33-28-106. Dividends. (1) A captive insurance company may not pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the commissioner.
(2) Approval of an ongoing plan for the payment of dividends or other distributions must be conditioned upon retention, at the time of each payment, of capital surplus in excess of the amounts specified by or determined in accordance with formulas approved by the commissioner.
History: En. Sec. 6, Ch. 298, L. 2001; amd. Sec. 7, Ch. 518, L. 2007.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 28. Captive Insurance Companies
Part 1. General Provisions and Licensing
33-28-102. Certificates of authority -- lines of business -- definition
33-28-103. Names of captive insurance companies
33-28-104. Minimum capital surplus -- letter of credit
33-28-105. Formation of captive insurance companies
33-28-107. Reports and statements
33-28-108. Examinations and investigations
33-28-109. Suspension or revocation of certificate of authority
33-28-110. Excess workers' compensation insurance -- reinsurance of self-insured plans
33-28-112. through 33-28-119 reserved
33-28-120. Captive insurance regulatory and supervision account