Montana State Laws - Life and Health Laws
The Commissioner enforces and executes the duties imposed by the ️Insurance Code. All certificates
and licenses issued by the Commissioner must bear the Commissioner's seal.
The Commissioner and any person they appoint/employ may not be financially...
Montana State Laws - Life and Health Laws
The Commissioner enforces and executes the duties imposed by the ✔️Insurance Code. All certificates
and licenses issued by the Commissioner must bear the Commissioner's seal.
The Commissioner and any person they appoint/employ may not be financially interested, directly or
indirectly, in any insurer, insurance agency, or insurance transaction except ✔️as a policyholder or
claimant under a policy.
If the unfair or deceptive practice has not been discontinued, the Commissioner may: ✔️Restrain such
person from the unfair or deceptive practice
Order such person to desist from such practice
Any person who violates a cease and desist order issued is subject to a civil penalty of up to ✔️$25,000,
except that producers and adjusters may be fined up to $5,000 per violation.
The Commissioner may conduct an examination of any insurer as often as ✔️the Commissioner deems
appropriate, but no less frequently than at least once every 5 years.
The Commissioner may examine at their discretion the accounts/records of any producer or adjuster.
In lieu of examining any foreign or alien insurer licensed in this state, the Commissioner may accept an
examination report on the company prepared by ✔️the insurance department for the company's home
state
The foreign examination reports may only be accepted if: ✔️The insurance department was at the time
of the examination accredited under the NAIC's financial regulation standards and accreditation
program
The examination is performed under the supervision of an accredited state insurance department
Any refusal of cooperation with the examiners is grounds for ✔️suspension, refusal, or nonrenewal of
any license or authority held by the company.
, The Commissioner or any appointed examiner has the power to issue subpoenas, administer oaths, and
examine under oath any person concerning any matter pertinent to the examination ✔️If a person fails
or refuses to obey a subpoena, the Commissioner may petition the court of jurisdiction and the court
may order the witness to appear and testify or to produce documentary evidence. Failure to obey the
court order is punishable as contempt of court.
Once an examination is completed, the examiner's report must be filed with the Commissioner within
✔️60 days.
Once received by the Commissioner, the report must be provided to the examined company, which will
then have ______ to make a written submission or rebuttal regarding any matters contained in the
report. ✔️30 days
Within 30 days of the end of the period allowed for the company to submit its rebuttals, the
Commissioner will accept the report as filed or with modifications/corrections. If the company is found
to be in violation of any law, regulation, or prior order, the Commissioner may ✔️order the company to
take any necessary action to end the violation
If the Commissioner rejects the examination report, they must direct the examiners to The
Commissioner may also hold an investigatory hearing with no less than 20 days' notice to the company,
to obtain additional data, documentation, information, and testimony. ✔️reopen the examination to
obtain additional data, documentation, information, or testimony.
If the Commissioner rejects the examination report, The Commissioner may also hold an investigatory
hearing with no less than _______ notice to the company, to obtain additional data, documentation,
information, and testimony. ✔️20 days notice
Once a final report has been adopted and provided to the examined company, it must file an affidavit
that the report and any related orders has been received. This must be done within ______ of receiving
the final examination report. ✔️30 days
Any person who destroys any books, records, or documents required to be kept by an insurer pursuant
to law will be punished by ✔️a fine of up to $25,000, except that the fine imposed upon insurance
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