Montana Statutes
§ 33-10-226 — Distribution Of Ownership Rights -- Distribution To Shareholders
Montana·Title 33 INSURANCE AND INSURANCE COMPANIES·Ch. 10 INSURANCE GUARANTY ASSOCIATIONS·Part 2 Life and Health Insurance Guaranty Associations
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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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.
Nearby Sections
15
§ 33-10-102
Definitions§ 33-10-103
Creation Of The Association§ 33-10-105
General Powers And Duties§ 33-10-107
Tax Exemption§ 33-10-110
Immunity§ 33-10-112
Examination Of Association§ 33-10-113
Claims -- Notice§ 33-10-114
Claims -- Effect As To Insured And Receiver§ 33-10-115
Recovery -- Sequence -- Nonduplication