Title 26 — Title 26 — Insurance Code
56 chapters · 1,242 sections in this title.
W.S. § 26-24-101 Scope and applicability of chapter
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Scope and applicability of chapter. This chapter applies only to domestic stock insurers and domestic mutual insurers transacting or proposing to transact insurance on the cash premium or legal reserve plan, except that W.S. 26-24-115, 26-24-130 and 26-24-136 also apply to foreig…
W.S. § 26-24-102 exceptions
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exceptions. Applicability of general corporation statutes; (a) The applicable provisions of the Wyoming Business Corporation Act apply to domestic stock and domestic mutual insurers, except as in conflict with the express provisions of this code and the reasonable implications th…
W.S. § 26-24-103 Incorporation generally
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Incorporation generally. (a) This section applies to stock and mutual insurers incorporated in this state. (b) Five (5) or more individuals may incorporate a stock insurer. Ten (10) or more individuals may incorporate a mutual insurer. At least a majority of the incorporators sha…
W.S. § 26-24-104 For filing articles of amendment of the articles of incorporation of a domestic mutual insurer the secretary of state shall charge and collect a fee of ten dollars ($10.00), which shall be credited to
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For filing articles of amendment of the articles of incorporation of a domestic mutual insurer the secretary of state shall charge and collect a fee of ten dollars ($10.00), which shall be credited to the general fund.
W.S. § 26-24-105 insurers
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insurers. Articles of incorporation; amendment by stock (a) A domestic stock insurer may amend its articles of incorporation for any lawful purpose through the same procedures prescribed in the Wyoming Business Corporation Act as for business corporations in general. (b) Triplica…
W.S. § 26-24-106 insurers
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insurers. Articles of incorporation; amendment by mutual (a) A domestic mutual insurer may amend its articles of incorporation for any lawful purpose by affirmative vote of a majority of the members present or represented by proxy at any regular annual meeting of its members, or …
W.S. § 26-24-107 Stock of domestic insurer to be paid for in cash; exceptions
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Stock of domestic insurer to be paid for in cash; exceptions. (a) Except where issued in exchange for other securities for purposes of merger, bulk reinsurance, acquisition of control of another insurer as provided for in this chapter or as stock dividend on a split of stock, no …
W.S. § 26-24-108 Domestic insurers to engage in insurance business exclusively; exception as to title insurers
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Domestic insurers to engage in insurance business exclusively; exception as to title insurers. No domestic insurer shall engage in any business other than the insurance business and activities reasonably and necessarily incidental thereto, except that a title insurer may also eng…
W.S. § 26-24-109 Initial requirements of domestic mutual insurers; authorized transactions
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Initial requirements of domestic mutual insurers; authorized transactions. (a) If newly organized, a domestic mutual insurer may be authorized to transact any one (1) of the kinds of insurance listed in the schedule in subsection (b) of this section. (b) When applying for a certi…
W.S. § 26-24-110 insurers
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insurers. Bond or deposit required of domestic mutual (a) Before soliciting any applications for insurance required under W.S. 26-24-109 as qualifications for the certificate of authority, the incorporators of the proposed insurer shall file with the commissioner a corporate sure…
W.S. § 26-24-111 Applications for domestic mutual insurance; solicitation by licensed agents
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Applications for domestic mutual insurance; solicitation by licensed agents. (a) Upon receipt of the commissioner's approval of the bond or deposit as provided in W.S. 26-24-110, the directors and officers of the proposed domestic mutual insurer may commence solicitation of the r…
W.S. § 26-24-112 Deposit in trust of premiums collected by mutual insurer; release upon issuance of certificate of authority
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Deposit in trust of premiums collected by mutual insurer; release upon issuance of certificate of authority. (a) All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein shall be deposited in trust in a bank or trust…
W.S. § 26-24-113 Failure of domestic mutual insurer to qualify
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Failure of domestic mutual insurer to qualify. If the proposed domestic insurer fails to complete its organization and to secure its certificate of authority within one (1) year from the date of its certificate of incorporation, its corporate powers cease, and the commissioner sh…
W.S. § 26-24-114 Additional kinds of insurance mutuals
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Additional kinds of insurance mutuals. After being authorized to transact one (1) kind of insurance, a mutual insurer may be authorized to transact any additional kinds of insurance as are permitted under W.S. 26-3-107, while otherwise in compliance with this code and while maint…
W.S. § 26-24-115 Membership in mutuals
