33-12-113. Indemnification agreement. An insurer may contract with any national or state bank, trust company, or securities brokerage firm to act as custodian for the insurer's securities. The contract must contain an indemnification agreement stating that the custodian is obligated to indemnify the insurer for any loss of the insurer's securities in its custody resulting from the intentional or negligent act or omission of the custodian or the employee, officer, or agent of the custodian.
History: En. Sec. 1, Ch. 109, L. 2005.
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