33-2-611. Deficiency of deposit -- revocation of certificate. If for any reason the market value of assets and securities of an insurer held on deposit in this state or in another state under custodial arrangements authorized by 33-2-604(2) falls below the amount required under this code to be held, the insurer shall promptly deposit other or additional assets or securities eligible for deposit under this part and in an amount sufficient to cure the deficiency. If the insurer has failed to cure the deficiency within 20 days after receipt of notice of the deficiency by certified mail from the commissioner, the commissioner shall revoke the insurer's certificate of authority.
History: En. Sec. 143, Ch. 286, L. 1959; R.C.M. 1947, 40-3212; amd. Sec. 5, 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