Montana Code 33-2-2102. Purpose — scope
33-2-2102. Purpose — scope. (1) The purpose of this part is to:
Terms Used In Montana Code 33-2-2102
- Commissioner: means the insurance commissioner of the state of Montana. See Montana Code 33-2-2103
- Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in 33-2-1101. See Montana Code 33-2-2103
- Insurer: has the meaning provided in 33-1-201, except that it may not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state. See Montana Code 33-2-2103
- 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
(a)provide to the insurance commissioner a summary of an insurer or insurance group‘s corporate governance structure, policies, and practices to permit the commissioner to gain and maintain an understanding of the insurer’s corporate governance framework;
(b)outline the requirements for completing a corporate governance annual disclosure with the insurance commissioner; and
(c)provide for the confidential treatment of the corporate governance annual disclosure and related information that will contain confidential and sensitive information related to an insurer or insurance group’s internal operations and proprietary and trade secret information and that, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage.
(2)(a) Nothing in this part may be construed to prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable state corporate law.
(b)Notwithstanding subsection (2)(a), nothing in this part may be construed to limit the commissioner’s authority or the rights or obligations of third parties under Title 33.
(3)The requirements of this part apply to all insurers domiciled in the state.