Montana § 33-2-325 - Designation As A Domestic Surplus Lines Insurer -- Requirements -- Scope Of Business Activity Permitted

§ 33-2-325. Designation As A Domestic Surplus Lines Insurer -- Requirements -- Scope Of Business Activity Permitted

Designation as a domestic surplus lines insurer -- requirements -- scope of business activity permitted. (1) A domestic insurer possessing minimum capital and surplus of at least $15 million, pursuant to a resolution by its board of directors and on the written approval of the commissioner, may be designated as a domestic surplus lines insurer. A domestic surplus lines insurer must be considered an unauthorized insurer only for the purposes of writing surplus lines insurance coverage pursuant to the requirements of this section. (2) A domestic surplus lines insurer shall only write surplus lines insurance in this state procured pursuant to the requirements of this title. A domestic surplus lines insurer may write surplus lines insurance in any other jurisdiction in which the insurer is eligible to write surplus lines insurance if the domestic surplus lines insurer complies with any requirements of that jurisdiction. (3) Insurance written by a domestic surplus lines insurer is subject to the tax on premiums required by 33-2-311 and is exempt from the tax on premiums required by 33-2-705 . (4) A domestic surplus lines insurer must be considered a nonadmitted insurer as referenced in 15 U.S.C. 8206 with respect to surplus lines insurance issued in this state. (5) Surplus lines insurance policies issued in this state by a domestic surplus lines insurer are not subject to the protection or other provisions of the Montana Insurance Guaranty Association Act, Title 33, chapter 10, part 1. (6) Surplus lines insurance policies issued in this state by a domestic surplus lines insurer are not subject to and are exempt from all statutory requirements relating to insurance rating and rating plans, policy forms, and policy cancellation and nonrenewal in the same manner and to the same extent as a surplus lines insurer domiciled in another state.