33-3-208. Formation of mutuals -- failure to qualify. If the proposed domestic insurer fails to complete its organization and to secure its original certificate of authority within 1 year after the date of its certificate of incorporation, its corporate powers shall cease and the commissioner shall return or cause to be returned to the persons entitled thereto all advance deposits or payments of premiums held in trust under 33-3-207.
History: En. Sec. 429, Ch. 286, L. 1959; R.C.M. 1947, 40-4712.
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