33-17-1112. Salaried personnel not to countersign -- exception for emergencies. (1) With respect to policies subject to countersignature requirements under 33-17-1111, only a licensed insurance producer residing in Montana, whose compensation as an insurance producer is by commission computed as a percentage of the premium received on each policy written, has power to countersign as required by 33-17-1111.
     (2) A branch manager, state agent, special agent, general or any other like supervisory agent, or any other representative of the insurer, whose compensation from the insurer is in whole or in part by salary, does not have power to countersign policies or countersignature endorsements to policies; except that in an emergency where it is necessary that an insurance policy be issued without delay and no resident insurance producer having power to execute the policy is then reasonably available, then any other individual having authority from the insurer may execute the policy in the first instance in order to make a contract between the insurer and the obligee or the insured if the policy is subsequently countersigned in fact by a resident insurance producer.

     History: En. Sec. 68, Ch. 286, L. 1959; R.C.M. 1947, 40-2823; amd. Sec. 57, Ch. 713, L. 1989.