33-2-305. Licensing of surplus lines insurance producer -- license fee.
317 words·~1 min read·
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33-2-305 . Licensing of surplus lines insurance producer -- license fee.
(1)If Montana is the home state of the insured, the person placing a contract of surplus lines insurance with an unauthorized insurer must possess a current surplus lines insurance producer's license issued by the commissioner.
(2)The commissioner shall issue licenses to persons to act as surplus lines insurance producers on either a resident or nonresident basis. To be eligible for a resident surplus lines insurance producer license, the person must hold a current property and casualty insurance producer license.
(3)Persons applying for a resident surplus lines insurance producer license shall:
(a)remit to the commissioner the fee prescribed by 33-2-708 ; and
(b)submit to the commissioner a completed license application in a form and manner approved by the commissioner.
(4)Persons applying for a nonresident surplus lines insurance producer license shall comply with 33-17-401 .
(5)The licensee shall renew the license on a form prescribed by the commissioner. The commissioner may establish rules for biennial renewal of the license. A license lapses if not renewed.
(6)A business entity is eligible to be licensed as a surplus lines insurance producer if:
(a)the business entity license lists the individuals within the business entity who have satisfied the requirements of this part to become surplus lines insurance producers; and
(b)only those individuals listed on the business entity license transact surplus lines insurance.
(7)This section may not be construed to require agents, producers, or brokers acting as intermediaries between a surplus lines insurance producer and an unauthorized insurer under this part to hold a valid Montana surplus lines insurance producer's license.
(8)This section may not be construed to require a surplus lines insurance producer license for independently procured insurance.
(9)The commissioner may participate in the national association of insurance commissioners' producer licensing database regarding surplus lines insurance producer licensing.