33-5-402. Contributions to insurer. The attorney or other parties may advance to a domestic reciprocal insurer upon reasonable terms funds that it may require from time to time in its operations. Sums advanced may not be treated as a liability of the insurer. Except upon liquidation of the insurer, during any calendar year, the total of withdrawals and repayments of the advanced sums may not exceed the lesser of the insurer's realized earned surplus or 10% of the sums advanced as of the previous December 31. A withdrawal or repayment may not be made without the advance approval of the commissioner. This section does not apply to bank loans or to loans for which security is given.
History: En. Sec. 552, Ch. 286, L. 1959; R.C.M. 1947, 40-5015; amd. Sec. 19, Ch. 531, L. 1997; amd. Sec. 23, Ch. 472, L. 1999.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 5. Reciprocal Insurers
33-5-401. Surplus funds required
33-5-402. Contributions to insurer
33-5-403. Financial condition -- method of determining
33-5-404. Subscribers' liability
33-5-405. Subscribers' liability on judgment
33-5-407. Time limit for assessments
33-5-409. Nonassessable policies
33-5-410. Distribution of savings
33-5-411. Subscribers' share in assets