Montana Code Annotated
Part 4. Finance
33-3-414. Nonassessable policies of mutual insurers

33-3-414. Nonassessable policies of mutual insurers. (1) While possessing surplus funds in amount not less than the paid-in capital stock required of a domestic stock insurer transacting like kinds of insurance, a domestic mutual insurer may, upon receipt of the commissioner's order so authorizing, extinguish the contingent liability of its members as to all its policies in force and may omit provisions imposing contingent liability in all its policies currently issued.
(2) A foreign or alien mutual insurer may issue nonassessable policies to its members in this state pursuant to its articles of incorporation and the laws of its domicile.
(3) No policy of a domestic mutual insurer which, pursuant to the commissioner's order, is without contingent liability and thereby nonassessable by its terms shall be subject to assessment for any debt or liability of the insurer.
History: En. Sec. 449, Ch. 286, L. 1959; R.C.M. 1947, 40-4732.

Structure Montana Code Annotated

Montana Code Annotated

Title 33. Insurance and Insurance Companies

Chapter 3. Domestic Stock and Mutual Insurers

Part 4. Finance

33-3-401. Home office and records -- administrative or civil penalty for unlawful removal of records or assets

33-3-402. Vouchers for expenditures

33-3-403. through 33-3-410 reserved

33-3-411. Contingent liability of mutual members

33-3-412. Levy of contingent liability

33-3-413. Enforcement of contingent liability

33-3-414. Nonassessable policies of mutual insurers

33-3-415. Insufficient reserves -- nonassessable policies prohibited -- revocation of authority

33-3-416. through 33-3-420 reserved

33-3-421. Participating policies

33-3-422. Dividends to stockholders

33-3-423. Dividends to mutual policyholders

33-3-424. Illegal dividends -- administrative or civil penalty

33-3-425. through 33-3-430 reserved

33-3-431. Borrowed surplus

33-3-432. Impairment of capital or assets

33-3-433. Assessment of stockholders or members

33-3-434. Directors' liability for losses during deficiency

33-3-435. Stock transfer during impairment of capital

33-3-436. Mutual member's share of assets on liquidation

33-3-437. through 33-3-440 reserved

33-3-441. Equity securities of domestic stock insurance company -- statement of ownership

33-3-442. Inside trading of securities -- profit inures to company -- limitation of action to recover -- rules

33-3-443. Short sales of equity securities prohibited -- time for delivery after sale

33-3-444. Exemptions -- securities held in an investment account -- primary or secondary market -- rules

33-3-445. Exemptions -- arbitrage transactions

33-3-446. Exemptions -- registered securities -- holding by less than 100 persons

33-3-447. Rules of commissioner -- classifications -- effect

33-3-448. and 33-3-449 reserved

33-3-450. Purpose

33-3-451. Definitions

33-3-452. Use of book-entry systems -- rules

33-3-453. Deposit of securities by insurance companies