract so made by it. Such suit must be […]
33-2-315. Service of process. (1) Every surplus lines insurer before transacting surplus lines insurance under this part shall designate a registered agent with the commissioner as provided in 33-1-605. (2) Service upon such an insurer must be made pursuant to 33-1-605 or 33-1-606. History: En. Sec. 199, Ch. 286, L. 1959; R.C.M. 1947, 40-3424; amd. Sec. 18, Ch. […]
33-2-316. Rules. The commissioner shall make reasonable rules, consistent with this part, for any of the following purposes: (1) effectuation of The Surplus Lines Insurance Law; and (2) establishment of procedures through which determination is to be made as to the eligibility of particular proposed coverages for placement with a surplus lines insurer or insurers. History: En. Sec. 200, […]
33-2-317. Exemptions. The Surplus Lines Insurance Law does not apply to reinsurance or to the following kinds of insurance when placed by a licensed insurance producer of this state: (1) wet marine insurance; (2) insurance on property or operations of railroads engaged in interstate commerce; and (3) insurance of aircraft owned or operated by manufacturers of aircraft or aircraft […]
33-2-318. Exempt commercial purchaser defined. (1) An exempt commercial purchaser means an individual or business entity who at the time of placement: (a) employs or retains a qualified risk manager to negotiate insurance coverage; (b) has paid aggregate nationwide commercial property and casualty insurance premiums in excess of $100,000 in the immediately preceding 12 months; and (c) meets at […]
33-2-319. Qualified risk manager defined. (1) A qualified risk manager means a person who: (a) is an employee of or a third-party consultant retained by the commercial policyholder; (b) provides skilled services in loss prevention, loss reduction, or risk and insurance coverage analysis and purchases of insurance; and (c) has the qualifications specified in subsection (2). (2) To be a […]
33-2-320. Surplus lines insurance producer fee. (1) A surplus lines insurance producer may collect a flat fee per policy for business placed in the surplus lines insurance market. The fee may not exceed: (a) $50 for a personal lines insurance policy; or (b) $100 for a commercial lines insurance policy. (2) The fees allowed under this section are not […]
