§ 3-1-301 Days on which courts may be held
§ 3-1-302 Nonjudicial day
§ 3-1-303 Adjournments from nonjudicial days
§ 3-1-304 Adjournment for absence of judge
§ 3-1-305 Adjournment until next regular term
§ 3-1-311 Proceedings not affected by vacancy in office
§ 3-1-312 Sittings of court to be public
§ 3-1-313 Sittings of court — when private
§ 3-1-314 Proceedings to be in English language
§ 3-1-315 Abbreviations and figures
§ 3-1-316 Repealed
§ 3-1-317 User surcharge for court information technology — exception
§ 3-1-318 Surcharges upon certain criminal convictions — exception

Terms Used In Montana Code > Title 3 > Chapter 1 > Part 3 - General Rules Regarding Procedure

  • Acceptable collateral: means :

    (a)(i) as to securities lending transactions and for the purpose of calculating the counterparty exposure amount, cash, cash equivalents, letters of credit, or direct obligations of or securities that are fully guaranteed as to principal and interest by the government of the United States, by any agency of the United States, by the federal national mortgage association, or by the federal home loan mortgage corporation; and

    (ii)as to lending foreign securities, sovereign debt rated 1 by the SVO;

    (b)as to repurchase transactions, cash, cash equivalents, and direct obligations of or securities that are fully guaranteed as to principal and interest by the government of the United States, by an agency of the United States, by the federal national mortgage association, or by the federal home loan mortgage corporation; and

    (c)as to reverse repurchase transactions, cash and cash equivalents. See Montana Code 33-12-102

  • Acceptable private mortgage insurance: means insurance written by a private insurer protecting a mortgage lender against loss occasioned by a mortgage loan default and issued by a licensed mortgage insurance company, with an SVO 1 designation or a rating issued by a nationally recognized statistical rating organization equivalent to an SVO 1 designation, that covers losses up to an 80% loan-to-value ratio. See Montana Code 33-12-102
  • Accident and health insurance: means insurance protection that provides payment of benefits for covered sickness or accidental injury, excluding credit insurance, disability insurance, accidental death and dismemberment insurance, and long-term care insurance. See Montana Code 33-12-102
  • Accident and health insurer: means a licensed life or health insurer or health service corporation whose insurance premiums and required statutory reserves for accident and health insurance constitute at least 95% of total premium considerations or total statutorily required reserves. See Montana Code 33-12-102
  • Account: means either of the two accounts created under 33-10-203. See Montana Code 33-10-202
  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • Admitted assets: means , subject to subsection (5)(b), assets determined in accordance with the requirements of 33-2-501. See Montana Code 33-12-102
  • Affiliate: has the meaning provided in 33-2-1101. See Montana Code 33-12-102
  • Amortization: Paying off a loan by regular installments.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Asset-backed security: means a security or other instrument, excluding a mutual fund, evidencing an interest in or the right to receive payments from or payable from distributions on an asset, a pool of assets, or specifically divisible cash flows that are legally transferred to a trust or another special purpose bankruptcy-remote business entity, on the following conditions:

    (i)the trust or other business entity is established solely for the purpose of acquiring specific types of assets or rights to cash flows, issuing securities and other instruments representing an interest in or right to receive cash flows from those assets or rights, and engaging in activities required to service the assets or rights and any credit enhancement or support features held by the trust or other business entity; and

    (ii)the assets of the trust or other business entity consist solely of interest-bearing obligations or other contractual obligations representing the right to receive payment from the cash flows from the assets or rights. See Montana Code 33-12-102

