Montana Statutes
§ 33-5-401 — Surplus Funds Required
33-5-401 . Surplus funds required.
(1)A domestic reciprocal insurer subject to this part, if it has otherwise complied with the applicable provisions of this code, may be authorized to transact insurance if it has and maintains surplus funds as follows:
(a)to transact property insurance, surplus funds of not less than $500,000;
(b)to transact casualty insurance:
(i)including authority for workers' compensation insurance, surplus funds of not less than $750,000; or
(ii)excluding authority for workers' compensation insurance, surplus funds of not less than $500,000.
(2)In addition to surplus funds required to be maintained under subsection (1), the insurer must have, when first authorized, expendable surplus in the same amount as required of a like foreign reciprocal insurer under 33-2
Free access — add to your briefcase to read the full text and ask questions with AI
Montana § 33-5-401 (Surplus Funds Required) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
En. Sec. 544, Ch. 286, L. 1959; R.C.M. 1947, 40-5007; amd. Sec. 1, Ch. 307, L. 1979; amd. Sec. 37, Ch. 379, L. 1995; amd. Sec. 34, Ch. 227, L. 2001.
Nearby Sections
15
§ 33-5-101
Scope Of Chapter -- Existing Insurers§ 33-5-102
Definitions§ 33-5-103
Name -- Suits§ 33-5-104
Attorney -- Not Doing Business§ 33-5-201
Organization Of Reciprocal Insurer§ 33-5-202
Merger Or Conversion§ 33-5-301
Power Of Attorney§ 33-5-302
Modifications§ 33-5-303
Attorney's Bond§ 33-5-304
Action On Bond§ 33-5-401
Surplus Funds Required§ 33-5-402
Contributions To Insurer§ 33-5-404
Subscribers' Liability