Montana § 33-3-411 Contingent Liability Of Mutual Members

Montana Statutes

§ 33-3-411 — Contingent Liability Of Mutual Members

Montana § 33-3-411

Title 33INSURANCE AND INSURANCE COMPANIES

Ch. 3DOMESTIC STOCK AND MUTUAL INSURERS

Part 4Finance

This text of Montana § 33-3-411 (Contingent Liability Of Mutual Members) 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. § 33-3-411 (2026).

Text

33-3-411 . Contingent liability of mutual members.

(1)Each member of a domestic mutual insurer shall, except as otherwise provided in this part with respect to nonassessable policies, have a contingent liability, pro rata and not one for another, for the discharge of its obligations. The contingent liability must be expressed in the policy and must be in a maximum amount specified in the insurer's articles of incorporation.

(2)Termination of the policy of any member may not relieve the member of contingent liability for the member's proportion, if any, of the obligations of the insurer that accrued while the policy was in force.

(3)Unrealized contingent liability of members does not constitute an asset of the insurer in any determination of its financial condition.

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33-3-411 . Contingent liability of mutual members. (1) Each member of a domestic mutual insurer shall, except as otherwise provided in this part with respect to nonassessable policies, have a contingent liability, pro rata and not one for another, for the discharge of its obligations. The contingent liability must be expressed in the policy and must be in a maximum amount specified in the insurer's articles of incorporation.
(2) Termination of the policy of any member may not relieve the member of contingent liability for the member's proportion, if any, of the obligations of the insurer that accrued while the policy was in force.
(3) Unrealized contingent liability of members does not constitute an asset of the insurer in any determination of its financial condition.