33-2-116. Issuance or refusal of certificate of authority -- state ownership of certificate. (1) If upon completion of an insurer's application for a certificate of authority the commissioner finds that the insurer has met the requirements for a certificate of authority under this code, the commissioner shall issue to the insurer a proper certificate of authority. If the commissioner does not find that the insurer is entitled to a certificate of authority, the commissioner shall issue an order refusing to issue a certificate. The commissioner shall act upon an application for a certificate of authority within 180 days after its completion.
(2) The certificate, if issued, must specify the kind or kinds of insurance the insurer is authorized to transact in Montana. At the insurer's request, the commissioner may issue a certificate of authority limited to particular types of insurance or insurance coverages within the scope of a kind of insurance as defined in 33-1-205 through 33-1-212.
(3) Although issued to the insurer, the certificate of authority is at all times the property of the state of Montana. Upon any expiration or termination of the certificate of authority, the insurer shall promptly deliver the certificate of authority to the commissioner.
History: En. Sec. 57, Ch. 286, L. 1959; R.C.M. 1947, 40-2812; amd. Sec. 4, Ch. 303, L. 1981; amd. Sec. 1072, Ch. 56, L. 2009; amd. Sec. 2, Ch. 271, L. 2009.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 2. Regulation of Insurance Companies
Part 1. Authorization of Insurers
33-2-101. Certificate of authority required
33-2-102. Exceptions to certificate of authority requirement
33-2-103. Admission for investment only
33-2-104. Representing or aiding unauthorized insurer prohibited
33-2-105. Suits by unauthorized insurers prohibited
33-2-106. General eligibility of insurers
33-2-108. Combinations of insuring powers
33-2-109. Capital or surplus funds required
33-2-110. Special surplus required
33-2-112. Management qualifications and affiliations
33-2-113. and 33-2-114 reserved
33-2-115. Application for certificate of authority
33-2-116. Issuance or refusal of certificate of authority -- state ownership of certificate
33-2-117. Renewal, expiration, reinstatement, and amendment of certificate of authority
33-2-118. Mandatory revocation or suspension of certificate of authority
33-2-119. Suspension or revocation for violations and special grounds
33-2-120. Notice of suspension or revocation -- effect upon producer's authority
33-2-121. Duration of suspension -- insurer's obligations -- reinstatement
33-2-122. Rights and duties of foreign insurer
33-2-123. through 33-2-125 reserved
33-2-126. Admission as domestic insurer -- conversion to foreign insurer