Montana Code Annotated
Part 4. Finance
33-3-421. Participating policies

33-3-421. Participating policies. (1) If provided in its articles of incorporation, a domestic stock or domestic mutual insurer may issue any or all of its policies with or without participation in profits, savings, or unabsorbed portions of premiums, may classify policies issued on a participating and nonparticipating basis, and may determine the right to participate and the extent of participation of any class or classes of policies. Any such classification or determination shall be reasonable and shall not unfairly discriminate as between policyholders within the same such classifications. A life insurer may issue both participating and nonparticipating policies only if the right or absence of right to participate is reasonably related to the premium charged. Any such domestic insurer which prior to January 1, 1961, has been issuing all or part of its policies on a participating basis without specific authorization in its articles of incorporation may continue to issue such policies on a basis not inconsistent with this section.
(2) After the third policy year no dividend otherwise earned shall be made contingent upon the payment of renewal premium on any policy.
History: En. Sec. 451, Ch. 286, L. 1959; R.C.M. 1947, 40-4734.

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