Montana Code 33-15-1101. Purpose — applicability
33-15-1101. Purpose — applicability. (1) The purpose of this part is to protect the public with regard to insurance transactions that involve cancellation, renewal, nonrenewal, or premium increases on contracts of property or casualty insurance by:
Terms Used In Montana Code 33-15-1101
- Cancellation: means the decision by the insurer to terminate an insurance policy prior to the expiration of its term. See Montana Code 33-15-1102
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Contract: A legal written agreement that becomes binding when signed.
- Premium: means the contractual consideration charged to an insured for insurance for a specified period of time, regardless of the timing of actual charges. See Montana Code 33-15-1102
- Property: means real and personal property. See Montana Code 1-1-205
- Renewal: means an agreement between an insurer and an insured to extend or continue an existing insurance policy for 90 days or more. See Montana Code 33-15-1102
(a)regulating the grounds for midterm cancellation of an insurance policy;
(b)except as provided in 33-15-1108, prohibiting midterm increases in premiums;
(c)increasing the opportunity for insureds to shop for replacement or substitute insurance;
(d)reducing the opportunity for breach of contract, misrepresentation by omission or untimely disclosure, and unfair discrimination among insureds; and
(e)increasing the opportunity for insurance producers to compete freely.
(2)This part applies to those forms of insurance defined in 33-1-206 and 33-1-210, except to the extent they conflict with chapter 23 of this title.
(3)This part does not limit the activities that may constitute undefined unfair trade practices prohibited by 33-18-1003. The commissioner may apply other provisions of this code to insurance transactions involving cancellation, renewal, nonrenewal, or premium increases on contracts of property or casualty insurance. Policies may provide terms more favorable to insureds than are required by this part. The rights provided by this part are in addition to and do not prejudice any other rights that the insured may have under common law, statutes, or rules.