33-10-236. Deposits paid to association. (1) A deposit in this state that is held pursuant to law or required by the commissioner to be held for the benefit of creditors, including policyowners, and that is not turned over to the liquidator upon entry of the final order of liquidation or upon entry of the order approving a rehabilitation plan of an insurer domiciled in this state or in a reciprocal state pursuant to 33-2-1381 must be promptly paid to the association.
(2) The association is entitled to retain a portion of any amount paid under this section equal to the percentage determined by dividing the aggregate amount of policyowner claims related to the insolvency for which the association has provided statutory benefits by the aggregate amount of all policyowner claims in this state related to the insolvency. The association shall remit to the domiciliary receiver the amount paid to the association and not retained under this section.
History: En. Sec. 2, Ch. 195, L. 2003.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 10. Insurance Guaranty Associations
Part 2. Life and Health Insurance Guaranty Associations
33-10-201. Short title, purpose, and construction
33-10-203. Creation of association -- accounts -- supervision by commissioner
33-10-204. Board of directors -- commissioner approval -- compensation
33-10-205. Powers and duties of association
33-10-206. Records of meetings and negotiations
33-10-209. Examination of the association -- annual report
33-10-210. Unfair trade practice -- notice to policyowners
33-10-211. through 33-10-214 reserved
33-10-215. Duties and powers of commissioner
33-10-216. Plan of operation -- delegation of powers provision
33-10-217. Prevention of insolvencies or impairments
33-10-218. Examination by commissioner -- cost
33-10-221. Nomination of liquidator by association -- notification given by liquidator
33-10-222. Stay of proceedings -- reopening default judgments
33-10-223. Assignment by beneficiaries -- subrogation
33-10-224. Coverage, limitations, and extent of liability
33-10-225. Association as creditor -- use of assets
33-10-226. Distribution of ownership rights -- distribution to shareholders
33-10-227. Assessments -- abatement -- basis for ratesetting
33-10-230. Tax -- writeoffs of certificates of contribution
33-10-231. through 33-10-234 reserved