33-2-305. Licensing of surplus lines insurance producer -- fee. (1) A person may not place a contract of surplus lines insurance with an unauthorized insurer unless the person is licensed as a property and casualty insurance producer and possesses a current surplus lines insurance producer's license issued by the commissioner.
     (2) The commissioner shall issue a surplus lines insurance producer's license to any qualified holder of a current property and casualty insurance producer license only if the insurance producer has:
     (a) remitted to the commissioner the fee prescribed by 33-2-708;
     (b) submitted to the commissioner a completed license application in a form approved by the commissioner; and
     (c) been licensed as a property and casualty insurance producer continuously for 5 years or more.
     (3) The licensee shall renew the license on a form prescribed by the commissioner. The commissioner may establish rules for biennial renewal of the license. A license lapses if not renewed.
     (4) A corporation is eligible to be licensed as a surplus lines insurance producer if:
     (a) the corporate license lists the individuals within the corporation who have satisfied the requirements of this part to become surplus lines insurance producers; and
     (b) only those individuals listed on the corporate license transact surplus lines insurance.
     (5) This section may not be construed to require agents, producers, or brokers acting as intermediaries between a surplus lines insurance producer and an unauthorized insurer under this part to hold a valid Montana surplus lines insurance producer's license.

     History: En. Sec. 189, Ch. 286, L. 1959; R.C.M. 1947, 40-3414; amd. Sec. 6, Ch. 537, L. 1987; amd. Sec. 3, Ch. 285, L. 1989; amd. Secs. 1, 2, Ch. 713, L. 1989; amd. Sec. 1, Ch. 180, L. 1991; amd. Sec. 4, Ch. 451, L. 1993; amd. Sec. 10, Ch. 379, L. 1995; amd. Sec. 6, Ch. 427, L. 2003; amd. Sec. 3, Ch. 469, L. 2005.