33-4-522. Bulk reinsurance -- farm mutual insurers. (1) A domestic farm mutual insurer may reinsure all or substantially all its business in force, or all or substantially all of a major class of its business, with another insurer, stock or mutual, by an agreement of bulk reinsurance after compliance with this section. An agreement may not become effective unless filed with the commissioner and approved by the commissioner in writing.
(2) The commissioner shall approve an agreement within a reasonable time after filing if the commissioner finds it to be fair and equitable to each domestic insurer involved and that the reinsurance if effectuated would not substantially reduce the protection or service to its policyholders. If the commissioner does not approve the agreement, the commissioner shall notify each insurer involved in writing specifying the reasons for disapproval.
(3) The plan and agreement for reinsurance must be approved by a quorum of the board of directors of each farm mutual insurer involved in the agreement.
History: En. Sec. 2, Ch. 184, L. 2015.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 4. Farm Mutual Insurers
33-4-501. Insuring powers in general
33-4-502. Limit of risk -- retention of liability
33-4-504. Cash premium or assessment plans
33-4-505. Certificate of authority required -- issuance -- continuation -- fee
33-4-506. Members -- minimum membership
33-4-507. Withdrawal of member -- cancellation by insurer
33-4-508. Application for insurance
33-4-509. Application and policy forms filed with commissioner
33-4-510. Rates -- filing -- discrimination
33-4-511. Insurance of schools, community houses, and churches
33-4-512. through 33-4-520 reserved