Montana § 80-2-228 - Reserve Fund
Full text of Montana Montana Code Annotated § 80-2-228 — Reserve Fund, with citation guidance and answers to common questions.
§ 80-2-228. Reserve Fund
Reserve fund. (1) Each year when the hail board sets its annual fee for the payment of current losses, for expenses of administration, and for an addition to the reserve if conditions permit, it may not increase the fee enough in any year so that the addition to the reserve will exceed 5% of the maximum risk written for that year. (2) The board may engage the services of a qualified actuary to conduct an actuarial valuation of the reserve. This valuation may include the actuary's determination of the amount of reserve necessary to absorb all reasonably anticipated catastrophic losses. This amount is the maximum permissible reserve fund for the next year. (3) The reserve must be deposited in an enterprise fund. (4) The board may not draw on the reserve for any purpose unless the amount required for the payment of losses for the current year, including interest on warrants and costs of administration, exceeds the amount of the estimate made by the board for the current year pursuant to 80-2-221 .
Frequently Asked Questions About Montana § 80-2-228
What does Montana Code Annotated § 80-2-228 cover?
Section 80-2-228 ("Reserve Fund") is part of the Montana Code Annotated, the codified statutory law of Montana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Montana § 80-2-228?
A common citation format is "Montana Code Annotated § 80-2-228" (Montana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Montana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Montana official source linked on this page or consult a licensed Montana attorney.
How does Montana § 80-2-228 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Montana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Montana.