33-3-204. Initial qualifications -- domestic mutuals. (1) When newly organized, a domestic mutual insurer may be authorized to transact any of the kinds of insurance as are permitted under 33-2-108.
(2) When applying for an original certificate of authority, the insurer must be otherwise qualified therefor under this code and must have unimpaired surplus funds in an amount not less than the amount of paid-in capital stock required of a domestic stock insurer transacting like kinds of insurance as in 33-2-109, subject further to the additional special surplus requirements of 33-2-110 applicable to such stock insurer. The minimum amount of surplus must thereafter be maintained unimpaired and placed on deposit with the commissioner. The deposit is subject to the provisions of chapter 2, part 6, of this title and 33-2-111.
History: En. Sec. 425, Ch. 286, L. 1959; R.C.M. 1947, 40-4708; amd. Sec. 10, Ch. 303, L. 1981.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 3. Domestic Stock and Mutual Insurers
33-3-202. Articles of incorporation -- approval
33-3-203. Amendment of articles of incorporation -- grounds for disapproval
33-3-204. Initial qualifications -- domestic mutuals
33-3-205. Formation of mutual insurer -- bond
33-3-206. Applications for insurance in formation of mutual insurer
33-3-207. Formation of mutuals -- trust deposit of premiums -- issuance of policies
33-3-208. Formation of mutuals -- failure to qualify
33-3-209. through 33-3-214 reserved
33-3-215. Mutualization of stock insurer
33-3-216. Converting mutual insurer to stock insurer