80-2-209. Reinsurance. Because of the unusual or unexpected variation in the severity of damage to crops that occurs from year to year and in order to enable the hail insurance board to spread the effect of these variations more evenly over all years, the board may negotiate for and secure reinsurance of a part of the risk in any year when the need for reinsurance appears advisable to the board. The board may use money from hail insurance fees for the purchase of reinsurance whenever it appears to the board that reinsurance is necessary and advisable.
History: En. Sec. 3, Ch. 37, L. 1943; amd. Sec. 74, Ch. 147, L. 1963; R.C.M. 1947, 82-1505; amd. Sec. 209, Ch. 574, L. 2001; amd. Sec. 4, Ch. 275, L. 2007.
Structure Montana Code Annotated
Chapter 2. Agricultural Services
80-2-201. Powers and duties of board of hail insurance
80-2-202. Compensation of presiding officer and officers
80-2-203. Participation in program -- fee
80-2-204. Duty of department -- election of benefits of law
80-2-205. What crops subject to provisions of law
80-2-207. Delinquent fees -- application by delinquent -- crop lien
80-2-210. through 80-2-219 reserved
80-2-220. Rules -- hail insurance fees
80-2-221. Fee for hail insurance
80-2-222. Board to establish amount of rates -- disposition of funds
80-2-224. Fee -- notice -- when payable
80-2-225. Real estate lien -- creation
80-2-227. Hail insurance secured by crop lien only
80-2-229. Withdrawal of crop in case of destruction through other means
80-2-230. Collection of fees -- release of lien -- interest
80-2-232. Department's duty -- warrants -- transfers to state general fund
80-2-233. through 80-2-240 reserved
80-2-242. Adjusters -- appointment -- qualifications -- duties