Title 26 — Title 26 — Insurance Code
56 chapters · 1,242 sections in this title.
W.S. § 26-21-101 Scope and applicability of chapter
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Scope and applicability of chapter. (a) All life insurance and all disability insurance in connection with loans or other credit transactions is subject to this chapter, except that insurance is not subject to this chapter if: (i) It is in connection with a loan or other credit t…
W.S. § 26-21-102 (a) Definitions
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(a) Definitions. For the purpose of this chapter: (i) "Credit life insurance" means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction; (ii) "Credit disability insurance" means insurance on a debtor to provide indemnity…
W.S. § 26-21-103 insurance
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insurance. Forms of credit life and credit disability (a) Credit life insurance and credit disability insurance shall be issued only in the following forms: (i) Individual policies of life insurance issued to debtors on the term plan; (ii) Individual policies of disability insura…
W.S. § 26-21-104 Amount of credit life insurance
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Amount of credit life insurance. (a) The initial amount of credit life insurance shall not exceed the total amount repayable under the contract of indebtedness. (b) If an indebtedness is repayable in substantially equal installments, the amount of insurance shall not exceed the s…
W.S. § 26-21-105 Credit disability insurance
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Credit disability insurance. The total amount of indemnity payable by credit disability insurance in case of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of the indebtedness, and the amount of each periodic ind…
W.S. § 26-21-106 Term of insurance
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Term of insurance. (a) The term of any credit life insurance or credit disability insurance, subject to the insurer's acceptance, commences on the date when the debtor becomes obligated to the creditor, or the date when the debtor applies for the insurance, whichever is later, ex…
W.S. § 26-21-107 Provisions of policies and certificates; disclosure to debtors
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Provisions of policies and certificates; disclosure to debtors. (a) All credit life insurance and credit disability insurance shall be evidenced by an individual policy, or in the case of group insurance by a certificate of insurance, which individual policy or group certificate …
W.S. § 26-21-108 Filing of policies with commissioner; approval or disapproval; withdrawal of approval
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Filing of policies with commissioner; approval or disapproval; withdrawal of approval. (a) All policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders delivered or issued for delivery in this state and the schedule o…
W.S. § 26-21-109 Schedules of premiums; refunds
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Schedules of premiums; refunds. (a) Any insurer may revise its schedules of premium rates and shall file the revised schedules with the commissioner. No insurer shall issue any credit life insurance or credit disability insurance policy for which the premium rate exceeds that det…
W.S. § 26-21-110 Collection of premiums
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Collection of premiums. The insurance premium or other identifiable charge for credit life or credit disability insurance may be collected from the insured or included in the principal of any loan or other transaction at the time the transaction is completed. If included in the p…
W.S. § 26-21-111 not violation
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not violation. Premium not deemed interest; gains to creditor The premium or cost of credit life or credit disability insurance when issued through any creditor is not deemed interest or charges, or consideration or an amount in excess of permitted charges in connection with the …
W.S. § 26-21-112 Issuance and delivery of policies
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Issuance and delivery of policies. All credit life insurance and credit disability insurance policies shall be delivered or issued for delivery in this state only by an insurer authorized to transact insurance in this state and shall be issued only through holders of licenses or …
W.S. § 26-21-113 (a) Claims
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(a) Claims. All claims shall be: (i) Promptly reported to the insurer or its designated claim representative, and the insurer shall maintain adequate claim files; (ii) Settled as soon as possible and in accordance with the terms of the insurance contract; (iii) Paid either by dra…
W.S. § 26-21-114 Choice of debtor to use existing insurance or new insurance for additional security
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Choice of debtor to use existing insurance or new insurance for additional security. If credit life insurance or credit disability insurance is required as additional security for any indebtedness, the debtor, upon request to the creditor, has the option of furnishing the require…
W.S. § 40-21-119 Interoperability
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Interoperability. The department of enterprise technology services in adopting standards pursuant to W.S. 40-21-118 may encourage and promote consistency and interoperability with similar requirements adopted by other governmental agencies of this and other states and the federal…