Montana Code 33-10-101. Short title, purpose, scope, and construction
33-10-101. Short title, purpose, scope, and construction. (1) This part shall be known and may be cited as the “Montana Insurance Guaranty Association Act”.
Terms Used In Montana Code 33-10-101
- Association: means the Montana insurance guaranty association created under 33-10-103. See Montana Code 33-10-102
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(2)The purpose of this part is to provide a mechanism for the payment of covered claims under certain insurance policies to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders because of the insolvency of an insurer, to assist in the detection and prevention of insurer insolvencies, and to provide an association to assess the cost of such protection among insurers.
(3)This part shall apply to all kinds of direct insurance, except life, title, surety, disability, credit, mortgage guaranty, and ocean marine insurance.
(4)This part shall be liberally construed to effect the purpose under subsection (2) which shall constitute an aid and guide to interpretation.