33-12-108. Presumption of control. Control is presumed to exist if a person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing 10% or more of the voting securities of another person. This presumption may be rebutted by a showing that control does not exist in fact. The commissioner may determine, after furnishing all interested persons notice and an opportunity to be heard and making specific findings of fact to support the determination, that control exists in fact, notwithstanding the absence of a presumption to that effect.
History: En. Sec. 8, Ch. 304, L. 1999.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 12. Insurer Investments
33-12-103. General investment qualifications
33-12-104. Authorization of investments by board of directors
33-12-105. Prohibited investments
33-12-106. Loans to officers and directors
33-12-107. Valuation of investments
33-12-108. Presumption of control
33-12-109. Credit risk attributable to derivative statement
33-12-110. Special rated credit instrument