Title 26 — Title 26 — Insurance Code
56 chapters · 1,242 sections in this title.
W.S. § 26-28-101 (a) Definitions
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(a) Definitions. As used in this chapter: (i) "Ancillary state" means any state other than a domiciliary state; (ii) "Delinquency proceeding" means any proceeding commenced against an insurer pursuant to this chapter for the purpose of liquidating, rehabilitating, reorganizing or…
W.S. § 26-28-102 Delinquency proceedings; jurisdiction; venue; change of venue; exclusiveness of remedy; appeal
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Delinquency proceedings; jurisdiction; venue; change of venue; exclusiveness of remedy; appeal. (a) The district court has original jurisdiction of any delinquency proceeding under this chapter and any court with jurisdiction may make any necessary or proper orders to carry out t…
W.S. § 26-28-103 Delinquency proceedings; commencement
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Delinquency proceedings; commencement. The commissioner shall commence any delinquency proceedings by application to the court for an order directing the insurer to show cause why the commissioner should not have the relief prayed for. On the return of the order to show cause, an…
W.S. § 26-28-104 Injunctions
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Injunctions. (a) Upon application by the commissioner for an order to show cause, or at any time thereafter, the court, without notice, may issue an injunction restraining the insurer, its officers, directors, stockholders, members, subscribers, agents and all other persons from …
W.S. § 26-28-105 Grounds for receivership; rehabilitation of domestic insurer
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Grounds for receivership; rehabilitation of domestic insurer. (a) The commissioner may apply to the court for an order appointing him as receiver of and directing him to rehabilitate a domestic insurer if the insurer: (i) Is impaired or insolvent or is in unsound or such other co…
W.S. § 26-28-106 Grounds for receivership; liquidation
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Grounds for receivership; liquidation. (a) The commissioner may apply to the court for an order appointing him as receiver, if his appointment as receiver is not then in effect, and directing him to liquidate the business of a domestic insurer or of the United States branch of an…
W.S. § 26-28-107 alien insurers
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alien insurers. Grounds for conservation; foreign insurers or (a) The commissioner may apply to the court for an order appointing him as receiver or ancillary receiver and directing him to conserve the assets within this state of a foreign or alien insurer upon: (i) 26-28-106; or…
W.S. § 26-28-108 insurers
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insurers. Grounds for ancillary liquidation of foreign The commissioner may apply to the court for an order appointing him as ancillary receiver of and directing him to liquidate the business of a foreign insurer having assets, business or claims in this state upon the appointmen…
W.S. § 26-28-109 Order of rehabilitation
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Order of rehabilitation. (a) An order to rehabilitate a domestic insurer shall direct the commissioner immediately to: (i) Take possession of the insurer's property and conduct its business; and (ii) Take any steps the court directs toward removal of the causes and conditions mak…
W.S. § 26-28-110 Order of liquidation
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Order of liquidation. (a) An order to liquidate the business of a domestic insurer shall direct the commissioner immediately to: (i) Take possession of the insurer's property; (ii) Liquidate the insurer's business; (iii) Deal with the insurer's property and business in his own na…
W.S. § 26-28-111 Order of conservation or ancillary liquidation of foreign or alien insurer
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Order of conservation or ancillary liquidation of foreign or alien insurer. (a) An order to conserve a foreign or alien insurer's assets requires the commissioner immediately to take possession of the insurer's property within this state and to conserve it, subject to the court's…
W.S. § 26-28-112 Conduct of delinquency proceedings; domestic and alien insurers
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Conduct of delinquency proceedings; domestic and alien insurers. (a) If under this chapter a receiver is to be appointed in delinquency proceedings for a domestic or alien insurer, the court shall appoint the commissioner as the receiver. The court shall order the commissioner im…
W.S. § 26-28-113 insurers
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insurers. Conduct of delinquency proceedings; foreign (a) If under this chapter an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this state, the court shall appoint the commissioner as ancillary receiver. The commissioner shall f…
W.S. § 26-28-114 insurers
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insurers. Claims of nonresidents against domestic (a) In a delinquency proceeding begun in this state against a domestic insurer, claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their states or with the domiciliary receiver.…
W.S. § 26-28-115 Claims against foreign insurers
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Claims against foreign insurers. (a) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside within this state may file claims either with the ancillary receiver, if any, appointed in this state, or wi…
W.S. § 26-28-116 Claims generally
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Claims generally. (a) All claims against an insurer against which delinquency proceedings are in progress shall set forth in reasonable detail the amount of the claim, or the basis upon which the amount can be ascertained, the facts upon which the claim is based and the prioritie…
