Montana § 33-3-433 Assessment Of Stockholders Or Members

Montana Statutes

§ 33-3-433 — Assessment Of Stockholders Or Members

Montana § 33-3-433

Title 33INSURANCE AND INSURANCE COMPANIES

Ch. 3DOMESTIC STOCK AND MUTUAL INSURERS

Part 4Finance

This text of Montana § 33-3-433 (Assessment Of Stockholders Or 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. § 33-3-433 (2026).

Text

33-3-433 . Assessment of stockholders or members.

(1)Any insurer receiving the commissioner's notice mentioned in 33-3-432 (1):

(a)if a stock insurer, by resolution of its board of directors and subject to any limitations upon assessment contained in its articles of incorporation, may assess its stockholders for amounts necessary to cure the deficiency and provide the insurer with a reasonable amount of surplus in addition. If a stockholder fails to pay a lawful assessment after notice given to the stockholder in person or by advertisement in a time and manner approved by the commissioner, the insurer may require the return of the original certificate of stock held by the stockholder and in cancellation and in lieu of the original certificate issue a new certificate for the number of sha

Free access — add to your briefcase to read the full text and ask questions with AI

33-3-433 . Assessment of stockholders or members. (1) Any insurer receiving the commissioner's notice mentioned in 33-3-432 (1):
(a) if a stock insurer, by resolution of its board of directors and subject to any limitations upon assessment contained in its articles of incorporation, may assess its stockholders for amounts necessary to cure the deficiency and provide the insurer with a reasonable amount of surplus in addition. If a stockholder fails to pay a lawful assessment after notice given to the stockholder in person or by advertisement in a time and manner approved by the commissioner, the insurer may require the return of the original certificate of stock held by the stockholder and in cancellation and in lieu of the original certificate issue a new certificate for the number of shares that the stockholder may then be entitled to, upon the basis of the stockholder's proportionate interest in the amount of the insurer's capital stock as determined by the commissioner to be remaining at the time of determination of the amount of impairment under 33-3-432 , after deducting from the proportionate interest the amount of the unpaid assessment. The insurer may pay for or reissue fractional shares under this subsection.
(b) if a mutual insurer, shall levy such an assessment upon members as is provided for under 33-3-412 .
(2) Neither 33-3-432 nor this section may be considered to prohibit the insurer from curing any deficiency through any lawful means other than those referred to in 33-3-432 or this section.