33-2-1211. Bulk reinsurance -- stock insurers. (1) A domestic stock insurer may reinsure all or substantially all of its insurance in force or a major class of insurance with another insurer by an agreement of bulk reinsurance, but the agreement may not become effective unless filed with the commissioner and approved by the commissioner in writing after a hearing on the agreement.
(2) The commissioner shall approve an agreement within a reasonable time after filing unless the commissioner finds that it is inequitable to the stockholders of the domestic insurer or would substantially reduce the protection or service to its policyholders. If the commissioner does not approve the agreement, the commissioner shall notify the insurer in writing specifying the reasons for disapproval.
History: En. Sec. 464, Ch. 286, L. 1959; R.C.M. 1947, 40-4747; amd. Sec. 1096, Ch. 56, L. 2009.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 2. Regulation of Insurance Companies
Part 12. Limit of Risk -- Reinsurance
33-2-1202. through 33-2-1204 reserved
33-2-1206. Bulk reinsurance -- foreign or alien insurers
33-2-1207. Interest in reinsurance
33-2-1208. through 33-2-1210 reserved
33-2-1211. Bulk reinsurance -- stock insurers
33-2-1212. Bulk reinsurance -- mutual insurers
33-2-1213. through 33-2-1215 reserved
33-2-1216. Credit allowed domestic ceding insurer -- rulemaking