HOME    SEARCH    ABOUT US    CONTACT US    HELP   
           
Rule: 6.6.2803 Prev     Up     Next    
Rule Title: FILING OF SUBMISSIONS, EXAMINATION OF SUBMISSIONS AND RECORDS RETAINED
Add to My Favorites
Add to Favorites
Department: STATE AUDITOR
Chapter: INSURANCE DEPARTMENT
Subchapter: Surplus Lines Insurance Transactions
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

Printer Friendly Version

6.6.2803    FILING OF SUBMISSIONS, EXAMINATION OF SUBMISSIONS AND RECORDS RETAINED

(1) Every Montana-licensed surplus lines insurance producer and insured who independently procured insurance shall submit to the department all information required to be filed by 33-2-301, et seq., MCA, and these rules.

(2) Surplus lines submissions to the department shall be made in a manner and form approved by the commissioner. There are standardized submission forms available from the department. Submissions may be made by:

(a) sending paper submissions to the department; or

(b) electronically filing submissions via the surplus lines business portal via the department's web site.

(3) All surplus lines submissions must be made to the department within 60 calendar days of the effective date of the policy.

(4) All surplus lines submissions must be complete. Incomplete submissions will not be accepted by the department, and will be returned for correction and resubmission within the foregoing 60 calendar day deadline from the effective date of the policy. If the 60 calendar day deadline has passed when the incomplete submission is returned, the surplus lines insurance producer or insured who independently procured insurance shall resubmit the corrected submission form within ten calendar days from the date the department rejected the incomplete submission.

(5) For electronically filed submissions, the producing insurance producer shall keep a true and correct copy of the completed and signed affirmation section of the paper submission form regarding the diligent search and the information provided to the insured under 33-2-310, MCA. The producing insurance producer shall provide a true and correct copy of the affirmation section of the submission form to the surplus lines insurance producer. These records shall be retained by the producing insurance producer and the surplus lines insurance producer for five years after the issuance of the surplus lines insurance policy to which they relate, and shall be subject to inspection by the department in accord with 33-2-310, MCA.

(6) If coverage is procured through a surplus lines insurance producer, that surplus lines insurance producer shall stamp or notate the first page of each insurance contract, cover note, declarations page, or certificate of insurance procured and delivered as surplus lines insurance with the following completed statement:

 

NOTICE: This coverage is issued by an unauthorized insurer that is an eligible surplus lines insurer. If this insurer becomes insolvent, there is no coverage by the Montana Insurance Guaranty Association under the Montana Insurance Guaranty Association Act.

 

_________________________________________
Printed Name of Surplus Lines Insurance Producer Montana License Number

_________________________________________
Signature of Surplus Lines Insurance Producer

 

(7) Surplus lines insurance producers shall retain records of, and supporting documentation for, all inspection fees charged to insureds under 33-2-306, MCA, and any assessment, membership, or similar fee or charge to insureds to obtain surplus lines insurance if such assessment, membership, or similar fee or charge was payable separately by the insured in consideration of the policy.

(8) Producing insurance producers and surplus lines insurance producers may create and retain electronic records to meet the records retention requirements in 33-2-310, MCA, and these rules, provided that the electronic records are:

(a) archival in nature, such as a scanned copy, so as to preclude the alteration of the record after it is initially stored in the electronic medium; and

(b) capable of duplication to a paper copy that is as legible as the original.

History: 33-1-313, 33-2-316, MCA; IMP, 33-2-301, 33-2-302, 33-2-303, 33-2-305, 33-2-306, 33-2-307, 33-2-308, 33-2-310, 33-2-311, 33-2-312, 33-2-313, 33-2-316, 33-2-321, 33-2-326, MCA, Chap. 350, sections 3, 4, 16, 17, L. of 2011; NEW, 1990 MAR p. 218, Eff. 1/26/90; AMD, 2009 MAR p. 2005, Eff. 10/30/09; AMD, 2011 MAR p. 2624, Eff. 12/9/11.


 

 
MAR Notices Effective From Effective To History Notes
6-198 12/9/2011 Current History: 33-1-313, 33-2-316, MCA; IMP, 33-2-301, 33-2-302, 33-2-303, 33-2-305, 33-2-306, 33-2-307, 33-2-308, 33-2-310, 33-2-311, 33-2-312, 33-2-313, 33-2-316, 33-2-321, 33-2-326, MCA, Chap. 350, sections 3, 4, 16, 17, L. of 2011; NEW, 1990 MAR p. 218, Eff. 1/26/90; AMD, 2009 MAR p. 2005, Eff. 10/30/09; AMD, 2011 MAR p. 2624, Eff. 12/9/11.
6-185 10/30/2009 12/9/2011 History: 33-1-313, 33-2-316, MCA; IMP, 33-2-301, 33-2-302, 33-2-303, 33-2-305, 33-2-306, 33-2-307, 33-2-308, 33-2-310, 33-2-311, 33-2-312, 33-2-313, 33-2-316, 33-2-321, 33-2-326, MCA; NEW, 1990 MAR p. 218, Eff. 1/26/90; AMD, 2009 MAR p. 2005, Eff. 10/30/09.
1/26/1990 10/30/2009 History: Sec. 33-1-313 and 33-2-316, MCA; IMP, 33-2-301 through 33-2-326, MCA; NEW, 1990 MAR p. 218, Eff. 1/26/90.
Home  |   Search  |   About Us  |   Contact Us  |   Help  |   Disclaimer  |   Privacy & Security