Title 33, Title 33

(1) The group life insurance policy and certificate must contain a provision that any benefits becoming due by reason of the death of the person insured are payable to the beneficiary designated by the person insured, subject to the provisions of the policy. In the event there is…

The group life insurance policy must contain a provision that the insurer will issue to the policyholder for delivery to each person insured an individual certificate setting forth a statement as to the insurance protection to which the person is entitled, to whom the insurance b…

(1) The group life insurance policy or certificate must contain a provision that if the insurance or any portion of it on a person covered under the policy ceases because of termination of employment or of membership in the class or classes eligible for coverage under the policy,…

(1) A policy of life insurance may not be delivered or issued for delivery in this state if it contains a provision: (a) for a period shorter than that provided by statute within which an action at law or in equity may be commenced on the policy; or (b) that excludes or restricts…

(1) The group life insurance policy or certificate must contain a provision that if the group policy or certificate terminates or is amended to terminate the insurance of any class of insured persons, every person insured under the group policy or certificate at the date of the t…

The group life insurance policy or certificate must contain a provision that if a person insured under the policy or certificate dies during the period that the person would have been entitled to have an individual policy issued to the person in accordance with 33-20-1209 or 33-2…

If an individual insured under a group life insurance policy or certificate delivered in this state becomes entitled under the terms of the policy or certificate to have an individual policy of life insurance issued to the individual without evidence of insurability, subject to m…

Each policy and certificate regulated by this part must contain a provision or its equivalent as follows: "Conformity with Montana statutes. The provisions of this policy or certificate conform to the minimum requirements of Montana law and control over any conflicting statutes o…

No policy of industrial life insurance shall contain any of the following provisions: (1) a provision by which the insurer may deny liability under the policy for the reason that the insured has previously obtained other insurance from the same insurer; (2) a provision giving the…

(1) No insurer shall issue for delivery or deliver in this state any life insurance policy or annuity contract issued under any plan for the segregation of policyholders into mathematical groups and providing benefits for a surviving policyholder of a group arising out of the dea…

Each policy regulated by this part must contain a provision or the equivalent thereto as follows: "Conformity with Montana statutes. The provisions of this policy conform to the minimum requirements of Montana law and control over any conflicting statutes of any state in which th…

At the time of policy delivery, a summary must be delivered to the insured for an individual life insurance policy that provides accelerated benefits within the policy or by rider. An individual life insurance policy that provides long-term care benefits must provide a summary as…

When a long-term care benefit, funded through a life insurance vehicle by the acceleration of the death benefit, is in benefit payment status, a monthly report must be provided to the policyholder as provided for in 33-22-1123 and this section. The report must include the followi…

This part may be cited as the "Viatical Settlement Act".

As used in this part, unless the context requires otherwise, the following definitions apply: (1) "Financing entity" means an underwriter, placement agent, lender, or any entity, other than a nonaccredited investor, that has a direct ownership in a policy or certificate that is t…

(1) A person may not act as or purport to be a viatical settlement provider unless licensed as a viatical settlement provider under this part. (2) (a) Except as provided in subsections (2)(b) and (2)(c), an individual may not broker, solicit, or negotiate viatical settlement cont…

(1) The commissioner may issue a license to the applicant if the commissioner determines that the applicant: (a) has satisfied all of the requirements for the license for which an application is made; (b) has not engaged in conduct that would authorize the commissioner to refuse …

(1) A license issued under this part expires on its expiration date unless it is renewed on or before its expiration date. (2) Unless the commissioner designates another date, a license expires on the last day of the month in which the second anniversary of the initial issuance d…

A licensee shall immediately notify the commissioner of any material change in ownership or control or in any other matter affecting the qualification of the licensee for the license in this state, including keeping the commissioner informed about personnel and address changes.

(1) The commissioner may suspend, revoke, refuse to issue, or refuse to renew a license if the commissioner determines that the licensee or applicant for a license is untrustworthy or incompetent to act as a licensee or is guilty of one or more of the following: (a) dishonesty, f…

(1) A viatical settlement contract must be in writing. A viatical settlement provider shall establish in the contract the terms under which the viatical settlement provider will pay compensation or anything of value in return for the policyholder's or certificate holder's assignm…

Unless the commissioner grants a time extension, a viatical settlement provider shall file a report for the preceding calendar year with the commissioner on or before March 1 of each year. The report must be in the form and must contain the information that the commissioner presc…

