Montana Code 33-7-532. Insurance producer licensing — fraternal benefit society
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33-7-532. Insurance producer licensing — fraternal benefit society. (1) A society’s insurance producer is considered to be an insurance producer and is subject to the same licensing requirements as insurance producers under Title 33, chapter 17.
Terms Used In Montana Code 33-7-532
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- insurance producer: as used in this chapter , means any authorized or acknowledged insurance producer of a society who acts as an insurance producer in the solicitation, negotiation, or sale of a life insurance, accident and health insurance, or annuity contract. See Montana Code 33-7-525
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Society: means a fraternal benefit society described in 33-7-105. See Montana Code 33-7-108
- 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
(2)A society doing business in this state may not pay to a person who is not a licensed insurance producer of the society any commission or other compensation for any services in obtaining in this state any new contract of life, accident, or health insurance or any new annuity contract.