{"data":{"id":"us-mt/33-28-401","jurisdiction":"us-mt","citation":"33-28-401","heading":"Dormant captive insurer.","body":"(1) As used in this section, unless the context requires otherwise, \"dormant captive insurance company\" means a captive insurance company, other than a captive risk retention group, that has:\n(a) ceased transacting the business of insurance, including the issuance of insurance policies; and\n(b) no remaining liabilities associated with insurance business transactions or insurance policies issued prior to the filing of its application for a certificate of dormancy under this section.\n(2) A captive insurance company domiciled in Montana that meets the criteria of this section may apply to the commissioner for a certificate of dormancy. The certificate of dormancy is subject to expiration at the end of a consecutive 5-year period and may not be renewed.\n(3) (a) A dormant captive insurance company that has been issued a certificate of dormancy shall:\n(i) possess and thereafter maintain unimpaired, paid-in capital and surplus of not less than $25,000;\n(ii) within 90 days of each fiscal year end, submit to the commissioner a report of its financial condition, verified by oath of two of its executive officers, in a form as may be prescribed by the commissioner; and\n(iii) pay $1,000 annual dormancy tax due on or before March 1 of each year for any portion of the preceding year in which the captive insurance company held a certificate of dormancy. Each series of members as defined in 35-8-102 or protected cell as defined in 33-28-101 is considered separate pursuant to this section for purposes of paying the $1,000 annual dormancy tax under a certificate of dormancy. A dormant captive insurance company is not otherwise liable for any annual renewal as provided in 33-28-102.\n(b) A dormant captive insurance company that has been issued a certificate of dormancy may not:\n(i) be subject to or liable for the payment of any tax under 33-28-201;\n(ii) be subject to examinations as provided in 33-28-108.\n(4) A dormant captive insurance company shall apply to the commissioner for approval to surrender its certificate of dormancy and resume conducting the business of insurance prior to issuing any insurance policies.\n(5) A certificate of dormancy must be revoked if a dormant captive insurance company no longer meets the criteria of this section.","path":["TITLE 33. INSURANCE AND INSURANCE COMPANIES","CHAPTER 28. CAPTIVE INSURANCE COMPANIES","Part 4. Dormant Captive Insurers"],"source_url":"https://mca.legmt.gov/bills/mca/title_0330/chapter_0280/part_0040/section_0010/0330-0280-0040-0010.html","current_through":"Montana Code Annotated 2025","vintage":"","retrieved_at":"2026-09-14T04:52:53Z","sha256":"874678f192f474cc78eb2b52bb3a3bdaef776f597d40186fa802b6a2e223bbeb","source_id":"us-mt","stale":false,"prev":"us-mt/33-28-310","next":"us-mt/33-30-101"},"notice":"GroundRules: Original legal text. Not legal advice."}