Montana Code 33-2-310. Records — tax and fee statement
33-2-310. Records — tax and fee statement. (1) Each surplus lines insurance producer shall keep a separate record and account of all business transacted under the producer’s license, including a copy of each daily report, if any, or of each policy, certificate of insurance, cover note, or other evidence of insurance issued or delivered by the producer. The records must be available for examination by the commissioner at any reasonable time within 5 years after the issuance of the surplus lines insurance to which it relates.
Terms Used In Montana Code 33-2-310
- 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.
- Home state: means , with respect to an insured:
(i)the state in which the insured maintains its principal place of business or, in the case of an individual, the individual's principal residence;
(ii)if 100% of the insured risk is located outside the state referred to in subsection (3)(k)(i), the state with the greatest allocated percentage of the insured's taxable premium for that surplus lines insurance contract;
(iii)if more than one insured from an affiliated group are named insureds on a single surplus lines insurance contract, the home state as determined under subsection (3)(k)(i) or (3)(k)(ii) for the member of the affiliated group that has the largest percentage of premium attributed to it under the surplus lines insurance contract; or
(iv)if a group policyholder pays 100% of the premium from its own funds, the home state of the group policyholder as determined under subsection (3)(k)(i) or, if a group policyholder does not pay 100% of the premiums from its own funds, the home state of the group member as determined under subsection (3)(k)(i). See Montana Code 33-2-301
- Independently procured insurance: means surplus lines insurance procured directly by an insured from an eligible surplus lines insurer. See Montana Code 33-2-301
- Principal place of business: means the state where the insured business maintains its headquarters and where the insured's high-level officers direct, control, and coordinate the business activities of the insured. See Montana Code 33-2-301
- Principal residence: means the state where an individual insured resides for the greatest number of days during a calendar year or, if the insured's principal residence is located outside of any state, the state to which the greatest percentage of the insured's taxable premium for that insurance contract is located. See Montana Code 33-2-301
- Producing insurance producer: means a Montana-licensed property and casualty insurance producer dealing directly with a person seeking insurance. See Montana Code 33-2-301
- Surplus lines insurance: means any property, casualty, or inland marine insurance permitted in a state to be placed directly or through a surplus lines insurance producer with an unauthorized insurer eligible to accept the insurance. See Montana Code 33-2-301
- Surplus lines insurance producer: means an individual or business entity licensed under 33-2-305 to place surplus lines insurance on risks resident, located, or to be performed in this state with unauthorized insurers eligible to accept the insurance. See Montana Code 33-2-301
(2)By the reporting date established by the commissioner by rule, the surplus lines insurance producer shall file with the commissioner or with the clearinghouse if requested by the commissioner a tax and fee statement for the preceding reporting period. The commissioner shall establish by rule the content and form of the tax and fee statement that must include but is not limited to:
(a)name and principal residence of the insured or the address at which the insured maintains its principal place of business;
(b)a brief and general description of the risk or exposure insured and where located;
(c)name and home office address of each insurer providing the surplus lines insurance;
(d)amount of each surplus lines insurance policy, the premium rate, and the gross premium charged for the policy;
(e)date and term of the policy;
(f)amount of premium returned on each policy canceled or not taken;
(g)amount of tax and other sums to be collected from the insured;
(h)identity of the producing insurance producer; and
(i)additional information that the commissioner may reasonably require.
(3)If Montana is the home state of the insured, an insured that has independently procured insurance shall report the surplus lines insurance transaction to the commissioner or the clearinghouse if requested by the commissioner in a manner and format prescribed by the commissioner. The insured is responsible for payment of the taxes, stamping fees, and clearinghouse processing fees associated with the surplus lines insurance transaction and is subject to the penalties under this part for failure to timely pay the taxes and fees.