Title 26 — Title 26 — Insurance Code

Overinsurance prohibited. (a) No person shall buy insurance on property within this state for an amount which, together with any existing insurance, exceeds the fair value of the property or of the interest of the insured therein. This provision does not apply as to insurance of …

Adjuster's reports of overinsurance and causes of fire; reports deemed privileged communications. (a) Any adjuster who investigates any property loss claim in this state shall report to the commissioner in writing any overinsurance of the property he discovers. (b) Any adjuster w…

Return of excess premium in certain cases of total destruction. If the insured property is totally destroyed and the total amount of loss is less than the total amount insured thereon as to the hazard causing the loss, the insurer shall return to the insured at the time of paymen…

Terms of policies; extension. (a) No insurer shall issue a policy insuring property in this state for a term longer than five (5) years. (b) The term of any such policy may be extended by certificate as provided in W.S. 26-15-121.

Exemptions. W.S. 26-23-101(a), 26-23-102 and 26-23-103 do not apply to insurance on stocks of merchandise or property of fluctuating values, if the reduced rate contribution clause is made a part of the policy. This chapter does not apply to wet marine and transportation insuranc…

Use of insurance support organizations limited. This section shall apply if an insurer uses for underwriting purposes for insurance policies information from a report provided by, or database maintained by, an insurance support organization, or consumer reporting agency, related …

Cancellation and nonrenewal of homeowner's insurance policies for natural causes restricted. (a) No homeowner's insurance policy shall be denied renewal as a result of a single claim within a three (3) year period arising from natural causes. (b) No homeowner's insurance policy s…

policies. Restrictions on underwriting for homeowner (a) No insurer shall cancel, refuse to renew or offer to renew at a higher premium a homeowner's insurance policy based in any manner upon the claims history of a named insured unless the claims history excludes customer inquir…

Insurance coverage for real property subject to transfer on death deeds. (a) For transfers on and after July 1, 2023, upon transfer of title to an interest in real property after the death of the owner pursuant to a transfer on death deed under W.S. 2-18-103, any insurance covera…

Casualty and surety contracts subject to provisions of code. (a) The following insurance contracts covering subjects of insurance resident, located or to be performed in this state are subject to the applicable provisions of chapter 15 and to other applicable provisions of this c…

Short title. This article is known and may be cited as the "Wyoming Title Insurance Act".

other laws. Applicability of article; construction with (a) This article applies to all title insurers, title insurance rating organizations, title agents, applicants for title insurance, title insurance policyholders, and all persons engaged in title insurance transactions in th…

(a) Definitions. As used in this article: (i) "Alien title insurer" means any title insurer incorporated or organized under the laws of any foreign nation or any province or territory thereof; (ii) "Applicant" means a person, whether or not a prospective insured, who applies to a…

Corporate form required. No person other than a domestic, foreign or alien title insurer organized on the stock plan and licensed under this code shall transact title insurance business as an insurer in this state.

(a) Title insurers; authorized activities. Each title insurer may: (i) Engage in the title insurance business in this state if licensed to do so by the commissioner; (ii) Subject to the limitations of this article, provide any other service related or incidental to the sale and t…

Limitations on powers. (a) An insurer that transacts any class or kind of insurance other than title insurance is not eligible for a license to transact the business of title insurance in this state, nor for the renewal thereof, nor shall title insurance be transacted, underwritt…

Single risk limitation. (a) The net retained liability of a title insurer for a single risk on property located in this state, whether assumed directly or as reinsurance, shall not exceed fifty percent (50%) of the sum of its total surplus to policyholders and reinsurance reserve…

Underwriting standards; record retention. (a) No title insurance policy as to property in this state shall be written unless it is based upon adequate evidence of the current condition of title certified in writing as of the date of the policy by a person duly authorized under W.…

Reinsurance reserve. (a) A domestic title insurer shall establish and maintain a reinsurance reserve computed in accordance with this section, and all sums attributed to that reserve are considered and constitute unearned portions of the original premiums. This reserve shall be r…

Use of reinsurance reserve on liquidation, dissolution or insolvency. (a) If a domestic title insurer becomes insolvent, is in the process of liquidation of dissolution or is in the commissioner's possession: (i) The amount of the assets of the title insurance company equal to th…

Loss and loss expense reserve. (a) All title insurers licensed in this state shall establish and maintain reserves against unpaid losses and loss expenses. (b) Upon receiving notice from or on behalf of the insured of a title defect in or lien or adverse claim against the title o…

Reinsurance. (a) A title insurer may obtain reinsurance for all or any part of its liability under one (1) or more of its title insurance policies or reinsurance agreements and may also reinsure title insurance policies issued by other title insurers on risks located in this stat…

Investments. (a) Except as otherwise expressly provided in this section, the general investment provisions of chapter 7 of this code apply to all domestic title insurers. (b) A domestic title insurer may invest and have invested funds in an amount not exceeding its surplus to pol…

Conditions for providing escrow, closing or settlement services, or maintaining title indemnification accounts. (a) A title insurer or title agent may engage in the escrow, settlement, or closing business, or any combination of such businesses, and operate as an escrow, settlemen…

Identification of title agents. A title insurer shall provide to the commissioner on an annual basis a list of all of its title agents within this state.

