State Portion
What must an insurance company doing business is the state of Montana obtain? -
answer Certificate of Authority
What is an insurer permitted to do business in MT referred to as? - answer Authorized
An unauthorized insurer: - answer lacks Certificate of Authority
When can you use an unauthorized insurer to provide coverage? - answer When using
a licensed excess & surplus lines broker
Domestic Insurer: - answer domiciled in MT
Domiciled: - answer location of incorporation
A resident domestic insurer is one that: - answer at least 50% of shareholders is MT
residents
Foreign Insurer - answer domiciled in another state
Alien Insurer - answer domiciled in another country
insurer operated on a nonprofit basis and insures only it's members - answerFraternal
Benefit Society
Who can receive commissions from a Fraternal Benefit Society? - answeronly it's
members
Under state law the commissioner is authorized with powers and duties to: -
answerenforce state insurance laws and administrative regulations
How is the commissioner chosen for the position and for how long? - answerelected for
4 years
Title 33 MT law states: - answercommissioner may regulate insurance transactions
regarding the commissioners own insurance relations, he MAY only: - answerown a
policy
The commissioner does not have the power to: - answerset rates, regulate profits, or
seize commissions
What must an insurance company doing business is the state of Montana obtain? -
answer Certificate of Authority
What is an insurer permitted to do business in MT referred to as? - answer Authorized
An unauthorized insurer: - answer lacks Certificate of Authority
When can you use an unauthorized insurer to provide coverage? - answer When using
a licensed excess & surplus lines broker
Domestic Insurer: - answer domiciled in MT
Domiciled: - answer location of incorporation
A resident domestic insurer is one that: - answer at least 50% of shareholders is MT
residents
Foreign Insurer - answer domiciled in another state
Alien Insurer - answer domiciled in another country
insurer operated on a nonprofit basis and insures only it's members - answerFraternal
Benefit Society
Who can receive commissions from a Fraternal Benefit Society? - answeronly it's
members
Under state law the commissioner is authorized with powers and duties to: -
answerenforce state insurance laws and administrative regulations
How is the commissioner chosen for the position and for how long? - answerelected for
4 years
Title 33 MT law states: - answercommissioner may regulate insurance transactions
regarding the commissioners own insurance relations, he MAY only: - answerown a
policy
The commissioner does not have the power to: - answerset rates, regulate profits, or
seize commissions
