33-10-202. Definitions. As used in this part, the following definitions apply:
     (1) "Account" means either of the two accounts created under 33-10-203.
     (2) "Association" means the Montana life and health insurance guaranty association created under 33-10-203.
     (3) "Contractual obligation" means any obligation under covered policies.
     (4) "Covered policy" means any policy or contract within the scope of this part under 33-10-201(4) through (6).
     (5) "Impaired insurer" means:
     (a) an insurer that becomes insolvent and is placed under a final order of liquidation, rehabilitation, or supervision by a court of competent jurisdiction; or
     (b) an insurer considered by the commissioner to be unable or potentially unable to fulfill its contractual obligations.
     (6) (a) "Member insurer" means an insurer that is licensed or that holds a certificate of authority to transact any kind of insurance in this state for which coverage is provided under 33-10-201 and 33-10-224 and includes any insurer whose license or certificate of authority may have been suspended, revoked, not renewed, or voluntarily withdrawn.
     (b) The term does not include:
     (i) a health service corporation;
     (ii) a health maintenance organization;
     (iii) a fraternal benefit society;
     (iv) a mandatory state pooling plan;
     (v) a mutual assessment company or any entity that operates on an assessment basis;
     (vi) an insurance exchange; or
     (vii) an entity similar to any of the entities listed in subsections (6)(b)(i) through (6)(b)(vi).
     (7) "Person" means any individual, corporation, partnership, association, or voluntary organization.
     (8) (a) "Premiums" means direct gross insurance premiums and annuity considerations written on covered policies, less return premiums and considerations on premiums and dividends paid or credited to policyholders on the direct business.
     (b) The term does not include premiums and considerations on contracts between insurers and reinsurers.
     (c) As used in 33-10-227, premiums are those for the calendar year preceding the determination of impairment.
     (9) "Resident" means a person who resides in this state at the time that the impairment is determined and to whom contractual obligations are owed.
     (10) "Unallocated annuity contract" means an annuity contract or group annuity certificate that is not issued to and owned by an individual, except to the extent of annuity benefits guaranteed to an individual by the insurer under the contract or certificate.

     History: En. 40-5805 by Sec. 5, Ch. 245, L. 1974; R.C.M. 1947, 40-5805(1), (2), (4) thru (10); amd. Sec. 140, Ch. 575, L. 1981; amd. Sec. 2, Ch. 576, L. 1987; amd. Sec. 57, Ch. 596, L. 1993; amd. Sec. 40, Ch. 379, L. 1995; amd. Sec. 145, Ch. 42, L. 1997; amd. Sec. 20, Ch. 531, L. 1997.