6.6.3603 WRITTEN AGREEMENT
reinsurance agreement or amendment to any agreement may be used to reduce any
liability or to establish any asset in any financial statement filed with the
department, unless the agreement, amendment or a binding letter of intent has
been duly executed by both parties no later than the "as of date" of
the financial statement.
the case of a letter of intent, a reinsurance agreement or an amendment to a
reinsurance agreement must be executed within a reasonable period of time, not
exceeding 90 days from the execution date of the letter of intent, in order for
credit to be granted for the reinsurance ceded.
reinsurance agreement must contain provisions to the effect that:
agreement constitutes the entire agreement between the parties with respect to
the business being reinsured there under and that there are no understandings
between the parties other than as expressed in the agreement; and
change or modification to the agreement is null and void unless made by
amendment to the agreement and signed by both parties.
History: Sec. 33-1-313 and 33-2-1517, MCA; IMP, Sec. 33-2-1517, MCA; NEW, 1993 MAR p. 2408, Eff. 10/15/93.