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Membership in mutuals. (a) Each policyholder of a domestic mutual insurer, other than a reinsurance contract, is a member of the insurer with all rights and obligations of the membership, and the policy shall so specify. (b) Any person, government or governmental agency, state or…
W.S. § 26-24-116 Bylaws of mutuals
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Bylaws of mutuals. (a) A domestic mutual insurer shall have bylaws for the government of its affairs. The insurer's initial board of directors shall adopt original bylaws, subject to the approval of the insurer's members at the next meeting of members. (b) The bylaws shall contai…
W.S. § 26-24-117 Meetings of members of domestic mutual insurers; where held; annual meeting
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Meetings of members of domestic mutual insurers; where held; annual meeting. (a) Meetings of members of a domestic mutual insurer shall be held in the city or town of its registered office in this state, except as may otherwise be provided in the insurer's bylaws with the commiss…
W.S. § 26-24-118 Meetings of members of domestic mutual insurers; special meetings
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Meetings of members of domestic mutual insurers; special meetings. (a) A special meeting of the members of a mutual insurer may be held for any lawful purpose. The meeting shall be called by the corporate secretary pursuant to request of the insurer's president or of its board of…
W.S. § 26-24-119 Voting rights of members of mutual insurers
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Voting rights of members of mutual insurers. (a) Each member of a mutual insurer is entitled to one (1) vote upon each matter coming to a vote at meetings of members. (b) A member has the right to vote in person or by his written proxy filed with the corporate secretary not less …
W.S. § 26-24-120 Information to stockholders of domestic stock insurers; proxy regulations
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Information to stockholders of domestic stock insurers; proxy regulations. (a) except: This section applies to all domestic stock insurers (i) A domestic stock insurer having less than one hundred (100) stockholders, except that if ninety-five percent (95%) or more of the insurer…
W.S. § 26-24-121 Boards of directors
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Boards of directors. (a) The affairs of each domestic insurer shall be managed by a board of directors consisting of not less than five (5) nor more than twenty-one (21) directors. (b) Directors, other than initial directors named in the insurer's articles of incorporation, shall…
W.S. § 26-24-122 Notice of changes of officers and directors
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Notice of changes of officers and directors. An insurer shall promptly give the commissioner written notice of any change of personnel among its directors or corporate officers.
W.S. § 26-24-123 Management in national emergency; purpose of emergency provisions
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Management in national emergency; purpose of emergency provisions. The specific purpose of W.S. 26-24-124 through 26-24-126 is to facilitate the continued operation of domestic insurers if a national emergency is caused by an attack on the United States or by a nuclear, atomic or…
W.S. § 26-24-124 Emergency bylaws
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Emergency bylaws. The board of directors of any domestic insurer may at any time adopt emergency bylaws, subject to repeal or change by action of those having power to adopt regular bylaws for the insurer, which shall be operative during a national emergency and which may, notwit…
W.S. § 26-24-125 Emergency provisions in lieu of bylaws
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Emergency provisions in lieu of bylaws. (a) If the board of directors of a domestic insurer does not adopt emergency bylaws, the following provisions are effective in case of a national emergency: (i) Three (3) directors constitute a quorum for the transaction of business at all …
W.S. § 26-24-126 Emergency succession of officers; change of home office location
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Emergency succession of officers; change of home office location. (a) The board of directors of a domestic insurer, by resolution, may provide that: (i) In case of a national emergency and in case of the death or incapacity of the president, the secretary or the treasurer of the …
W.S. § 26-24-127 prohibited
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prohibited. Pecuniary interests of officers or directors (a) Any officer or director, or any member of any committee or an employee of a domestic insurer, who is charged with the duty of investing or handling the insurer's funds shall not: (i) Deposit or invest those funds except…
W.S. § 26-24-128 Management and exclusive agency contracts
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Management and exclusive agency contracts. (a) No domestic insurer shall make any contract in which any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors, or to have the controlling or preemptive right to…
W.S. § 26-24-129 Home office records and assets; penalty for removal; out-of-state branch operations
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Home office records and assets; penalty for removal; out-of-state branch operations. (a) Any domestic insurer shall: (i) Have and maintain its principal place of business and home office in this state; (ii) Keep in the principal place of business accurate and complete accounts an…
W.S. § 26-24-130 W.S. § 26-24-130
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[Repealed or reserved.]