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Association: means the Montana life and health insurance guaranty association created under 33-10-203. See Montana Code 33-10-202
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • authorized: when used in the context of assessments means a specified amount of money authorized for collection from member insurers by a resolution of the board of directors established in 33-10-204. See Montana Code 33-10-202
  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Benefit plan: means a benefit plan for a specific employee, union, or association of natural persons. See Montana Code 33-10-202
  • Business entity: includes a sole proprietorship, corporation, limited liability company, association, partnership, joint-stock company, joint venture, mutual fund, trust, joint tenancy, or other similar form of business organization, whether organized for profit or not for profit. See Montana Code 33-12-102
  • Called: when used in the context of assessments, means that the association has issued a notice to member insurers requiring that an authorized assessment be paid within the timeframe set forth within the notice. See Montana Code 33-10-202
  • Cap: means an agreement obligating the seller to make payments to the buyer, with each payment based on the amount by which a reference price or level or the performance or value of one or more underlying interests exceeds a predetermined number. See Montana Code 33-12-102
  • Capital and surplus: means the sum of the capital and surplus of the insurer required to be shown on the most recent statutory financial statement of the insurer required to be filed with the commissioner. See Montana Code 33-12-102
  • Cash equivalents: means short-term, highly rated, and highly liquid investments or securities readily convertible to known amounts of cash without penalty and so near maturity that they present insignificant risk of change in value. See Montana Code 33-12-102
  • Class one bond mutual fund: means a mutual fund that at all times qualifies for investment using the bond class one reserve factor under the Purposes and Procedures of the Securities Valuation Office or any successor publication. See Montana Code 33-12-102
  • Class one money market mutual fund: means a money market mutual fund that at all times qualifies for investment using the bond class one reserve factor under the Purposes and Procedures of the Securities Valuation Office or any successor publication. See Montana Code 33-12-102
  • Completed operations liability: means :

    (a)liability arising out of the installation, maintenance, or repair of any product at a site that is not owned or controlled by:

    (i)a person who performs that work; or

    (ii)a person who hires an independent contractor to perform that work; and

    (b)liability for activities that are completed or abandoned before the date of the occurrence giving rise to the liability. See Montana Code 33-11-102

  • Contract: A legal written agreement that becomes binding when signed.
  • Contractual obligation: means an obligation under any of the following for which coverage is provided in this part:

    (a)a policy or contract;

    (b)a certificate under a group policy or contract; or

    (c)a portion of a policy or contract or a portion of a certificate. See Montana Code 33-10-202

  • Control: means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract (other than a commercial contract for goods or nonmanagement services), or otherwise, unless the power is the result of an official position with a corporation or a corporate office held by the person. See Montana Code 33-12-102
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Counterparty exposure amount: means the net amount of credit risk attributable to a derivative instrument, pursuant to 33-12-109, entered into with a business entity other than through a qualified exchange or qualified foreign exchange or cleared through a qualified clearinghouse. See Montana Code 33-12-102
  • Covered: means that an insurer:

    (a)owns or can immediately acquire, through the exercise of options, warrants, or already-owned conversion rights, the underlying interest in order to fulfill or secure its obligations under a call option, cap, or floor it has written; or

    (b)has set aside, under a custodial or escrow agreement, cash or cash equivalents with a market value equal to the amount required to fulfill its obligations under a put option it has written in an income generation transaction. See Montana Code 33-12-102

  • Covered policy: means any policy or contract or portion of a policy or contract for which coverage is provided within the scope of this part. See Montana Code 33-10-202
  • Credit tenant loan: means a mortgage loan that is made primarily in reliance on the credit standing of a major tenant, structured with an assignment of the rental payments to the lender with real estate pledged as collateral in the form of a first lien. See Montana Code 33-12-102
  • Customary: means according to usage. See Montana Code 1-1-206
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Dependent: A person dependent for support upon another.
  • Derivative instrument: means an agreement, an option, an instrument, or a series or combination of agreements, options, or instruments:

    (i)to make or take delivery of or assume or relinquish a specified amount of one or more underlying interests or to make a cash settlement in lieu of delivery; or

    (ii)that has a price, level, performance, value, or cash flow based primarily upon the actual or expected price, level, performance, value, or cash flow of one or more underlying interests. See Montana Code 33-12-102

  • Derivative transaction: means a transaction involving the use of one or more derivative instruments. See Montana Code 33-12-102
  • directly: when used in connection with an obligation, means that the designated obligor is primarily liable on the instrument representing the obligation. See Montana Code 33-12-102
  • Dollar roll transaction: means two simultaneous transactions with different settlement dates that are no more than 96 days apart, so that in the transaction with the earlier settlement date, an insurer sells to a business entity, and in the other transaction, the insurer is obligated to purchase from the same business entity, substantially similar securities of the following types:

