33-2-310. Records and annual statement -- affidavit. - Montana Statutes

     33-2-310. Records and annual statement -- affidavit. (1) Each surplus lines insurance producer shall keep a separate record and account of all business transacted under the producer's license, including a copy of each daily report, if any, or of each policy, certificate of insurance, cover note, or other evidence of insurance issued or delivered by the producer. The records must be available for examination by the commissioner at any reasonable time within 5 years after the issuance of the surplus lines insurance to which it relates.
     (2) Prior to April 1 of each year, the surplus lines insurance producer shall file with the commissioner a statement for the preceding calendar year showing:
     (a) name and address of each insured for whom surplus lines insurance was procured;
     (b) name and home office address of each insurer providing the surplus lines insurance;
     (c) amount of each surplus lines insurance policy, the premium rate, and the gross premium charged for the policy;
     (d) date and term of the policy;
     (e) amount of premium returned on each policy canceled or not taken;
     (f) amount of tax and other sums to be collected from the insured;
     (g) identity of the producing insurance producer; and
     (h) additional information that the commissioner may reasonably require.
     (3) Each producing insurance producer shall execute and each surplus lines insurance producer shall file an affidavit, on a standardized form furnished by the commissioner, as to the diligent efforts to place the coverage with authorized insurers and the results of the efforts. An affidavit filed under this subsection is subject to public inspection unless the commissioner determines that the public interest requires otherwise. The producing insurance producer shall state in the affidavit that the producer has expressly advised the insured prior to placing the insurance that:
     (a) the surplus lines insurer with whom the insurance is placed is not authorized in this state and is not subject to the same supervision as an authorized insurer; and
     (b) in the event of the insolvency of the surplus lines insurer, the property and casualty guaranty fund of the state will not pay losses under the surplus lines coverage.

     History: En. Sec. 194, Ch. 286, L. 1959; R.C.M. 1947, 40-3419; amd. Sec. 13, Ch. 537, L. 1987; amd. Sec. 7, Ch. 285, L. 1989; amd. Secs. 1, 2, Ch. 713, L. 1989; amd. Sec. 1083, Ch. 56, L. 2009.