Montana § 33-3-207 Formation Of Mutuals -- Trust Deposit Of Premiums -- Issuance Of Policies

Montana Statutes

§ 33-3-207 — Formation Of Mutuals -- Trust Deposit Of Premiums -- Issuance Of Policies

Montana § 33-3-207

Title 33INSURANCE AND INSURANCE COMPANIES

Ch. 3DOMESTIC STOCK AND MUTUAL INSURERS

Part 2Formation

This text of Montana § 33-3-207 (Formation Of Mutuals -- Trust Deposit Of Premiums -- Issuance Of Policies) is published on Counsel Stack Legal Research, covering Montana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mont. Code Ann. § 33-3-207 (2026).

Text

33-3-207 . Formation of mutuals -- trust deposit of premiums -- issuance of policies.

(1)All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein shall be deposited in trust in a bank or trust company in this state under a written trust agreement consistent with this section and with 33-3-206 (3)(c). The corporation shall file an executed copy of such trust agreement with the commissioner.

(2)Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which such applications were solicited, all funds so held in trust shall become the funds of the insurer, and the insurer shall thereafter in due course issue and deliver its policies for which premiums had been paid and accepted.

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33-3-207 . Formation of mutuals -- trust deposit of premiums -- issuance of policies. (1) All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein shall be deposited in trust in a bank or trust company in this state under a written trust agreement consistent with this section and with 33-3-206 (3)(c). The corporation shall file an executed copy of such trust agreement with the commissioner.
(2) Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which such applications were solicited, all funds so held in trust shall become the funds of the insurer, and the insurer shall thereafter in due course issue and deliver its policies for which premiums had been paid and accepted. The insurance provided by such policies shall be effective as of the date of the certificate of authority or thereafter as provided by the respective policies.