Montana § 33-10-226 Distribution Of Ownership Rights -- Distribution To Shareholders

Montana Statutes

§ 33-10-226 — Distribution Of Ownership Rights -- Distribution To Shareholders

Montana § 33-10-226

Title 33INSURANCE AND INSURANCE COMPANIES

Ch. 10INSURANCE GUARANTY ASSOCIATIONS

Part 2Life and Health Insurance Guaranty Associations

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Bluebook

Mont. Code Ann. § 33-10-226 (2026).

Text

33-10-226 . Distribution of ownership rights -- distribution to shareholders.

(1)Prior to the termination of any liquidation, rehabilitation, or supervision proceeding, the court may take into consideration the contributions of the respective parties, including the association, the shareholders, and policyowners of the impaired or insolvent insurer and any other party with a bona fide interest, in making an equitable distribution of the ownership rights of the impaired or insolvent insurer. In the determination, consideration must be given to the welfare of the policyowners of the continuing or successor insurer.

(2)A distribution to stockholders, if any, of an impaired or insolvent insurer may not be made until and unless the association has fully recovered the total amount of valid cla

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33-10-226 . Distribution of ownership rights -- distribution to shareholders. (1) Prior to the termination of any liquidation, rehabilitation, or supervision proceeding, the court may take into consideration the contributions of the respective parties, including the association, the shareholders, and policyowners of the impaired or insolvent insurer and any other party with a bona fide interest, in making an equitable distribution of the ownership rights of the impaired or insolvent insurer. In the determination, consideration must be given to the welfare of the policyowners of the continuing or successor insurer.
(2) A distribution to stockholders, if any, of an impaired or insolvent insurer may not be made until and unless the association has fully recovered the total amount of valid claims of the association, with interest, for funds expended in carrying out its powers and duties under this part.

Legislative History

En. 40-5814 by Sec. 14, Ch. 245, L. 1974; R.C.M. 1947, 40-5814(4); amd. Sec. 140, Ch. 575, L. 1981; amd. Sec. 18, Ch. 195, L. 2003; amd. Sec. 11, Ch. 27, L. 2011.