33-2-606. Assignment or conveyance of assets or securities. All securities not negotiable by delivery and deposited under this code must be duly assigned to the commissioner. In the case of securities held under custodial arrangements outside this state pursuant to 33-2-604(2), the custodian's receipt for the securities must be delivered, if negotiable, or assigned to the commissioner if legal title to the securities is vested in the commissioner. The insurer shall transfer or convey to the commissioner all other assets deposited. Upon release to the insurer of any asset or security, the commissioner shall reassign or transfer or reconvey the asset or security to the insurer.
History: En. Sec. 138, Ch. 286, L. 1959; R.C.M. 1947, 40-3207; amd. Sec. 1087, Ch. 56, L. 2009; amd. Sec. 4, Ch. 169, L. 2013.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 2. Regulation of Insurance Companies
33-2-601. Authorized deposits of insurers
33-2-603. Securities eligible for deposit
33-2-604. Depositary or custodian
33-2-605. Record of deposits -- liability of commissioner and state
33-2-606. Assignment or conveyance of assets or securities
33-2-608. Rights of insurer during solvency
33-2-611. Deficiency of deposit -- revocation of certificate