Records -- tax and fee statement

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33-2-310. Records -- tax and fee statement. (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) By the reporting date established by the commissioner by rule, the surplus lines insurance producer shall file with the commissioner or with the clearinghouse if requested by the commissioner a tax and fee statement for the preceding reporting period. The commissioner shall establish by rule the content and form of the tax and fee statement that must include but is not limited to:

(a) name and principal residence of the insured or the address at which the insured maintains its principal place of business;

(b) a brief and general description of the risk or exposure insured and where located;

(c) name and home office address of each insurer providing the surplus lines insurance;

(d) amount of each surplus lines insurance policy, the premium rate, and the gross premium charged for the policy;

(e) date and term of the policy;

(f) amount of premium returned on each policy canceled or not taken;

(g) amount of tax and other sums to be collected from the insured;

(h) identity of the producing insurance producer; and

(i) additional information that the commissioner may reasonably require.

(3) If Montana is the home state of the insured, an insured that has independently procured insurance shall report the surplus lines insurance transaction to the commissioner or the clearinghouse if requested by the commissioner in a manner and format prescribed by the commissioner. The insured is responsible for payment of the taxes, stamping fees, and clearinghouse processing fees associated with the surplus lines insurance transaction and is subject to the penalties under this part for failure to timely pay the taxes and fees.

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; amd. Sec. 9, Ch. 350, L. 2011.


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