33-2-118. Mandatory revocation or suspension of certificate of authority. (1) The commissioner shall suspend or revoke an insurer's certificate of authority if:
(a) such action is required by any provision of this code;
(b) the insurer no longer meets the requirements for the authority originally granted, on account of deficiency of assets or otherwise; or
(c) the insurer's authority to transact insurance is suspended or revoked by its state of domicile, or state of entry into the United States if an alien insurer.
(2) Except in cases of insolvency or impairment of required capital or surplus or suspension or revocation by another state as referred to in subsection (1)(c) above, the commissioner shall give the insurer at least 15 days' notice in advance of any such suspension or revocation under this section.
History: En. Sec. 59, Ch. 286, L. 1959; R.C.M. 1947, 40-2814.
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