Title 26 — Title 26 — Insurance Code
56 chapters · 1,242 sections in this title.
W.S. § 26-47-101 Short title
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Short title. This article may be cited as the "Reinsurance Intermediary Act."
W.S. § 26-47-102 (a) Definitions
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(a) Definitions. As used in this article: (i) "Actuary" means a person who is a member in good standing of the American Academy of Actuaries; (ii) "Controlling person" means any person who directly or indirectly has the power to direct or cause to be directed, the management, con…
W.S. § 26-47-103 License required
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License required. (a) No person shall act as a reinsurance intermediary broker in this state if he maintains an office either directly or as a member, officer, director or employee of a firm, association or corporation: (i) In this state, unless he is a licensed producer in this …
W.S. § 26-47-104 Required contract provisions for reinsurance intermediary brokers
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Required contract provisions for reinsurance intermediary brokers. (a) Transactions between a reinsurance intermediary broker and the insurer it represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each par…
W.S. § 26-47-105 brokers
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brokers. Books and records; reinsurance intermediary (a) For at least ten (10) years after expiration of each contract of reinsurance transacted by the reinsurance intermediary broker, the reinsurance intermediary broker shall keep a complete record for each transaction showing: …
W.S. § 26-47-106 Duties of insurers utilizing the services of a reinsurance intermediary broker
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Duties of insurers utilizing the services of a reinsurance intermediary broker. (a) An insurer shall not engage the services of any person to act as a reinsurance intermediary broker on its behalf unless the person is licensed as required by W.S. 26-47-103(a). (b) An insurer shal…
W.S. § 26-47-107 Required contract provisions; reinsurance intermediary managers
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Required contract provisions; reinsurance intermediary managers. (a) Transactions between a reinsurance intermediary manager and the reinsurer it represents in such capacity shall only be entered into pursuant to a written contract, specifying the responsibilities of each party, …
W.S. § 26-47-108 managers
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managers. Books and records; reinsurance intermediary (a) For at least ten (10) years after expiration of each contract of reinsurance transacted by the reinsurance intermediary manager, the reinsurance intermediary manager shall keep a complete record for each transaction showin…
W.S. § 26-47-109 (a) Prohibited acts
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(a) Prohibited acts. The reinsurance intermediary manager shall not: (i) Cede retrocessions on behalf of the reinsurer; (ii) Commit the reinsurer to participate in reinsurance syndicates; (iii) Appoint any producer without assuring that the producer is lawfully licensed to transa…
W.S. § 26-47-110 Duties of reinsurers utilizing the services of a reinsurance intermediary manager
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Duties of reinsurers utilizing the services of a reinsurance intermediary manager. (a) A reinsurer shall not engage the services of any person to act as a reinsurance intermediary manager on its behalf unless the person is licensed as required by W.S. 26-47-103(b). (b) The reinsu…
W.S. § 26-47-111 Examination authority
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Examination authority. A reinsurance intermediary shall be subject to examination by the commissioner pursuant to chapter 2 of the Wyoming Insurance Code. The commissioner shall have access to all books, bank accounts and records of the reinsurance intermediary in a form usable t…
W.S. § 26-47-112 Penalties and liabilities
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Penalties and liabilities. (a) A reinsurance intermediary, insurer or reinsurer found by the commissioner to be in violation of any provision of this article, after a hearing conducted in accordance with W.S. 26-2-125 shall: (i) For each separate violation, pay a penalty in an am…
W.S. § 26-47-113 Fees; rules and regulations
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Fees; rules and regulations. (a) The commissioner may impose a biennial fee not to exceed one hundred dollars ($100.00) upon any reinsurance intermediary subject to the provisions of this article. The fee shall be in addition to any other fees provided in this code. (b) The commi…