6.6.6804    ADDITIONAL SECURITY

(1) If the commissioner deems that the financial condition of the company warrants additional security, the commissioner may require the company to deposit through the State Auditor's Office in the manner described in 33-2-604, MCA, cash or securities approved by the commissioner or, alternatively, to furnish the commissioner a clean irrevocable letter of credit issued by a bank chartered by the state of Montana or by a member of the bank of the federal reserve system and approved by the commissioner.

(2) The company may receive interest or dividends from the deposit, or exchange the deposits for other of equal value with the prior approval of the commissioner.

(3) If the company discontinues business, the commissioner shall return the deposit only after the commissioner is satisfied that all obligations of the company have been discharged.

History: 33-28-206, MCA; IMP, 33-28-104, MCA; NEW, 2002 MAR p. 171, Eff. 2/1/02; AMD, 2011 MAR p. 2516, Eff. 11/26/11.