(1) Subject to the provisions of 33-20-101(2) and except as provided in 33-20-132 through 33-20-136, there must be a provision that after 3 full years' premiums have been paid and after the policy or certificate has a cash surrender value and while a premium is not in default bey…

(1) The commissioner may examine the business and practices of any licensee or applicant for a license when the commissioner determines an examination to be necessary. The commissioner may order a licensee or applicant to produce any records, books, files, or other information re…

A viatical settlement provider shall disclose the information specified in this section to the policyholder or certificate holder entering the viatical settlement contract prior to the date on which the viatical settlement contract is signed by all parties. The disclosure must be…

(1) Before a viatical settlement provider enters into a viatical settlement contract with a policyholder or certificate holder who has a terminal illness or condition, the viatical settlement provider shall first obtain the following: (a) a written statement from an attending phy…

(1) A person may not enter into a viatical settlement contract within a 2-year period from the date of issuance of an insurance policy or certificate unless the person certifies to the viatical settlement provider that one or more of the following conditions have been met within …

(1) Within 3 business days after receipt of documents from the policyholder or certificate holder effecting the transfer of the insurance policy or certificate, the viatical settlement provider shall pay the proceeds of the settlement to an escrow or trust account managed by a tr…

The commissioner may, in accordance with the provisions of 33-1-313, adopt rules for the purpose of carrying out this part. In addition, the commissioner: (1) may establish standards for evaluating reasonableness of payments under viatical settlement contracts for insured individ…

(1) For viatical settlement providers, the provisions of Title 33, chapter 1, part 6, apply. (2) For viatical settlement brokers, service of process must be made pursuant to 35-7-113 or in any other manner permitted by law.

(1) A viatical settlement provider shall disclose the information specified in this section to a viatical settlement purchaser prior to the date on which the parties sign the viatical settlement purchase agreement. (2) The viatical settlement purchaser shall date and sign the inf…

(1) If there is more than one owner on a single life insurance policy and the owners are residents of different states, the viatical settlement contract is governed by the law of the state in which the owner having the largest percentage ownership resides or, if the owners hold e…

The purpose of 33-20-132 through 33-20-136 is to permit and set guidelines for life insurers to include in life insurance policies issued after October 1, 1985, a provision for periodic adjustment of policy loan interest rates.

The provisions of 33-20-132 through 33-20-136 do not apply to: (1) term policies; (2) term insurance benefits provided by rider or supplemental policy provisions; or (3) industrial life insurance policies except as provided in 33-20-112.

For purposes of 33-20-132 through 33-20-136, the "published monthly average" means: (1) Moody's corporate bond yield average--monthly average corporates, as published by Moody's investors service, incorporated; or (2) in the event that Moody's corporate bond yield average--monthl…

(1) (a) Life insurance policies issued on or after October 1, 1985, may have a provision permitting policy loan interest rates as follows: (i) a maximum interest rate of not more than 8% a year; or (ii) an adjustable maximum interest rate established from time to time by the life…

The provisions of 33-20-132 through 33-20-135 do not apply to any insurance contract issued before October 1, 1985, unless the policyholder agrees in writing to the applicability of such provisions.

This part may be cited as the "Structured Settlement Protection Act".

As used in this part, unless the context requires otherwise, the following definitions apply: (1) "Annuity issuer" means an insurer that has issued a contract to fund periodic payments under a structured settlement. (2) "Consideration" has the meaning provided in 28-2-801. (3) "D…

No less than 3 days prior to the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a written disclosure statement separate from the transfer agreement that sets forth in bold type no smaller than 14 points: (1) the amounts and the due dat…

A direct or indirect transfer of a structured settlement payment right is not effective and a structured settlement obligor or annuity issuer is not required to make a payment directly or indirectly to a transferee of a structured settlement payment right unless a final court ord…

After the transfer of a structured settlement payment right pursuant to this part: (1) the structured settlement obligor and the annuity issuer are discharged and released from liability for the transferred payments to all parties except to the transferee; (2) the transferee is l…

After the transfer of a structured settlement payment right pursuant to this part, any further transfer by the payee is subject to all of the requirements of this part.

(1) A transferee may apply under this part for approval of a transfer of a structured settlement payment right: (a) in the county in which the payee resides; (b) in the county in which the structured settlement obligor or the annuity issuer maintains a principal place of business…

A payee may not waive the provisions of this part.

(1) A transfer agreement entered into on or after October 1, 2005, by a payee who resides in this state must provide that disputes under the transfer agreement, including a claim that the payee has breached the agreement, must be determined in this state under the laws of this st…