    (a)asset-backed securities issued, assumed, or guaranteed by the government national mortgage association, the federal national mortgage association, or the federal home loan mortgage corporation or their successors; and

    (b)other asset-backed securities referred to in section 106 of Title I of the Secondary Mortgage Market Enhancement Act of 1984 (15 U. See Montana Code 33-12-102

  • Domestic jurisdiction: means the United States, any state, Canada, any province of Canada, or any political subdivision of a state or province. See Montana Code 33-12-102
  • electronic delivery: means :

    (a)delivery to an electronic mail address at which a party has consented to receive notices or documents; or

    (b)(i) posting on an electronic network or site accessible by the internet through use of a mobile application, computer, mobile device, tablet, or any other electronic device; and

    (ii)sending separate notice of the posting to the electronic mail address at which the party has consented to receive notice of the posting or using any other delivery method to which the party has consented. See Montana Code 33-15-601

  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Equity interest: means any of the following that are not rated credit instruments:

    (a)common stock;

    (b)preferred stock;

    (c)trust certificate;

    (d)equity investment in an investment company other than a money market mutual fund or a class one bond mutual fund;

    (e)investment in a common trust fund of a bank regulated by a federal or state agency;

    (f)an ownership interest in minerals, oil, or gas, the rights to which have been separated from the underlying fee interest in the real estate where the minerals, oil, or gas is located;

    (g)instruments that are mandatorily, or at the option of the issuer, convertible to equity;

    (h)limited partnership interests and those general partnership interests authorized under 33-12-104(4);

    (i)member interests in limited liability companies;

    (j)warrants or other rights to acquire equity interests that are created by the person that owns or would issue the equity to be acquired; or

    (k)instruments that would be rated credit instruments except for the provisions of subsection (70)(b). See Montana Code 33-12-102

  • Equivalent securities: means :

    (a)in a securities lending transaction, securities that are identical to the loaned securities in all features including the amount of the loaned securities, except as to certificate number if held in physical form, but if any different security is exchanged for a loaned security by recapitalization, merger, consolidation, or other corporate action, the different security is considered to be the loaned security;

    (b)in a repurchase transaction, securities that are identical to the purchased securities in all features including the amount of the purchased securities, except as to the certificate number if held in physical form; or

    (c)in a reverse repurchase transaction, securities that are identical to the sold securities in all features including the amount of the sold securities, except as to the certificate number if held in physical form. See Montana Code 33-12-102

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Floor: means an agreement obligating the seller to make payments to the buyer in which each payment is based on the amount by which a predetermined number, sometimes called the floor rate or price, exceeds a price, level, performance, or value of one or more underlying interests. See Montana Code 33-12-102
  • Foreign currency: means a currency other than that of a domestic jurisdiction. See Montana Code 33-12-102
  • Foreign jurisdiction: means a jurisdiction other than a domestic jurisdiction. See Montana Code 33-12-102
  • Fraud: Intentional deception resulting in injury to another.
  • Future: means an agreement, traded on a qualified exchange or qualified foreign exchange, to make or take delivery of or effect a cash settlement based on the actual or expected price, level, performance, or value of one or more underlying interests. See Montana Code 33-12-102
  • Germane: On the subject of the pending bill or other business; a strict standard of relevance.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Government money market mutual fund: means a money market mutual fund that at all times:

    (a)invests only in obligations issued, guaranteed, or insured by the federal government of the United States or collateralized repurchase agreements composed of these obligations; and

    (b)qualifies for investment without a reserve under the Purposes and Procedures of the Securities Valuation Office or any successor publication. See Montana Code 33-12-102

  • Government-sponsored enterprise: means a:

    (a)governmental agency; or

    (b)corporation, limited liability company, association, partnership, joint-stock company, joint venture, trust, or other entity or instrumentality organized under the laws of any domestic jurisdiction to accomplish a public policy or other governmental purpose. See Montana Code 33-12-102