W.S. § 26-24-131 Borrowing by insurers
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Borrowing by insurers. (a) A domestic stock or mutual insurer may borrow money to defray the expenses of its organization, provide it with surplus funds or for any other purpose of its business, upon a written agreement that the money is required to be repaid only out of the insu…
W.S. § 26-24-132 Participating policies
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Participating policies. (a) If provided for in its articles of incorporation or charter, a stock insurer or mutual insurer may: (i) Issue any of its policies or contracts with or without participation in profits, savings, unabsorbed portions of premiums or surplus; (ii) Classify …
W.S. § 26-24-133 Dividends to stockholders
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Dividends to stockholders. (a) No domestic stock insurer shall pay any cash dividend to stockholders except out of that part of its available and accumulated surplus funds which is derived from realized net operating profits on its business and realized capital gains. (b) A cash …
W.S. § 26-24-134 Dividends to policyholders of mutual insurer
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Dividends to policyholders of mutual insurer. (a) The directors of a domestic mutual insurer may apportion and pay or credit to its members dividends only out of that part of its surplus funds which represents net realized savings, net realized earnings and net realized capital g…
W.S. § 26-24-135 generally
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generally. Contingent liability of mutual member (a) Except as otherwise provided in W.S. 26-24-138 with respect to nonassessable policies, each member of a domestic mutual insurer has a contingent liability, pro rata and not one (1) for another, for the discharge of its obligati…
W.S. § 26-24-136 Levy of contingent liability
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Levy of contingent liability. (a) If at any time the assets of a domestic mutual insurer are less than its liabilities and the minimum amount of surplus required to be maintained by it under this code for authority to transact the kinds of insurance being transacted, and the defi…
W.S. § 26-24-137 Enforcement of contingent liability
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Enforcement of contingent liability. (a) The insurer shall notify each member of the amount of the assessment to be paid by written notice mailed to the member's address last of record with the insurer. Failure of the member to receive the notice within the time specified therein…
W.S. § 26-24-138 Nonassessable policies
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Nonassessable policies. (a) A domestic mutual insurer while maintaining unimpaired surplus funds not less in amount than the minimum paid-in capital stock and surplus required to be maintained by a domestic stock insurer, formed under this code, for authority to transact the same…
W.S. § 26-24-139 Revocation of authority to issue policies without contingent liability
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Revocation of authority to issue policies without contingent liability. (a) The commissioner shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if: (i) At any time the insurer's assets are less than the sum of its liabilities an…
W.S. § 26-24-140 Issuance of policies in other states
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Issuance of policies in other states. A domestic insurer authorized to transact insurance in another jurisdiction may frame and issue policies for delivery in that jurisdiction pursuant to application for insurance solicited and obtained therein, in accordance with the laws there…
W.S. § 26-24-141 Impairment of capital or assets; generally
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Impairment of capital or assets; generally. (a) If a domestic stock insurer's paid-in capital stock, as represented by the aggregate par value of its outstanding capital stock, or the amount of its surplus, or if the amount of a domestic mutual insurer's surplus, is less than the…
W.S. § 26-24-142 Impairment of capital or assets; liability of directors for deficiencies
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Impairment of capital or assets; liability of directors for deficiencies. If the insurer fails to cure the deficiency within the period allowed therefor under W.S. 26-24-141, the insurer's directors are personally liable for payment of any losses or insurance benefits on new insu…
W.S. § 26-24-143 Impairment of capital or assets; assessment of stockholders or members
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Impairment of capital or assets; assessment of stockholders or members. (a) If an insurer is a stock insurer and receives the notice specified in W.S. 26-24-141(a) and to the extent that stockholders are subject to assessment under the insurer's articles of incorporation, by reso…
W.S. § 26-24-144 Impairment of capital or assets; transfer of shares during impairment
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Impairment of capital or assets; transfer of shares during impairment. Transfer of shares of stock of a domestic stock insurer made at a time when the insurer's capital or surplus is impaired, as referred to in W.S. 26-24-141(a), whether before, during or after the period allowed…
W.S. § 26-24-145 Mutualization of stock insurer
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Mutualization of stock insurer. (a) A stock insurer may become a mutual insurer under any reasonable plan and procedure the commissioner approves after a hearing thereon. (b) The commissioner shall not approve any plan, procedure or mutualization unless: (i) It is equitable to st…
W.S. § 26-24-146 Converting mutual insurer to stock insurer
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Converting mutual insurer to stock insurer. (a) A mutual insurer may become a stock insurer under any plan and procedure the commissioner approves after a hearing thereon. (b) The commissioner shall not approve any plan or procedure unless: (i) It is equitable to the insurer's me…
W.S. § 26-24-147 Merger or consolidation of stock insurers
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Merger or consolidation of stock insurers. (a) A domestic stock insurer may merge or consolidate with one (1) or more domestic or foreign stock insurers by complying with the applicable provisions of the statutes of this state governing the merger or consolidation of stock corpor…
W.S. § 26-24-148 stock insurer
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stock insurer. Acquisitions and exchanges in shares of another (a) A domestic stock insurer shall not acquire a controlling interest in the shares of another stock insurer by an exchange of securities or partly in exchange for securities and partly for cash or property, unless th…
W.S. § 26-24-149 Mutual and stock insurer merger prohibited; merger or consolidation of mutual insurers
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Mutual and stock insurer merger prohibited; merger or consolidation of mutual insurers. (a) A domestic mutual insurer shall not merge or consolidate with a stock insurer. (b) A domestic mutual insurer may merge or consolidate with another mutual insurer under the applicable proce…
W.S. § 26-24-150 Bulk reinsurance
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Bulk reinsurance. (a) A domestic insurer may reinsure all or substantially all of its business in force, or all or substantially all of a major class thereof, with another insurer, stock or mutual, by an agreement of bulk reinsurance after compliance with this section. No agreeme…