Montana Code 33-10-230. Tax — writeoffs of certificates of contribution
33-10-230. Tax — writeoffs of certificates of contribution. (1) Unless a longer period has been allowed by the commissioner, a member insurer shall at its option have the right to show a certificate of contribution for a Class B assessment only as an asset in the form approved by the commissioner pursuant to 33-10-227(9), at percentages of the original face amount approved by the commissioner, for calendar years as follows:
Terms Used In Montana Code 33-10-230
- Association: means the Montana life and health insurance guaranty association created under 33-10-203. 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whose license or certificate of authority in this state may have been suspended, revoked, not renewed, or voluntarily withdrawn.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
(a)100% for calendar year of issuance;
(b)80% for the first calendar year after year of issuance;
(c)60% for second calendar year after year of issuance;
(d)40% for third calendar year after year of issuance;
(e)20% for fourth calendar year after year of issuance.
(2)The insurer may offset the amount written off by it in the calendar year under subsection (1) above against its premium tax liability to this state accrued with respect to business transacted in the calendar year.
(3)Any sums acquired by refund, pursuant to 33-10-227(7), from the association which have therefore been written off by contributing insurers and offset against premium taxes as provided in subsection (2) above and are not then needed for purposes of this part must be paid by the association to the commissioner and deposited by the commissioner with the state treasurer for credit to the general fund of this state.