Montana Code 33-28-107. Reports and statements
33-28-107. Reports and statements. (1) A captive insurance company is not required to make an annual report except as provided in this section.
Terms Used In Montana Code 33-28-107
- Branch captive insurance company: means any foreign captive insurance company authorized by the commissioner to transact the business of insurance in this state through a business unit with a principal place of business in this state. See Montana Code 33-28-101
- Captive insurance company: means any pure captive insurance company, association captive insurance company, protected cell captive insurance company, special purpose captive insurance company, or industrial insured captive insurance company formed or authorized under the provisions of this chapter. See Montana Code 33-28-101
- Captive risk retention group: means a captive insurance risk retention group formed under the laws of this chapter and pursuant to Title 33, chapter 11. See Montana Code 33-28-101
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Foreign captive insurance company: means any captive insurance company formed under the laws of any jurisdiction other than this state. See Montana Code 33-28-101
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Member: means a sole proprietorship or business entity that belongs to an association. See Montana Code 33-28-101
- Oath: includes an affirmation or declaration. See Montana Code 1-1-201
- Oath: A promise to tell the truth.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)(a) Except as provided in subsection (2)(b), on or before April 1 of each year, each captive insurance company shall submit to the commissioner a report of its financial condition in a form and manner as required by the commissioner, verified by oath of two of its executive officers. On or before March 1 of each year, a captive risk retention group shall submit to the commissioner a report of its financial condition in a form and manner as required by the commissioner and verified by oath by two of its executive officers.
(b)A captive insurance company, other than a captive risk retention group, may make written application for filing the required report on a fiscal yearend basis. If an alternative reporting date is granted:
(i)the required report is due 90 days after fiscal yearend; and
(ii)in order to provide sufficient information to support the premium tax return, a captive insurance company shall file a report acceptable to the commissioner prior to April 1 of each year for the prior calendar yearend.
(c)Each captive insurance company shall report using generally accepted accounting principles, unless the commissioner requires the use of statutory accounting principles, with any necessary or useful modifications or additions required by the commissioner. The commissioner may also require the report to be supplemented by additional information.
(d)On or before April 1 of each year, each branch captive insurance company shall submit to the commissioner a copy of all reports and statements required to be filed under the laws in which the foreign captive insurance company is formed, verified by oath of two of its executive officers. If the commissioner is satisfied that the annual report filed by the foreign captive insurance company in its domiciliary jurisdiction provides adequate information concerning the financial condition of the foreign captive insurance company, the commissioner may waive the requirement for completion of the captive annual statement for business written in the foreign jurisdiction.
(3)The commissioner shall consider financial statements filed pursuant to this section as confidential.
(4)(a) Captive risk retention groups shall file reports and statements in accordance with Title 33, chapter 2, part 7, except that a captive risk retention group may file using generally accepted accounting principles. The filing may include letters of credit that are established, issued, or confirmed by a bank chartered in this state, a member of the federal reserve system, or a bank chartered by another state if that state-chartered bank is acceptable to the commissioner.
(b)The filings in subsection (4)(a) are required on an annual and quarterly basis.