33-10-102. Definitions. As used in this part, the following definitions apply:
(1) "Association" means the Montana insurance guaranty association created under 33-10-103.
(2) (a) "Covered claim" means an unpaid claim, including one for unearned premiums, which arises out of and is within the coverage and not in excess of the applicable limits of an insurance policy to which this part applies issued by an insurer, if such insurer becomes an insolvent insurer after July 1, 1971, and:
(i) the claimant or insured is a resident of this state at the time of the insured event; or
(ii) the property from which the claim arises is permanently located in this state.
(b) "Covered claim" shall not include any amount due a reinsurer, insurer, insurance pool, or underwriting association, as subrogation recoveries or otherwise.
(3) "Insolvent insurer" means an insurer:
(a) authorized to transact insurance in this state either at the time the policy was issued or when the insured event occurred; and
(b) determined to be insolvent by a court of competent jurisdiction.
(4) "Member insurer" means any person who:
(a) writes any kind of insurance to which this part applies under 33-10-101(3), including the exchange of reciprocal or interinsurance contracts; and
(b) is licensed to transact insurance in this state.
(5) "Net direct written premiums" means direct gross premiums written in this state on insurance policies to which this part applies, less return premiums thereon and dividends paid or credited to policyholders on such direct business. "Net direct written premiums" does not include premiums on contracts between insurers or reinsurers.
(6) "Person" means any individual, corporation, partnership, association, or voluntary organization.
History: En. Sec. 5, Ch. 63, L. 1971; R.C.M. 1947, 40-5705(1), (3) thru (7).