Title 26, Title 26 — Insurance Code

Attorney deemed not doing business in state; subscribers and attorney comprise single entity. (a) The attorney of a foreign or alien reciprocal insurer, which insurer is authorized to transact insurance in this state, is not, by virtue of discharge of its duties as attorney with …

Surplus funds required. (a) A domestic reciprocal insurer formed under this chapter, if it has otherwise complied with the applicable provisions of this code, may be authorized to transact insurance if it has and maintains surplus funds as follows: (i) To transact property insura…

Organization; declaration. (a) Twenty-five (25) or more persons domiciled in this state may organize a domestic reciprocal insurer and apply to the commissioner for a certificate of authority to transact insurance. (b) The proposed attorney shall fulfill the requirements of and s…

Certificate of authority generally. (a) A reciprocal insurer's certificate of authority shall be issued to its attorney in the insurer's name. (b) The commissioner may refuse, suspend or revoke the certificate of authority, in addition to other grounds therefor, for failure of th…

Power of attorney. (a) The rights and powers of a reciprocal insurer's attorney are as provided in the power of attorney given it by the subscribers. (b) The power of attorney shall set forth: (i) That the attorney is empowered to accept service of process on behalf of the insure…

Modifications of subscribers' agreement or power of attorney. Modifications of the terms of the subscribers' agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney and the subscribers' advisory committee. No modification is ef…

Attorney's bond; generally. (a) Concurrently with the filing of the declaration provided for in W.S. 26-27-107, the attorney of a domestic reciprocal insurer shall file with the commissioner a bond in favor of this state for the benefit of all persons damaged as a result of breac…

Attorney's bond; deposit instead of bond. Instead of the bond required under W.S. 26-27-111, the attorney may maintain on deposit through the office of the commissioner, a like amount in cash or in value of securities qualified under this code as insurers' investments and subject…

Attorney's bond; action on bond; deposit of amounts recovered; total aggregate liability. Action on the attorney's bond or to recover against any deposit made instead of a bond may be brought at any time by one (1) or more subscribers suffering loss through a violation of its con…

Service of process; judgments. (a) Legal process shall be served upon a domestic reciprocal insurer by serving the insurer's attorney at his principal offices or by serving the commissioner as the insurer's process agent under W.S. 26-3-121 and 26-3-122. (b) Any judgment based up…

Advances to insurer. The attorney or other parties may advance to a domestic reciprocal insurer upon reasonable terms any funds it requires in its operations. Any advanced funds shall not be treated as a liability of the insurer, and, except upon liquidation of the insurer, shall…

Annual statement. (a) A reciprocal insurer's annual statement shall be made and filed by its attorney. (b) The statement shall be supplemented by any information the commissioner requires relative to the attorney's affairs and transactions.

Determining financial condition of reciprocal insurer. (a) In determining the financial condition of a reciprocal insurer the commissioner shall apply the rules set forth in the most recent National Association of Insurance Commissioners' accounting practices and procedures manua…

Who may be subscribers. (a) Individuals, partnerships and corporations of this state may apply, enter into agreement for and hold policies or contracts in or with and be a subscriber of any domestic, foreign or alien reciprocal insurer. Any corporation organized under the laws of…

Subscribers' advisory committee. (a) The advisory committee of a domestic reciprocal insurer exercising the subscribers' rights shall be selected under any rules the subscribers adopt. (b) Not less than two-thirds (2/3) of the committee shall be subscribers other than the attorne…

Subscribers' liability; generally. (a) Except as to a nonassessable policy, the liability of each subscriber for the reciprocal insurer's obligations is an individual, several and proportionate liability and not a joint liability. (b) Except as to a nonassessable policy, each sub…

Subscribers' liability; liability upon judgment. (a) No action shall lie against any subscriber upon any obligation claimed against the insurer until a final judgment is obtained against the insurer and remains unsatisfied for thirty (30) days. (b) Any judgment specified in this …

Assessment of subscribers. (a) Upon advance approval by the subscribers' advisory committee and the commissioner, the attorney may levy assessments upon subscribers of a domestic reciprocal insurer liable therefor under the terms of their policies. The commissioner may also levy …

Time limit for assessments. (a) Each subscriber of a domestic reciprocal insurer having contingent liability is liable for and shall pay his share of any assessment, as computed and limited in accordance with this chapter, if: (i) While his policy is in force or within one (1) ye…

Aggregate liability. No one (1) policy or subscriber as to that policy shall be assessed or charged with an aggregate of contingent liability, as to obligations incurred by a domestic reciprocal insurer in any one (1) calendar year, in excess of the amount provided for in the pow…

Nonassessable policies. (a) If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital stock and surplus required to be maintained by a domestic stock insurer authorized to transact like kinds of insurance, upon application of the a…

Distribution of savings. A reciprocal insurer may return to its subscribers any unused premiums, savings or credits accruing to their accounts. Any such distribution shall not unfairly discriminate between classes of risks, or policies, or between subscribers, but this does not p…

Distribution of subscribers' share of assets upon liquidation. Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions of the attorney or other persons to its surplus m…

Merger or conversion. (a) A domestic reciprocal insurer may merge with another reciprocal insurer or be converted to a stock or mutual insurer, upon affirmative vote of not less than two-thirds (2/3) of its subscribers who vote on the question pursuant to proper notice and the co…

Impaired reciprocals; liquidation. (a) If a reciprocal insurer's assets are at any time insufficient to discharge its liabilities, other than any liability because of funds contributed by the attorney or others, and to maintain the required surplus, its attorney shall immediately…