Montana Code 39-71-325. Claim summary and actuarial documentation for impaired insurer
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39-71-325. Claim summary and actuarial documentation for impaired insurer. (1) An insurer becomes impaired if the insurer:
Terms Used In Montana Code 39-71-325
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
(a)becomes insolvent;
(b)is placed in receivership or administration;
(c)declares bankruptcy; or
(d)seeks protection from its creditors.
(2)An impaired insurer shall, within 30 days of the insurer becoming impaired, furnish the department with a claim summary and actuary information relevant to each claim for which the insurer may have future liability.