Title 26 — Title 26 — Insurance Code
56 chapters · 1,242 sections in this title.
W.S. § 26-42-101 Short title
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Short title. This chapter is known as the "Wyoming Life and Health Insurance Guaranty Association Act."
W.S. § 26-42-102 (a) Definitions
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(a) Definitions. As used in this act: (i) "Account" means any of the three (3) accounts created by W.S. 26-42-104(a); (ii) "Association" means the Wyoming life and health insurance guaranty association created by W.S. 26-42-104; (iii) "Authorized assessment" or the term "authoriz…
W.S. § 26-42-103 Coverage and limitations
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Coverage and limitations. (a) This act shall provide coverage for the policies and contracts specified in subsection (b) of this section and provide coverage as follows: (i) To persons who are owners, certificate holders or enrollees under the policies or contracts other than str…
W.S. § 26-42-104 Creation of the association
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Creation of the association. (a) There is created a nonprofit legal entity to be known as the Wyoming life and health insurance guaranty association. All member insurers are members of the association as a condition of their authority to transact insurance or health maintenance o…
W.S. § 26-42-105 Board of directors
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Board of directors. (a) The board of directors of the association consists of not less than five (5) nor more than nine (9) member insurers serving terms as established in the plan of operation provided by W.S. 26-42-108. Membership on the board shall be subject to the following:…
W.S. § 26-42-106 Powers and duties of the association
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Powers and duties of the association. (a) If a member insurer is an impaired insurer, the association may in its discretion and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer, that are approved by the co…
W.S. § 26-42-107 Assessments
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Assessments. (a) For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board of directors shall assess the member insurers separately for each account and at a time and for amounts as the board finds necessary. Assessments are…
W.S. § 26-42-108 Plan of operation
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Plan of operation. (a) The association shall maintain a plan of operation to assure the fair, reasonable and equitable administration of the association. The plan of operation and any amendments to the plan of operation shall be submitted to the commissioner and are effective upo…
W.S. § 26-42-109 Duties and powers of the commissioner
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Duties and powers of the commissioner. (a) In addition to the duties and powers enumerated in other provisions of this act, the commissioner shall: (i) Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropria…
W.S. § 26-42-110 Prevention of insolvencies
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Prevention of insolvencies. (a) To aid in the detection and prevention of member insurer insolvencies or impairments, the commissioner shall: (i) Notify the commissioners of all the other states, territories of the United States and the District of Columbia by mail within thirty …
W.S. § 26-42-111 Credits for assessments paid; tax offsets
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Credits for assessments paid; tax offsets. (a) A member insurer may offset against its premium tax liability to this state an assessment described in W.S. 26-42-107(k) to the extent of ten percent (10%) of the amount of the assessment for each of the ten (10) calendar years follo…
W.S. § 26-42-112 Assessment liability; records; assets; proceedings against impaired or insolvent insurer
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Assessment liability; records; assets; proceedings against impaired or insolvent insurer. (a) This act shall not be construed to reduce the liability for unpaid assessments of the insureds of an impaired or insolvent insurer operating under a plan with assessment liability. (b) R…
W.S. § 26-42-113 Examination of the association; annual report
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Examination of the association; annual report. The association is subject to examination and regulation by the commissioner. The board of directors shall submit to the commissioner each year not later than one hundred twenty (120) days after the association's fiscal year, a finan…
W.S. § 26-42-114 Tax exemptions
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Tax exemptions. 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 real property.
W.S. § 26-42-115 judgments
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judgments. Stay of proceedings; reopening default All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed one hundred eighty (180) days from the date an order of liquidation, rehabilitation or conservation is final to permit proper leg…
W.S. § 26-42-116 Prohibited advertisement of association chapter in insurance sales; notice
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Prohibited advertisement of association chapter in insurance sales; notice. (a) No person including a member insurer, agent or affiliate of an insurer shall make, publish, disseminate, circulate or place before the public, or cause directly or indirectly to be made, published, di…
W.S. § 26-42-117 Immunity
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Immunity. Except as provided by W.S. 26-42-106(r)(ii), 26-42-109(b) and 26-42-112, there shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer or its agents or employees, the association or its agents or employees, member…
W.S. § 26-42-118 Prospective application
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Prospective application. (a) Except as provided in subsection (b) of this section, this act shall apply to any member insurer which is placed under an order of liquidation with a finding of insolvency on or after July 1, 2014. (b) The amendments provided in the 2014 amendments to…