Table of Contents TITLE 33. INSURANCE AND INSURANCE COMPANIES CHAPTER 3. DOMESTIC STOCK AND MUTUAL INSURERS Part 4. Finance

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33-3-401 — Home office and records –... 33-3-402 — Vouchers for expenditures 33-3-411 — Contingent liability of m... 33-3-412 — Levy of contingent liabil... 33-3-413 — Enforcement of contingent... 33-3-414 — Nonassessable policies of... 33-3-415 — Insufficient reserves – n... 33-3-421 — Participating policies 33-3-422 — Dividends to stockholders 33-3-423 — Dividends to mutual polic... 33-3-424 — Illegal dividends – admin... 33-3-431 — Borrowed surplus 33-3-432 — Impairment of capital or... 33-3-433 — Assessment of stockholder... 33-3-434 — Directors' liability for... 33-3-435 — Stock transfer during imp... 33-3-436 — Mutual member's share of... 33-3-441 — Equity securities of dome... 33-3-442 — Inside trading of securit... 33-3-443 — Short sales of equity sec... 33-3-444 — Exemptions – securities h... 33-3-445 — Exemptions – arbitrage tr... 33-3-446 — Exemptions – registered s... 33-3-447 — Rules of commissioner – c... 33-3-450 — Purpose 33-3-451 — Definitions 33-3-452 — Use of book-entry systems... 33-3-453 — Deposit of securities by...

Mont. Code Ann. § 33-3-444

Exemptions – securities held in an investment account – primary or secondary market – rules

(1) The provisions of 33-3-442 do not apply to any purchase and sale, or sale and purchase, and the provisions of 33-3-443 do not apply to any sale of an equity security of a domestic stock insurance company not then or later held by a person in an investment account by a broker-dealer in the ordinary course of business and incident to the establishment or maintenance by the broker-dealer of a primary or secondary market, except on an exchange as defined in the Securities Exchange Act of 1934, for the security.

(2) The commissioner may, by rules that the commissioner considers necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.

Official Annotations archive.org, 2025 edition

History:

EnactedEn. SectionSec. 4, ChapterCh. 159, Laws ofL. 1965

Revised Codes of MontanaR.C.M. 1947, 40-4754

AmendedAmd. SectionSec. 1144, ChapterCh. 56, Laws ofL. 2009 (HB 37 - Campbell, Margarett (D) HD 31)

Source text on leg.mt.gov