to license. Title agents; license required; requirements as (a) No person shall act as a title agent unless licensed in accordance with this article. (b) No license shall be issued to, continued or permitted to exist for any person to act as a title agent unless the person: (i) I…

Title agents; application for license. (a) Application for a license to act as a title agent shall be made in writing in the form and manner the commissioner prescribes. An application fee, as provided by W.S. 26-4-101, shall be paid at the time of application. (b) The applicatio…

renewal. Title agents; issuance of license; expiration; (a) The commissioner shall issue a license to act as a title agent to any person if: (i) The prospective licensee files an application pursuant to W.S. 26-23-317; (ii) The prospective licensee meets the requirements of W.S. …

Title agents; records. (a) A title agent shall keep books of account and records and vouchers pertaining to any business transacted under this article. All records shall be maintained in a manner that the commissioner may readily ascertain from time to time whether the title agen…

Title agents; report of claims. (a) A title agent shall immediately report every loss claim to the title insurer that issued the policy against which the claim is presented. (b) insured. No title agent shall indemnify or pay the claim of any

Title agents; refusal, suspension or revocation of license; fine instead of suspension. (a) In addition to any other grounds stated in this article, the commissioner may refuse to license any person as a title agent, or may suspend a title agent's license, after providing due not…

(a) Rebates and inducements prohibited. No title insurer or title agent shall: (i) Pay in any manner to any person any commission, any part of its premiums, fees or other charges or any other consideration as inducement or compensation for the referral of title business or for pe…

Division of premiums and charges. (a) Nothing in this article shall be construed as prohibiting the division of premiums and charges between or among a title insurer and its title agent, two (2) or more title insurers, one (1) or more title insurers and one (1) or more title agen…

Payment of a forwarding fee or finder's fee. Favored title agent or insurer. (a) No producer or other person shall require in any manner as a condition, agreement or understanding to selling or furnishing any other person any loan or extension thereof, credit, sale, property, con…

Premium rate standards. (a) Premium rates shall not be inadequate, excessive or unfairly discriminatory. (b) Rates are excessive if in the aggregate they are likely to produce a long run profit that is unreasonably high in relation to the riskiness of the class of business, or if…

Premium rate schedules. (a) A title insurer shall file with the commissioner the premium rate schedules it proposes to use in this state. If the commissioner finds in his review of a filing that it does not violate W.S. 26-23-325, he shall approve the schedule within thirty (30) …

charges. Publication of schedules of premiums and (a) Each title insurer and title agent shall print and make available to the public schedules of its currently effective premiums and charges. (b) The schedules shall: (i) Be dated to show the date the premiums and charges became …

Form filing. (a) A title insurer shall file with the commissioner any forms it proposes to use in this state, including: (i) endorsements; Title insurance policies, including standard form (ii) "Preliminary reports", "commitments", "binders" or any other reports issued prior to t…

Form standards. (a) The commissioner shall approve any form filed under W.S. 26-23-328 only if the form: (i) Is written in simple language logically and clearly arranged and is understandable to a person of normal intelligence without special insurance or legal knowledge or train…

Endorsements. Any approved policy form or endorsement providing any coverage for which no identifiable premium is assessed shall be incorporated in every policy of title insurance of the type to which the form or endorsement pertains issued by the insurer offering the approved fo…

Notice of issuance of mortgagee policy. (a) A title insurer or title agent that issues a mortgagee's policy of title insurance on a loan made simultaneous to the purchase of all or part of the residential property securing the loan, if no owner's policy has been ordered, shall in…

Filing by rating bureaus permitted. (a) A title insurer may satisfy its obligation to make premium rate and form filings as required by this article by becoming a member of, or a subscriber to, a rating organization organized and licensed under this code, which organization makes…

Regulations. (a) In addition to any other powers granted under this article, the commissioner may adopt rules or regulations to protect the interests of the public including but not limited to regulations governing: (i) Sales practices; (ii) Policy coverage standards; (iii) Rebat…

Enforcement. (a) Except as otherwise specifically provided in this article, any person who violates this article in addition to or instead of suspension or revocation of the violator's license, is subject to a civil penalty of five hundred dollars ($500.00) per violation. For pur…

Filing of schedule of risk rates; attaching schedule of rates and charges to policy. Each title insurer shall file with the commissioner a complete schedule of rates for or in connection with title insurance as to property located in this state. The schedule shall set forth the e…

Mortgagee policies. If a title insurance policy is issued insuring the title to real estate only as to a mortgagee, the insurer shall conspicuously show on the face of the policy and on any evidence thereof delivered to the mortgagor that coverage is limited to the interest of th…

Qualifications for group or master personal and commercial lines property and casualty insurance policies. (a) Personal and commercial lines property and casualty insurance may be offered to a resident of this state under a group or master policy issued or delivered pursuant to t…

Group or master policy. (a) A group or master policy for personal or commercial lines property and casualty insurance coverage shall be issued to the policyholder. Eligible members or covered persons insured under a group or master policy shall be provided evidence of coverage se…

Policy coverage. (a) Coverage under a group or master personal or commercial lines property and casualty insurance policy may be terminated as to a member or covered person only for: (i) Failure of the member or covered person to make required premium contributions; (ii) Terminat…

Duties and limitations of insurers. (a) No insurer shall issue or deliver a group or master personal lines property and casualty insurance policy if it is a condition of membership in a group that any member purchase insurance pursuant to the policy, or if any member shall be sub…