Current as of April 27, 2021 | Updated by FindLaw Staff
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(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.
Cite this article: FindLaw.com - Montana Title 33. Insurance and Insurance Companies § 33-2-305. Licensing of surplus lines insurance producer--license fee - last updated April 27, 2021 | https://codes.findlaw.com/mt/title-33-insurance-and-insurance-companies/mt-code-ann-sect-33-2-305.html
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