  • Guaranteed or insured: when used in connection with an obligation acquired under this chapter, means that the guarantor or insurer has agreed to:

    (a)perform or insure the obligation of the obligor or purchase the obligation; or

    (b)be unconditionally obligated until the obligation is repaid to maintain in the obligor a minimum net worth, fixed charge coverage, stockholders' equity, or sufficient liquidity to enable the obligor to pay the obligation in full. See Montana Code 33-12-102

  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Habeas corpus: A writ that is usually used to bring a prisoner before the court to determine the legality of his imprisonment. It may also be used to bring a person in custody before the court to give testimony, or to be prosecuted.
  • Hazardous financial condition: means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able to:

    (a)meet obligations to policyholders with respect to known claims and reasonably anticipated claims; or

    (b)pay other obligations in the normal course of business. See Montana Code 33-11-102

  • Hedging transaction: means a derivative transaction that is entered into and maintained to reduce:

    (a)the risk of a change in the value, yield, price, cash flow, or quantity of assets or liabilities that the insurer has acquired or incurred or anticipates acquiring or incurring; or

    (b)the currency exchange rate risk or the degree of exposure as to assets or liabilities that an insurer has acquired or incurred or anticipates acquiring or incurring. See Montana Code 33-12-102

  • Highly rated: means an investment rated "P-1" by Moody's investors service, inc. See Montana Code 33-12-102
  • Impaired insurer: means a member insurer that is not an insolvent insurer and that is placed under an order of rehabilitation or supervision by a court of competent jurisdiction. See Montana Code 33-10-202
  • Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate.
  • Income: means , as to a security, interest, accrual of discount, dividends, or other distributions, such as rights, tax or assessment credits, warrants, and distributions in kind. See Montana Code 33-12-102
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Insolvent insurer: means a member insurer that is placed under an order of liquidation by a court of competent jurisdiction upon a finding of insolvency. See Montana Code 33-10-202
  • Insurance: means primary insurance, excess insurance, reinsurance, surplus line insurance, and any other arrangement for shifting and distributing risk that is determined to be insurance under the laws of this state. See Montana Code 33-11-102
  • Insurance future: means a future relating to an index or pool that is based on insurance-related items. See Montana Code 33-12-102
  • Insurance futures option: means an option on an insurance future. See Montana Code 33-12-102
  • Insurance premium finance company: means a person engaged in the business of entering into premium finance agreements with insureds or of acquiring such premium finance agreements from insurance producers, brokers, or other premium finance companies. See Montana Code 33-14-102
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
  • Investment company: means an investment company as defined in section 80a-3 of the Investment Company Act of 1940 (15 U. See Montana Code 33-12-102
  • Investment company series: means an investment portfolio of an investment company that is organized as a series company and to which assets of the investment company have been specifically allocated. See Montana Code 33-12-102
  • Investment practices: means transactions of the types described in 33-12-208, 33-12-210, 33-12-308, or 33-12-310. See Montana Code 33-12-102
  • Investment strategies: means the techniques and methods used by an insurer to meet its investment objectives, such as active bond portfolio management, passive bond portfolio management, interest rate anticipation, growth investing, and value investing. See Montana Code 33-12-102
  • Investment subsidiary: means a subsidiary of an insurer engaged or organized to engage exclusively in the ownership and management of assets authorized as investments for the insurer if each subsidiary agrees to limit its investment in any asset so that its investments will not cause the amount of the total investment of the insurer to exceed any of the investment limitations or avoid any other provisions of this chapter applicable to the insurer. See Montana Code 33-12-102
  • Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Letter of credit: means a clean, irrevocable, and unconditional letter of credit issued or confirmed by and payable and presentable at a financial institution on the list of financial institutions meeting the standards for issuing letters of credit under the Purposes and Procedures of the Securities Valuation Office or any successor publication. See Montana Code 33-12-102
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Liability: means legal liability for damages, including costs of defense, legal costs and fees, and other claims expenses, because of injuries to other persons, damage to their property, or other damage or loss to other persons resulting from or arising out of:

