Table of Contents TITLE 80. AGRICULTURE CHAPTER 2. AGRICULTURAL SERVICES Part 2. Hail Insurance
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80-2-201 80-2-202 80-2-203 80-2-204 80-2-205 80-2-206 80-2-207 80-2-208 80-2-209 80-2-220 80-2-221 80-2-222 80-2-224 80-2-225 80-2-227 80-2-228 80-2-229 80-2-230 80-2-232 80-2-241 80-2-242 80-2-243 80-2-244 80-2-245

Mont. Code Ann. § 80-2-228

(2021)

Reserve fund

(1) Each year when the hail board sets its annual fee for the payment of current losses, for expenses of administration, and for an addition to the reserve if conditions permit, it may not increase the fee enough in any year so that the addition to the reserve will exceed 5% of the maximum risk written for that year.

(2) The board may engage the services of a qualified actuary to conduct an actuarial valuation of the reserve. This valuation may include the actuary's determination of the amount of reserve necessary to absorb all reasonably anticipated catastrophic losses. This amount is the maximum permissible reserve fund for the next year.

(3) The reserve must be deposited in an enterprise fund.

(4) The board may not draw on the reserve for any purpose unless the amount required for the payment of losses for the current year, including interest on warrants and costs of administration, exceeds the amount of the estimate made by the board for the current year pursuant to 80-2-221.

Official Annotations archive.org, 2021 edition
History:
En. Sec. 2, Ch. 34, L. 1919
Re-en. Sec. 352, R.C.M. 1921
Amd. Sec. 5, Ch. 40, L. 1923
Amd. Sec. 1, Ch. 8, L. 1929
Re-en. Sec. 352, R.C.M. 1935
Amd. Sec. 3, Ch. 200, L. 1953
Amd. Sec. 1, Ch. 20, L. 1957
Amd. Sec. 73, Ch. 147, L. 1963
Amd. Sec. 3, Ch. 154, L. 1975
Amd. Sec. 3, Ch. 16, L. 1977
R.C.M. 1947, 82-1507(3) thru (6)
Amd. Sec. 40, Ch. 281, L. 1983
Amd. Sec. 9, Ch. 691, L. 1983
Amd. Sec. 34, Ch. 703, L. 1985
Amd. Sec. 12, Ch. 628, L. 1989
Amd. Sec. 2, Ch. 69, L. 1993
Amd. Sec. 215, Ch. 574, L. 2001 (HB 124 - Story, Bob (R) HD 24)
Source text on leg.mt.gov