MCIA Says New Measure Makes Montana a More Competitive Domicile

The Montana Captive Insurance Association (MCIA) has applauded Governor Greg Gianforte's signing of a bill the group calls a victory for the association on behalf of its members and the state's growing captive insurance domicile.

Supported by the MCIA and state captive regulators, SB 260 removes an impediment to attracting more captive insurance companies to Montana by aligning the state with model legislation and a significant majority of other states, an MCIA statement said.

"By amending the Unfair Trade Practices Act (UTPA) to explicitly protect captive insurers from third-party bad faith claims, Montana further amplifies its message that captive insurers are welcome in the state," the MCIA statement said. "With this change, the state is now aligned with other competitive jurisdictions by excising the statutory authority for private enforcement of the UTPA against captives."

In addition to thanking Mr. Gianforte, the MCIA thanked the bill's sponsors, Senator Dan Salomon and Representative Ed Buttrey, along with Montana Auditor Troy Downing and the Montana Chamber of Commerce for working with the association on the legislation.