    (i)a business, whether profit or nonprofit, trade, product, service (including professional service), premises, or operation; or

    (ii)an activity of any state or local government or an agency or political subdivision of state or local government. See Montana Code 33-11-102

  • Licensee: means a premium finance company holding a license issued by the commissioner under this chapter. See Montana Code 33-14-102
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Limited liability company: means a business organization, excluding partnerships and ordinary business corporations, organized or operating under the laws of the United States or any state that limits the personal liability of investors to the equity investment of the investor in the business entity. See Montana Code 33-12-102
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Lower-grade investment: means a rated credit instrument rated 4, 5, or 6 by the SVO. See Montana Code 33-12-102
  • Market value: means :

    (a)as to cash and letters of credit, the amounts of cash or a letter of credit; and

    (b)as to a security, as of any date, the price for the security on that date obtained from a generally recognized source or the most recent quotation from a generally recognized source or, to the extent that a generally recognized source does not exist, the price for the security as determined in good faith by the parties to a transaction, plus accrued but unpaid income on a security to the extent not included in the price as of that date. See Montana Code 33-12-102

  • Medium-grade investment: means a rated credit instrument rated 3 by the SVO. See Montana Code 33-12-102
  • Member insurer: means an insurer, health service corporation, or health maintenance organization that is licensed or that holds a certificate of authority to transact any kind of insurance in this state for which coverage is provided under this part and includes any insurer, health service corporation, or health maintenance organization whose license or certificate of authority in this state may have been suspended, revoked, not renewed, or voluntarily withdrawn. See Montana Code 33-10-202
  • Money market mutual fund: means a mutual fund that meets the conditions of 17 C. See Montana Code 33-12-102
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: means an obligation secured by a mortgage, deed of trust, trust deed, or other consensual lien on real estate. See Montana Code 33-12-102
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Multilateral development bank: means an international development organization of which the United States is a member. See Montana Code 33-12-102
  • Mutual fund: means an investment company or an investment company series that is registered with the United States securities and exchange commission under the Investment Company Act of 1940 (15 U. See Montana Code 33-12-102
  • NAIC: means the national association of insurance commissioners. See Montana Code 33-12-102
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Obligation: means a bond, note, debenture, trust certificate including an equipment certificate, production payment, negotiable bank certificate of deposit, bankers' acceptance, credit tenant loan, loan secured by financing net leases, and other evidence of indebtedness for the payment of money (or participations, certificates, or other evidences of an interest in any of the foregoing), whether constituting a general obligation of the issuer or payable only out of certain revenue or certain funds pledged or otherwise dedicated for payment. See Montana Code 33-12-102
  • Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
  • Option: means an agreement giving the buyer the right to buy or receive (a "call option"), sell or deliver (a "put option"), enter into, extend or terminate, or effect a cash settlement based on the actual or expected price, level, performance, or value of one or more underlying interests. See Montana Code 33-12-102
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Party: means a recipient of a notice or document required as part of an insurance transaction and includes an applicant, insured, policyholder, certificate holder, or annuity contract holder. See Montana Code 33-15-601
  • Person: means any individual, corporation, limited liability company, partnership, association, governmental body or entity, or voluntary organization. See Montana Code 33-10-202
  • Person: has the meaning provided in 33-1-202. See Montana Code 33-12-102
  • Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
  • Personal property: All property that is not real property.
  • Personal property: means money, goods, chattels, things in action, and evidences of debt. See Montana Code 1-1-205
  • personal risk liability: means liability for damages because of injury to any person, damage to property, or other loss or damage resulting from personal, familial, or household responsibilities or activities rather than from responsibilities or activities referred to in subsection (5)(a). See Montana Code 33-11-102
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plan of operation or a feasibility study: means an analysis that presents the expected activities and results of a risk retention group, including at a minimum:

    (a)the coverages, deductibles, coverage limits, rates, and rating classification systems for each line of insurance the group intends to offer;

    (b)historical and expected loss experience of the proposed members and national experience of similar exposures to the extent this experience is reasonably available;

    (c)pro forma financial statements and projections;

