6.6.2602    DEFINITIONS

As used in this subchapter and Title 33, chapter 27, MCA, the following definitions apply unless the context requires otherwise:

(1) "Health" means the extent to which:

(a) assets in an independent liability fund are accurately valued; and

(b) the investments and assets constituting an independent liability fund meet the criteria established by 33-2-501 and 33-2-502, MCA

(2) "Inviolability" means that the business entity establishing the independent liability fund has provided security, third-party oversight, or both, in accordance with these rules so as to satisfy the commissioner that the investments and assets that comprise the independent liability fund cannot be misappropriated or dissipated.

(3) "Security" means measures taken to provide a reasonable expectation that an independent liability fund will remain inviolable over the time period it is to remain available to pay the costs of third-party liability claims.

(4) "Viability" means the extent to which the investments and assets constituting an independent liability fund will retain their value or increase in value over the time period they are to remain available to pay the costs of any third-party liability claim.

 

History: 33-27-104, MCA; IMP, Title 33, ch. 27, MCA; NEW, 1987 MAR p. 2372, Eff. 12/25/87; AMD, 2018 MAR p. 825, Eff. 4/28/18.