Montana Code 33-10-203. Creation of association — accounts — supervision by commissioner
33-10-203. Creation of association — accounts — supervision by commissioner. (1) There is created a nonprofit legal entity to be known as the Montana life and health insurance guaranty association. A member insurer must be and remain a member of the association as a condition of the member’s authority to transact insurance in this state. The association shall perform functions under the plan of operation established and approved under 33-10-216 and shall exercise powers through a board of directors established under 33-10-204.
Terms Used In Montana Code 33-10-203
- Account: means either of the two accounts created under 33-10-203. See Montana Code 33-10-202
- 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.
- Association: means the Montana life and health insurance guaranty association created under 33-10-203. See Montana Code 33-10-202
- Benefit plan: means a benefit plan for a specific employee, union, or association of natural persons. See Montana Code 33-10-202
- 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whose license or certificate of authority in this state may have been suspended, revoked, not renewed, or voluntarily withdrawn.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
- 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
- Trustee: A person or institution holding and administering property in trust.
(2)For purposes of administration and assessment, the association shall maintain two accounts:
(a)the health insurance account; and
(b)the life insurance and annuity account that includes the following subaccounts:
(i)the life insurance account;
(ii)the annuity account that includes contracts owned by a governmental retirement plan or the plan’s trustee established under section 401, 403(b), or 457 of the Internal Revenue Code, but does not otherwise include unallocated annuities; and
(iii)the unallocated annuity account that must exclude unallocated annuity contracts owned by a governmental retirement benefit plan or the plan’s trustee established under section 401, 403(b), or 457 of the Internal Revenue Code.
(3)The association is under the immediate supervision of the commissioner and is subject to the applicable provisions of the insurance laws of this state.