    (d)appropriate opinions by a qualified independent casualty actuary, including a determination of minimum premium or participation levels required to commence operations and to prevent a hazardous financial condition;

    (e)identification of management, underwriting procedures, managerial oversight methods, and investment policies; and

    (f)other matters as may be prescribed by the commissioner for liability insurance companies authorized by the insurance laws of the state where the risk retention group is chartered. See Montana Code 33-11-102

  • Plan sponsor: means :

    (a)the employer in the case of a benefit plan established or maintained by a single employer;

    (b)the employee organization in the case of a benefit plan established or maintained by an employee organization; or

    (c)in the case of a benefit plan established or maintained by two or more employers or jointly by one or more employers and one or more employee organizations, the association, committee, joint board of trustees, or other similar group of representatives of the parties who establish or maintain the benefit plan. See Montana Code 33-10-202

  • Potential exposure: means the amount determined in accordance with the NAIC Annual Statement Instructions. See Montana Code 33-12-102
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Preferred stock: means preferred, preference, or guaranteed stock of a business entity authorized to issue the stock that has a preference in liquidation over the common stock of the business entity. See Montana Code 33-12-102
  • Premium finance agreement: means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance producer or broker in payment of premiums on an insurance contract, together with a finance charge as authorized by this chapter, and as security therefor the insurance premium finance company receives an assignment of the unearned premium. See Montana Code 33-14-102
  • Premiums: means the amount or consideration received on covered policies or contracts less return premiums, considerations, and deposits, and less dividends and experience credits. See Montana Code 33-10-202
  • Principal place of business: means :

    (a)in the case of a plan sponsor, the state in which more than 50% of the participants in the benefit plan are employed;

    (b)if 50% of the participants of a benefit plan are not employed in a single state and for a person other than an individual, the single state in which the individuals who establish policies for the direction, control, and coordination of the operations of the entity as a whole primarily exercise that function, as determined by the association in its reasonable judgment by considering the following factors:

    (i)the state in which the primary executive and administrative headquarters is located;

    (ii)the state in which the principal office of the chief executive officer is located;

    (iii)the state in which the board of directors or similar governing persons conduct its meetings;

    (iv)the state in which the executive or management committee of the board of directors or similar governing person or persons conduct the majority of their meetings;

    (v)the state from which the management of the overall operations is directed; and

    (vi)in the case of a benefit plan sponsored by affiliated companies comprising a consolidated corporation, the state in which the holding company or controlling affiliate has its principal place of business as determined using the above factors; or

    (c)with respect to a plan sponsor defined in subsection (17)(c), the principal place of business of the association, committee, joint board of trustees, or other similar group of representatives of the parties who establish or maintain the benefit plan that, in lieu of specific or clear designation of a principal place of business, is the principal place of business of the employer or employee organization that has the largest investment in the benefit plan in question. See Montana Code 33-10-202

  • Probate: Proving a will
  • Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
  • product liability: means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage, including damages resulting from the loss of use of property, arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product but does not include the liability of any person for those damages if the product involved was in the possession of that person when the incident giving rise to the claim occurred. See Montana Code 33-11-102
  • Property: means real and personal property. See Montana Code 1-1-205
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Purchasing group: means a group that:

    (a)has as one of its purposes the purchase of liability insurance on a group basis;

    (b)purchases liability insurance only for its group members and only to cover their similar or related liability exposure, as described in subsection (7)(c);

    (c)is composed of members whose businesses or activities are similar or related with respect to the liability to which members are exposed by virtue of any related, similar, or common business, trade, product, service, premises, or operation; and

    (d)is domiciled in any state. See Montana Code 33-11-102

  • Qualified bank: means :

    (a)a national bank, state bank, or trust company that at all times is adequately capitalized as determined by standards adopted by United States banking regulators and that is either regulated by state banking laws or is a member of the federal reserve system; or

    (b)a bank or trust company incorporated or organized under the laws of a country other than the United States that is regulated as a bank or trust company by that country's government or an agency of that government and that at all times is adequately capitalized as determined by the standards adopted by international banking authorities. See Montana Code 33-12-102

  • Qualified business entity: means a business entity that is:

