6.6.3823    ASSUMING INSURER THAT MAINTAINS A TRUST FUND - INSUFFICIENT TRUST FUNDS OR TRUST FUND GRANTOR DECLARED INSOLVENT OR PLACED INTO RECEIVERSHIP, REHABILITATION, LIQUIDATION, OR SIMILAR PROCEEDINGS

(1) If the trust fund is inadequate because it contains an amount less than required by 33-2-1216, MCA, or by ARM 6.6.3810 through 6.6.3869, or if the grantor of the trust has been declared insolvent or placed into receivership, rehabilitation, liquidation, or similar proceedings under the laws of its state or country of domicile, the trustee shall comply with an order of the commissioner with regulatory oversight over the trust in accordance with the laws of the state in which the trust is domiciled or with an order of a court of competent jurisdiction directing the trustee to transfer to the commissioner with regulatory oversight over the trust in accordance with the laws of the state in which the trust is domiciled or other designated receiver all of the assets of the trust fund.

(2) Once so transferred, the trust fund assets shall be distributed by the commissioner described above pursuant to claims filed and valued by the commissioner with regulatory oversight over the trust in accordance with the laws of the state in which the trust is domiciled. Assets of the trust fund unclaimed or disallowed by the commissioner shall be distributed in accordance with the trust agreement.

History: 33-1-313, 33-2-1517, MCA; IMP, 33-2-1216, MCA; NEW, 2016 MAR p. 2186, Eff. 11/26/16.