Title 26 — Title 26 — Insurance Code
56 chapters · 1,242 sections in this title.
W.S. § 26-31-101 Short title
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Short title. This chapter is known and may be cited as the "Wyoming Insurance Guaranty Association Act".
W.S. § 26-31-102 Applicability
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Applicability. This chapter applies to all kinds of direct insurance, except life, title, surety, disability, credit, mortgage guaranty and ocean marine insurance.
W.S. § 26-31-103 Definitions
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Definitions. (a) As used in this chapter: (i) "Association" means the Wyoming Insurance Guaranty Association created under W.S. 26-31-104; (ii) "Covered claim" means an unpaid claim which arises out of and is within the coverage and does not exceed the applicable limits of an ins…
W.S. § 26-31-104 Association created; members; operation and exercise of powers
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Association created; members; operation and exercise of powers. (a) There is created a nonprofit unincorporated legal entity to be known as the Wyoming Insurance Guaranty Association. (b) All member insurers as defined in this chapter are members of the association as a condition…
W.S. § 26-31-105 Board of directors
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Board of directors. (a) The board of directors of the association shall consist of not less than five (5) nor more than nine (9) persons serving terms as established in the plan of operation. The board members shall be selected by member insurers subject to the commissioner's app…
W.S. § 26-31-106 Duties and powers of association
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Duties and powers of association. (a) Except as provided in subsection (c) of this section, the association shall: (i) Be obligated to pay covered claims: (A) Existing prior to the determination of insolvency and arising within thirty (30) days after the determination of insolven…
W.S. § 26-31-107 Member insurer assessments
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Member insurer assessments. (a) The assessments of each member insurer shall be in the proportion that the net direct written premiums of the member insurer for the preceding calendar year bears to the net direct written premiums of all member insurers for the preceding calendar …
W.S. § 26-31-108 Plan of operation
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Plan of operation. (a) The association shall submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the association's fair, reasonable and equitable administration. The plan of operation and any amendments thereto are effective u…
W.S. § 26-31-109 review
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review. (a) Duties and powers of commissioner; judicial The commissioner shall: (i) Notify the association of an insolvent insurer's existence not later than three (3) days after he receives notice of the insolvency determination; (ii) Upon request of the board of directors, prov…
W.S. § 26-31-110 Insured's rights and liabilities; settlements binding on receiver or liquidator; priority of claims; statements to be filed with receiver or liquidator
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Insured's rights and liabilities; settlements binding on receiver or liquidator; priority of claims; statements to be filed with receiver or liquidator. (a) Any person recovering under this chapter assigns his rights under the policy to the association to the extent of his recove…
W.S. § 26-31-111 Exhaustion of remedies under policy; claims recoverable from more than one association; claim limitation
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Exhaustion of remedies under policy; claims recoverable from more than one association; claim limitation. (a) Any person having a claim against an insurer under an insurance policy other than a policy of an insolvent insurer which is also a covered claim, shall first exhaust his …
W.S. § 26-31-112 insolvencies
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insolvencies. Aids in detection and prevention of insurer (a) To aid in the detection and prevention of insurer insolvencies: (i) The board of directors shall: (A) Upon majority vote, notify the commissioner of any information indicating any member insurer may be insolvent or in …
W.S. § 26-31-113 Examination and regulation of association by commissioner; annual financial report
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Examination and regulation of association by commissioner; annual financial report. The association is subject to the commissioner's examination and regulation. Not later than March 31 of each year, the board of directors shall submit a financial report for the preceding calendar…
W.S. § 26-31-114 Exemption from payment of fees and taxes
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Exemption from payment of fees and taxes. The association is exempt from payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on property.
W.S. § 26-31-115 Rates and premiums to be sufficient to recoup assessments paid to association
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Rates and premiums to be sufficient to recoup assessments paid to association. The rates and premiums charged for insurance policies to which this chapter applies shall include amounts sufficient to recoup a sum equal to the amounts the member insurer pays to the association less…
W.S. § 26-31-116 No liability for lawful action
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No liability for lawful action. There is no liability on the part of and no cause of action of any nature shall arise against any member insurer, the association or its agents or employees, the board of directors or the commissioner or his representatives for any lawful action th…
W.S. § 26-31-117 Stay of proceedings against insolvent insurer; setting aside judgment
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Stay of proceedings against insolvent insurer; setting aside judgment. All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in this state shall be stayed for sixty (60) days from the date the insolvency is determined to permit p…