This bill aims to revise insurance laws in Montana, specifically focusing on disability insurance. It mandates that disability insurers pool risk among all groups with 101 to 300 eligible employees for underwriting purposes, establishing that violations of this requirement will be considered unfair trade practices. The bill also includes provisions for the commissioner of insurance to adopt necessary rules for implementation. Additionally, it amends existing definitions and provisions related to small employers, increasing the threshold for what constitutes a small employer from 50 to 100 eligible employees.

The bill further revises certain fees associated with the appointment of registered agents for foreign or alien insurers, removing the waiver of fees for initial appointments and changes of address. It also introduces a contingent effective date, which stipulates that certain provisions will only take effect once the commissioner of insurance certifies that federal insurance requirements have been waived. The act will apply to disability insurance policies issued or renewed on or after January 1, 2024.

Statutes affected:
Introduced: 33-1-605, 33-22-1803