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Montana Laws and Rules fully solved & verified for accuracy 2025(GUARANTEED SUCCESS).
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Montana Laws and Rules fully solved & verified for accuracy 2025(GUARANTEED SUCCESS).
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Montana Laws and Rulesfully solved & verified for
accuracy 2025(GUARANTEED
SUCCESS)
commissioner - answer The Commissioner of Insurance supervises
the operations of the Montana Insurance Department. The
Commissioner also makes rules and regulations to help carry out the
provisions of the Montana insurance code
Examination of Records - answer The Commissioner may conduct a
financial examination as often as deemed appropriate in order to
determine the solvency of the company. At the very least, a
company shall be examined every 5 years.
Hearing - answer The Commissioner may hold a hearing whenever
deemed necessary. All hearing must be held or refused within 30
days after Commissioner receives the demand. The Commissioner
must give notice of the time and place of a hearing at least 10 days
in advance.
Penalties - answer After the hearing, The Commissioner can impose
a fine of up to $25,000 upon anyone who violates the Montana
insurance code. (up to $5,000 for insurance producers.
Cease and Desist - answer The Commissioner can issue and cease
and desist order to anyone violating the Montana insurance code.
Annual Statements - answer All insurance companies authorized to
do business in Montana must file with the commissioner a
statement of their financial position by March 1st of each year.
, Approval of Forms - answer All insurance forms must be filed with
and approved by the Commissioner at least 60 days before delivery.
Premium - answer Premium is consideration or payment for
insurance coverage. Premiums are sometimes called assessments,
policy fees, or service fees.
Policy - answer A policy is a written contract for insurance, including
all clauses, riders, endorsements, and attached papers.
Insurance Producer - answer An individual who in many manners
sells, solicits, or negotiates insurance on behalf of insurance
companies for compensation is a insurance producer.
Managing General Agent - answer A Managing General Agent is
appointed by an insurer to supervise the insurer's business in
Montana. This person is an independent contractor who may appoint
and terminate a producers for the insurer.
Adjuster - answer An adjuster is an independent contractor who
investigates and negotiates claim settlements for a fee on behalf of
the insurer.
Administrator - answer An administrator has the authority to collect
insurance fees or premiums from Montana residents as well as
settle claims.
Controlled Business - answer Controlled Coverage is coverage
written by an agent on his/her own life, health, property, immediate
family, or business associates. Most states will not issue a license to
a person if it is determined that their purpose is to write Controlled
Business.
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