33-2-214. Substitution of trustee. (1) A new trustee or new trustees may be substituted for the original trustee or trustees of trusteed assets in the event of a vacancy or for other proper cause. Any substitution is subject to the commissioner's approval.
(2) If the trustees of any trusteed assets are individuals and if the number of trustees is reduced to less than three by death, resignation, or otherwise, the commissioner shall require that there be substituted for the trustees a bank or trust company in this state approved by the commissioner.
History: En. Sec. 612, Ch. 286, L. 1959; R.C.M. 1947, 40-5214; amd. Sec. 1079, Ch. 56, L. 2009.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 2. Regulation of Insurance Companies
Part 2. State of Entry -- Trusteed Assets of Alien Insurers
33-2-202. Required deposit of assets
33-2-204. Purpose and duration
33-2-205. Trust agreement -- approval
33-2-206. Authority to execute trust agreement
33-2-207. Amendment of trust agreement
33-2-208. Withdrawal of approval
33-2-209. Title to trusteed assets
33-2-210. Assets kept separate
33-2-211. Statement of trustee
33-2-212. Examination of assets
33-2-213. Withdrawal of assets