    (a)an issuer of obligations or preferred stock that is rated 1 or 2 by the SVO or an issuer of obligations, preferred stock, or derivative instruments that are rated the equivalent of 1 or 2 by the SVO or by a nationally recognized statistical rating organization recognized by the SVO; or

    (b)a primary dealer in United States government securities recognized by the federal reserve bank of New York. See Montana Code 33-12-102

  • Qualified clearinghouse: means a clearinghouse for, and subject to the rules of, a qualified exchange or a qualified foreign exchange, which provides clearing services, including acting as a counterparty to each of the parties to a transaction so that the parties no longer have a credit risk as to each other. See Montana Code 33-12-102
  • Qualified exchange: means :

    (a)a securities exchange registered as a national securities exchange or a securities market regulated under the Securities Exchange Act of 1934 (15 U. See Montana Code 33-12-102

  • Qualified foreign exchange: means a foreign exchange, board of trade, or contract market located outside the United States or its territories or possessions:

    (a)that has received regulatory comparability relief under commodity futures trading commission rule 30. See Montana Code 33-12-102

  • Qualified guarantor: means a guarantor against which an insurer has a direct claim for full and timely payment, evidenced by a contractual right for which an enforcement action can be brought in a domestic jurisdiction. See Montana Code 33-12-102
  • Qualified primary credit source: means the credit source to which an insurer looks for payment as to an investment and against which an insurer has a direct claim for full and timely payment, evidenced by a contractual right for which an enforcement action can be brought in a domestic jurisdiction. See Montana Code 33-12-102
  • Rated credit instrument: means a contractual right to receive cash or another rated credit instrument from another entity if the instrument:

    (i)is rated or required to be rated by the SVO;

    (ii)in the case of an instrument with a maturity of 397 days or less, is issued, guaranteed, or insured by an entity that is rated by, or another obligation of the entity is rated by, the SVO or by a nationally recognized statistical rating organization recognized by the SVO;

    (iii)in the case of an instrument with a maturity of 90 days or less, is issued by a qualified bank;

    (iv)is a share of a class one bond mutual fund; or

    (v)is a share of a money market mutual fund. See Montana Code 33-12-102

  • Real estate: means :

    (i)real property;

    (ii)interests in real property, such as leaseholds, minerals, oil, and gas, that have not been separated from the underlying fee interest;

    (iii)improvements and fixtures located on or in real property; and

    (iv)the seller's equity in a contract providing for a deed of real estate. See Montana Code 33-12-102

  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Real property: means lands, tenements, hereditaments, and possessory title to public lands. See Montana Code 1-1-205
  • Receivership court: means the court in the insolvent or impaired insurer's state that has jurisdiction over the supervision, rehabilitation, or liquidation of the insurer. See Montana Code 33-10-202
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Replication transaction: means a derivative transaction that is intended to replicate the performance of one or more assets that an insurer is authorized to acquire under this chapter. See Montana Code 33-12-102
  • Repurchase transaction: means a transaction in which an insurer purchases securities from a business entity that is obligated to repurchase the purchased securities or equivalent securities from the insurer at a specified price, either within a specified period of time or upon demand. See Montana Code 33-12-102
  • Required liabilities: means total liabilities required to be reported on the statutory financial statement of the insurer most recently required to be filed with the commissioner. See Montana Code 33-12-102
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Resident: means a person to whom a contractual obligation is owed and who resides in this state on the date of entry of a court order that determines a member insurer to be an impaired insurer or a court order that determines a member insurer to be an insolvent insurer. See Montana Code 33-10-202
  • Residential mortgage loan: means a loan primarily secured by a mortgage on real estate improved with a residence for no more than four families. See Montana Code 33-12-102
  • Reverse repurchase transaction: means a transaction in which an insurer sells securities to a business entity and is obligated to repurchase the sold securities or equivalent securities from the business entity at a specified price, either within a specified period of time or upon demand. See Montana Code 33-12-102
  • Risk retention group: means a corporation or other limited liability association formed under the laws of any state, Bermuda, or the Cayman Islands:

