33-4-301. Bylaws — adoption — power to amend. Upon commencement of the legal existence of an insurer, its initial board of directors shall adopt such original bylaws, not inconsistent with the state constitution or this chapter, as may be deemed necessary for the management of its affairs. The bylaws shall be subject to the approval of […]
33-4-302. Bylaws — contents. (1) The bylaws of a farm mutual insurer must provide: (a) for the liability of each member for payment of the expenses and losses of the insurer and for what obligations must be given for the expenses and losses when a person applies for insurance; (b) for the time when obligations of members for losses […]
33-4-303. Bylaws binding upon members. The bylaws of a farm mutual insurer are binding upon all of its members and as from time to time amended are a part of the contracts of insurance between the insurer and its members. History: En. Sec. 486, Ch. 286, L. 1959; R.C.M. 1947, 40-4819.
33-4-304. Annual meetings of members — where held. Annual meetings of the members of a farm mutual insurer may be held at its principal business office or at any other place located in any county in this state in which the insurer is authorized to transact insurance. History: En. Sec. 488, Ch. 286, L. 1959; R.C.M. 1947, […]
33-4-305. Annual meeting — presentation of annual statement. The annual statement of the insurer as required to be filed with the commissioner under 33-4-313 shall be presented at the annual meeting of the members of the insurer next following the end of the calendar year to which such statement relates. History: En. Sec. 489, Ch. 286, L. […]
33-4-306. Adjourned annual meetings — notice. Notice of any adjourned annual meeting of members shall be given to the members of an insurer in the same manner as provided in the insurer’s bylaws for the regular annual meeting of members. History: En. Sec. 490, Ch. 286, L. 1959; R.C.M. 1947, 40-4823.
33-4-307. Members’ voting rights. Each member of an insurer is entitled to one vote upon each matter coming to a vote at meetings of members of the insurer. A member may vote by written proxy if and as may be provided in the insurer’s bylaws. No such proxy shall be made irrevocable or for longer than […]
33-4-308. Board of directors — quorum. (1) The general management of the affairs of a farm mutual insurer is vested in its board of directors. (2) A majority of the directors shall constitute a quorum to do business at any lawful meeting of the board. History: En. Sec. 494, Ch. 286, L. 1959; R.C.M. 1947, 40-4827.
33-4-309. Directors — election and term. (1) Directors of a farm mutual insurer must be elected by its members by ballot or acclamation for terms not to exceed 3 years and hold office until their respective successors are elected and have qualified. (2) An individual may not serve as a director unless the individual is a member […]
33-4-310. Officers. The board of directors of an insurer shall elect from their number a president and vice-president. The board shall also elect a secretary and treasurer or a secretary-treasurer, who may or may not be members of the insurer. Officers shall hold their offices for 1 year and until their successors are elected and qualified, […]
33-4-311. Bonding of officers, managers, and employees. (1) When acting in a fiduciary capacity, officers, managers, and employees shall each give bonds to the insurer for the faithful performance of their duties. The bond must be issued by an authorized corporate surety. (2) The commissioner may adopt rules to determine the amount of the bonds required under […]
33-4-312. Officers, agents, and employees not licensed — exception for liability insurance. (1) Except as provided in subsection (2), an agent of an insurer is not required to obtain a license or authority from any public official to transact business for the insurer. The insurer or its officers, agents, or employees are not required to pay […]
33-4-313. Annual statement. The president and secretary of each insurer, on or before March 1 each year, shall prepare, affirm under oath, and file with the commissioner, on forms prescribed and furnished by the commissioner, an annual statement for the preceding calendar year showing the condition of the insurer as of December 31 of the preceding […]
33-4-314. Annual statement — exclusive report — penalty for failure to file. (1) A report, statement, or return of any nature may not be required of any farm mutual insurer other than those required by 33-4-313. (2) The commissioner may: (a) suspend or revoke the certificate of authority of any insurer failing to file its annual statement as […]
33-4-315. Examination by commissioner — expense. (1) The commissioner has power, at any time, to investigate and examine the affairs and books of any insurer. (2) The insurer shall pay the costs of investigation and examination by the commissioner in the same manner as prescribed in 33-1-413. History: En. Sec. 501, Ch. 286, L. 1959; R.C.M. 1947, 40-4834; […]
33-4-316. Records — inspections. (1) A farm mutual insurer, through its president and secretary, shall keep or cause to be kept accurate records and accounts of its transactions. The books, files, and records of the insurer must be located at its principal place of business or, in the case of a county mutual insurer, at a place […]
33-4-317 through 33-4-319 reserved.
33-4-320. Managing general agent waiver — exceptions. (1) The commissioner may waive the requirements for a managing general agent under Title 33, chapter 2, part 16, for a person managing the property and liability business of a resident domestic farm mutual insurer. (2) The commissioner may revoke the waiver if the commissioner determines through examination that licensure […]