W.S. § 26-28-117 Priority of certain claims
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Priority of certain claims. (a) In a delinquency proceeding against an insurer domiciled in this state, claims owing to residents of ancillary states are preferred claims if like claims are preferred under the laws of this state. All claims owing to residents or nonresidents shal…
W.S. § 26-28-118 Attachment, garnishment or execution during pendency of delinquency proceedings
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Attachment, garnishment or execution during pendency of delinquency proceedings. During the pendency of delinquency proceedings in this or any reciprocal state, no action or proceeding in the nature of an attachment, garnishment or execution shall be commenced or maintained in th…
W.S. § 26-28-119 Sections constituting Uniform Insurers Liquidation Act; interpretation and construction
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Sections constituting Uniform Insurers Liquidation Act; interpretation and construction. (a) W.S. 26-28-101(a)(i) through (v) and (vii) through (xiii), 26-28-103, 26-28-104 and 26-28-112 through 26-28-119 constitute and may be referred to as the Uniform Insurers Liquidation Act. …
W.S. § 26-28-120 Deposit of monies collected
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Deposit of monies collected. The monies the commissioner collects in a proceeding under this chapter shall be deposited in one (1) or more state or national banks, savings banks or trust companies. In case of insolvency or voluntary or involuntary liquidation of any such deposito…
W.S. § 26-28-121 Commissioner exempt from payment of fees
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Commissioner exempt from payment of fees. (a) The commissioner is not required to pay any fee to any public officer in this state for filing, recording, issuing a transcript or certificate or authenticating any paper or instrument pertaining to the commissioner's exercise of any …
W.S. § 26-28-122 assets
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assets. Power of commissioner to borrow on pledge of (a) For the purpose of facilitating the rehabilitation, liquidation, conservation or dissolution of an insurer pursuant to this chapter, the commissioner, subject to court approval, may: (i) Borrow money and execute, acknowledg…
W.S. § 26-28-123 Date rights fixed on liquidation
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Date rights fixed on liquidation. The rights and liabilities of the insurer and of its creditors, policyholders, stockholders, members, subscribers and any other persons interested in its estate, unless the court otherwise directs, shall be fixed as of the date on which the order…
W.S. § 26-28-124 Voidable transfers
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Voidable transfers. (a) Any transfer of, or lien upon, an insurer's property is voidable if it is: (i) Made or created within four (4) months prior to the granting of an order to show cause under this chapter, with the intent of giving to any creditor a preference or of enabling …
W.S. § 26-28-125 Priority of distribution of an insolvent insurer's assets
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Priority of distribution of an insolvent insurer's assets. (a) The priorities of distribution of general assets from the company's estate is as follows: (i) The costs and expenses of the administration, insolvency, liquidation and rehabilitation, including the claims handling exp…
W.S. § 26-28-126 Offsets
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Offsets. (a) In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, the credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsectio…
W.S. § 26-28-127 Allowance of certain claims after insolvency; entry of liquidation order
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Allowance of certain claims after insolvency; entry of liquidation order. (a) No contingent and unliquidated claim shall share in a distribution of an insurer's assets if that insurer is adjudicated to be insolvent by an order made pursuant to this chapter, except that the claim …
W.S. § 26-28-128 Order of insolvency; time to file claims after insolvency order; payment of claims; procedure
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Order of insolvency; time to file claims after insolvency order; payment of claims; procedure. (a) If upon the entry of a liquidation order under this chapter or at any time thereafter during liquidation proceedings the insurer is not clearly solvent, the court, upon hearing afte…
W.S. § 26-28-129 Report and petition for assessment
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Report and petition for assessment. (a) Within three (3) years after the date of the entry of a rehabilitation or liquidation order of a domestic mutual insurer or a domestic reciprocal insurer, the commissioner may make and file his report and petition to the court setting forth…
W.S. § 26-28-130 Order and levy of assessment
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Order and levy of assessment. (a) Upon the filing and reading of the report and petition provided for in W.S. 26-28-129, the court, ex parte, may order the commissioner to assess all the insurer's members or subscribers who are subject to assessment, in an aggregate amount as the…
W.S. § 26-28-131 Assessment prima facie correct; notice of amount of assessment; proceedings to enforce payment
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Assessment prima facie correct; notice of amount of assessment; proceedings to enforce payment. (a) Any assessment of a subscriber or member of an insurer which the commissioner makes pursuant to the court order fixing the aggregate amount of the assessment against all members or…