    (a)whose primary activity consists of assuming and spreading all or any portion of the liability exposure of its group members;

    (b)that is organized for the primary purpose of conducting the activity described under subsection (8)(a);

    (c)(i) that is chartered and licensed as a liability insurance company and authorized to engage in the business of insurance under the laws of any state; or

    (ii)that, before January 1, 1985, was chartered or licensed and authorized to engage in the business of insurance under the laws of Bermuda or the Cayman Islands and, before that date, had certified to the insurance regulatory official of at least one state that it satisfied the capitalization requirements of that state. See Montana Code 33-11-102

  • Secured location: means the contiguous real estate owned by one person. See Montana Code 33-12-102
  • Securities lending transaction: means a transaction in which securities are loaned by an insurer to a business entity that is obligated to return the loaned securities or equivalent securities to the insurer, either within a specified period of time or upon demand. See Montana Code 33-12-102
  • Series company: means an investment company that is organized as a series company, as defined in rules adopted under the Investment Company Act of 1940 (15 U. See Montana Code 33-12-102
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Several: means two or more. See Montana Code 1-1-201
  • Shell business entity: means a business entity having no economic substance, except as a vehicle for owning interests in assets issued, owned, or previously owned by a person domiciled in a foreign jurisdiction. See Montana Code 33-12-102
  • Short-term: means investments with a remaining term to maturity of 90 days or less. See Montana Code 33-12-102
  • Sinking fund stock: means preferred stock that:

    (a)is subject to a mandatory sinking fund or similar arrangement that will provide for the redemption or open market purchase of the entire issue over a period not longer than 40 years from the date of acquisition; and

    (b)provides for mandatory sinking fund installments or open market purchases commencing not more than 10 1/2 years from the date of issue, with the sinking fund installments providing for the purchase or redemption, on a cumulative basis commencing 10 years from the date of issue, of at least 2. See Montana Code 33-12-102

  • State: means a state, the District of Columbia, the Commonwealth of Puerto Rico, or a United States possession, territory, or protectorate. See Montana Code 33-10-202
  • State: means any state of the United States or the District of Columbia. See Montana Code 33-11-102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Structured settlement annuity: means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant. See Montana Code 33-10-202
  • Substantially similar securities: means securities that meet all criteria for substantially similar specified in the NAIC Accounting Practices and Procedures Manual, as amended, and in an amount that constitutes good delivery form as determined from time to time by the public securities administration. See Montana Code 33-12-102
  • SVO: means the securities valuation office of the NAIC or any successor office established by the NAIC. See Montana Code 33-12-102
  • Swap: means an agreement to exchange or to net payments at one or more times based on the actual or expected price, level, performance, or value of one or more underlying interests. See Montana Code 33-12-102
  • Total investment of the insurer: includes :

    (a)direct investment by the insurer in an asset; and

    (b)the insurer's proportionate share of an investment in an asset by an investment subsidiary of the insurer, which must be calculated by multiplying the amount of the subsidiary's investment by the percentage of the insurer's ownership interest in the subsidiary. See Montana Code 33-12-102

  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trustee: A person or institution holding and administering property in trust.
  • Unallocated annuity contract: means an annuity contract or group annuity certificate that is not issued to and owned by an individual, except to the extent of annuity benefits guaranteed to an individual by the insurer under the contract or certificate. See Montana Code 33-10-202
  • Underlying interest: means the assets, liabilities, other interests, or a combination of assets, liabilities, or other interests underlying a derivative instrument, such as any one or more securities, currencies, rates, indices, commodities, or derivative instruments. See Montana Code 33-12-102
  • United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
  • Unrestricted surplus: means the amount by which total admitted assets exceed 125% of the insurer's required liabilities. See Montana Code 33-12-102
  • Usual: means according to usage. See Montana Code 1-1-206
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • Verdict: The decision of a petit jury or a judge.
  • Warrant: means an instrument that gives the holder the right to purchase an underlying financial instrument at a given price and time or at a series of prices and times outlined in the warrant agreement. See Montana Code 33-12-102
  • Writing: includes printing. See Montana Code 1-1-203