Montana Code 33-28-108. Examinations and investigations
33-28-108. Examinations and investigations. (1) (a) Except for captive risk retention groups as provided in subsection (1)(b), the commissioner or some competent person appointed by the commissioner may examine the affairs, transactions, accounts, records, and assets of each captive insurance company as often as the commissioner considers advisable.
Terms Used In Montana Code 33-28-108
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Branch business: means any insurance business transacted by a branch captive insurance company in this state. See Montana Code 33-28-101
- Branch captive insurance company: means any foreign captive insurance company authorized by the commissioner to transact the business of insurance in this state through a business unit with a principal place of business in this state. See Montana Code 33-28-101
- Branch operations: means any business operations of a branch captive insurance company in this state. See Montana Code 33-28-101
- Captive insurance company: means any pure captive insurance company, association captive insurance company, protected cell captive insurance company, special purpose captive insurance company, or industrial insured captive insurance company formed or authorized under the provisions of this chapter. See Montana Code 33-28-101
- Captive risk retention group: means a captive insurance risk retention group formed under the laws of this chapter and pursuant to Title 33, chapter 11. See Montana Code 33-28-101
- Foreign captive insurance company: means any captive insurance company formed under the laws of any jurisdiction other than this state. See Montana Code 33-28-101
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- 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
- Subpoena: A command to a witness to appear and give testimony.
- Writing: includes printing. See Montana Code 1-1-203
(b)The commissioner or some competent person appointed by the commissioner shall examine the affairs, transactions, accounts, records, and assets of each captive risk retention group as often as the commissioner considers advisable, but no less frequently than every 5 years.
(c)The expenses and charges of the examination must be paid to the commissioner by the company or companies examined.
(2)The provisions of Title 33, chapter 1, part 4, apply to examinations conducted under this section.
(3)Except as provided in subsection (4), all examination reports, preliminary examination reports or results, working papers, recorded information, documents, and their copies produced by, obtained by, or disclosed to the commissioner or any other person in the course of an examination made under this section are confidential, are not subject to subpoena, and may not be made public by the commissioner or an employee or agent of the commissioner without the written consent of the company or upon court order.
(4)(a) Subsection (3) does not prevent the commissioner from using information obtained pursuant to this section in furtherance of the commissioner’s regulatory authority under Title 33. The commissioner may, in the commissioner’s discretion, grant access to information obtained pursuant to this section to public officers having jurisdiction over the regulation of insurance in any other state or country or to law enforcement officers of this state or any other state or agency of the federal government at any time, as long as the officers receiving the information agree in writing to hold it in a manner consistent with this section.
(b)Captive risk retention group reports produced pursuant to the examination requirements of this section are public records as defined in 2-6-1002.
(5)Except as provided in subsection (6), the provisions of this section apply to all business written by a captive insurance company.
(6)The examination for a branch captive insurance company may only be of branch business and branch operations if the branch captive insurance company has satisfied the requirements of 33-28-107(2)(d) to the satisfaction of the commissioner.
(7)As a condition of authorization of a branch captive insurance company, the foreign captive insurance company shall grant authority to the commissioner for examination of the affairs of the foreign captive insurance company in the jurisdiction in which the foreign captive insurance company is formed.