33-27-117. Deduction of costs. (1) The actual costs of administering an independent liability fund may be deducted from the fund or from income arising out of the money, assets, and investments in the fund. Such costs include the cost of defending against or negotiating a settlement of any liability claim, as well as the full amount of any claim paid.
(2) A small business may not deduct the cost of any in-house administration of its independent liability fund. The commissioner may review any third-party arrangement for administration of an independent liability fund to ascertain whether such costs are deductible under this section.
History: En. Sec. 13, Ch. 564, L. 1987.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 27. Independent Liability Fund
33-27-105. through 33-27-110 reserved
33-27-111. Right to establish independent liability fund
33-27-112. Establishment of independent liability fund
33-27-113. Additions to independent liability fund
33-27-114. Limit on the amount of fund
33-27-115. Composition of independent liability fund
33-27-116. Inviolability of fund
33-27-118. Taxation of independent liability fund contributions