(1) At least semiannually, the commissioner shall make available a list of the kinds of insurance which are presumed to be unobtainable from authorized insurers, known as the approved risk list.
(2) The commissioner, in consultation with the surplus lines insurance producer association domiciled in Montana, shall appoint a five-member committee to compile a proposed approved risk list for consideration by the commissioner. The committee shall consist of four Montana-licensed surplus lines insurance producers and one staff member of the department, each serving until replaced by the commissioner.
(3) The committee shall meet at least semiannually, in person or by teleconference, and shall make reasonable efforts to verify that the risks included on its proposed approved risk list cannot be obtained from authorized insurers.
(4) The committee shall submit a new proposed approved risk list to the commissioner for approval on or before December 1 and June 1 of each year, and once approved the list shall be effective for the immediately following period January 1 through June 30, or July 1 through December 31, respectively. At the commissioner's request, the committee shall submit a new proposed approved risk list in addition to the regularly scheduled semiannual lists, and once approved such additional list shall be effective for the remainder of the period January 1 through June 30, or July 1 through December 31, within which it was approved. The commissioner may add or delete risks from the proposed approved risk list submitted by the committee. Unless the commissioner expressly disapproves or alters the proposed approved risk list within 30 days after its submission, it shall be deemed approved.
(5) Once approved, the list shall constitute a conclusive presumption within the meaning of 33-2-302, MCA, that any kind of insurance appearing thereon cannot be obtained from authorized insurers and does not require a diligent search by a licensed surplus lines insurance producer.