Section 33-28-401 - Dormant captive insurer(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: (a) ceased transacting the business of insurance, including the issuance of insurance policies; and(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.(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.(3)(a) A dormant captive insurance company that has been issued a certificate of dormancy shall: (i) possess and thereafter maintain unimpaired, paid-in capital and surplus of not less than $25,000;(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(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.(b) A dormant captive insurance company that has been issued a certificate of dormancy may not: (i) be subject to or liable for the payment of any tax under 33-28-201;(ii) be subject to examinations as provided in 33-28-108.(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.(5) A certificate of dormancy must be revoked if a dormant captive insurance company no longer meets the criteria of this section.Amended by Laws 2019, Ch. 223,Sec. 10, eff. 7/1/2019.Added by Laws 2017, Ch. 304,Sec. 1, eff. 5/4/2017.