33-3-453. Deposit of securities by insurance companies. (1) Securities qualified for deposit under 33-3-450 through 33-3-453 may be deposited with a clearing corporation or held in the federal reserve book-entry system.
(2) An insurance company that is using securities to help meet the deposit requirements of Title 33, chapter 2, parts 1 and 6, and depositing those securities with a clearing corporation or holding the securities in the federal reserve book-entry system:
(a) may not withdraw the securities without the approval of the commissioner; and
(b) shall provide to the commissioner evidence issued by its custodian or member bank through which the insurance company has deposited the securities in a clearing corporation or through which the securities are held in the federal reserve book-entry system, respectively, in order to establish that the securities are actually recorded in an account in the name of the custodian, other direct participant, or member bank and that the records of the custodian, other direct participant, or member bank reflect that the securities are held subject to the order of the commissioner.
History: En. Sec. 4, Ch. 380, L. 2003; amd. Sec. 11, Ch. 151, L. 2017.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 3. Domestic Stock and Mutual Insurers
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
33-3-432. 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
33-3-443. Short sales of equity securities prohibited -- time for delivery after sale
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