Montana Code 33-2-306. Surplus lines insurance producer’s authority under license — acceptance of business from other insurance producers
33-2-306. Surplus lines insurance producer’s authority under license — acceptance of business from other insurance producers. (1) Under a surplus lines insurance producer’s license, the licensee may place surplus lines insurance, in compliance with this part, with a foreign or alien insurer not authorized to transact insurance in this state and may act as a surplus lines insurance producer in this state for the insurer.
Terms Used In Montana Code 33-2-306
- Authorized insurer: means an insurer authorized pursuant to 33-2-101 to transact insurance in this state. See Montana Code 33-2-301
- Business entity: means a corporation, a limited liability company, an association, a partnership, a limited liability partnership, or other legal entity. See Montana Code 33-2-301
- State: means any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa. 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)The surplus lines insurance producer may accept surplus lines insurance from a licensed insurance producer of an authorized insurer or, if the commissioner agrees in advance, through an individual or business entity that has not been appointed as an insurance producer in this state and may provide compensation for the service, notwithstanding 33-17-1103.
(3)A surplus lines insurance producer who places or renews surplus lines insurance in accordance with subsection (1) may collect an inspection fee for the actual costs of inspecting the risk to be covered.