Montana Code 33-2-118. Mandatory revocation or suspension of certificate of authority
33-2-118. Mandatory revocation or suspension of certificate of authority. (1) The commissioner shall suspend or revoke an insurer’s certificate of authority if:
Terms Used In Montana Code 33-2-118
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(a)such action is required by any provision of this code;
(b)the insurer no longer meets the requirements for the authority originally granted, on account of deficiency of assets or otherwise; or
(c)the insurer’s authority to transact insurance is suspended or revoked by its state of domicile, or state of entry into the United States if an alien insurer.
(2)Except in cases of insolvency or impairment of required capital or surplus or suspension or revocation by another state as referred to in subsection (1)(c) above, the commissioner shall give the insurer at least 15 days’ notice in advance of any such suspension or revocation under this section.