33-10-115. Recovery — sequence — nonduplication. (1) Any person having a claim against an insurer under any provision in an insurance policy other than a policy of an insolvent insurer that is also a covered claim must be required to exhaust the person’s right under the policy. Any amount payable on a covered claim under this part must be reduced by the amount of any recovery under the insurance policy.

Terms Used In Montana Code 33-10-115

  • Association: means the Montana insurance guaranty association created under 33-10-103. See Montana Code 33-10-102
  • Covered claim: means an unpaid claim, including one for unearned premiums, that arises out of and is within the coverage and not in excess of the applicable limits of an insurance policy to which this part applies issued by an insurer, if the insurer becomes an insolvent insurer after July 1, 1971, and:

    (i)the claimant or insured is a resident of this state at the time of the insured event; or

    (ii)the property from which the claim arises is permanently located in this state. See Montana Code 33-10-102

  • Insolvent insurer: means an insurer:

    (a)authorized to transact insurance in this state either at the time the policy was issued or when the insured event occurred; and

    (b)against whom an order of liquidation has been entered with a finding of insolvency by a court of competent jurisdiction in the insurer's state of domicile. See Montana Code 33-10-102

  • Person: means any individual, corporation, partnership, association, or voluntary organization. See Montana Code 33-10-102
  • Property: means real and personal property. See Montana Code 1-1-205

(2)Any person having a claim that may be recovered under more than one insurance guaranty association or its equivalent shall seek recovery first from the association of the place of residence of the insured, except that if it is a first party claim for damage to property with a permanent location, the person shall seek recovery first from the association of the location of the property, and if it is a workers’ compensation claim, the person shall seek recovery first from the association of the residence of the claimant. Any recovery under this part must be reduced by the amount of recovery from any other insurance guaranty association or its equivalent.