Title 26 — Title 26 — Insurance Code
56 chapters · 1,242 sections in this title.
W.S. § 26-8-101 Authorized deposits of insurers
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Authorized deposits of insurers. (a) The following deposits of insurers when made through the commissioner shall be accepted and held, subject to this chapter: (i) Deposits required under this code for authority to transact insurance in this state; (ii) Deposits of domestic insur…
W.S. § 26-8-102 (a) Purposes for holding deposits
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(a) Purposes for holding deposits. Deposits shall be held for purposes as follows: (i) Deposits made in this state under W.S. 26-3-111 shall be held in trust for the purposes stated in that section; (ii) A deposit made in this state by a domestic insurer transacting insurance in …
W.S. § 26-8-103 Securities eligible for deposit
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Securities eligible for deposit. (a) Any deposits required under W.S. 26-3-111 for authority to transact insurance in this state shall consist of any combination of certificates of deposit issued by solvent banks, public obligations as described in W.S. 26-7-107(a)(i) or corporat…
W.S. § 26-8-104 Depository
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Depository. (a) Deposits made in this state under this code shall be made through and with the commissioner's approval in safe deposit with an established safe deposit institution, bank or trust company located in this state and selected by the insurer. (b) If the deposit is kept…
W.S. § 26-8-105 Custodial arrangements
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Custodial arrangements. (a) Instead of deposit into safe deposit as provided in W.S. 26-8-104, upon the insurer's written request the commissioner may permit the insurer to make and maintain the deposit under custodial arrangements with the trust department of an established bank…
W.S. § 26-8-106 Commissioner's record of deposits; vouchers as to assets deposited
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Commissioner's record of deposits; vouchers as to assets deposited. (a) The commissioner shall: (i) Give the depositing insurer vouchers as to assets deposited with him; (ii) Keep a record of the assets comprising each insurer's deposit, showing as far as practical the amount and…
W.S. § 26-8-107 Assignment or transfer of securities deposited to commissioner
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Assignment or transfer of securities deposited to commissioner. Any assets deposited by an insurer and not negotiable by delivery shall be assigned or transferred to the commissioner and his successors in office. Upon release of any such security or asset to the insurer, the comm…
W.S. § 26-8-108 Appraisal of securities deposited
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Appraisal of securities deposited. Prior to acceptance for deposit of any asset, or at any time thereafter while so deposited, the commissioner may have the asset appraised or valued by competent appraisers. The insurer shall bear the reasonable costs of the appraisal or valuatio…
W.S. § 26-8-109 When excess deposits may be required
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When excess deposits may be required. (a) If assets deposited by an insurer under this chapter are subject to material fluctuations in market value, the commissioner may require the insurer to deposit and maintain on deposit additional assets in an amount reasonably necessary to …
W.S. § 26-8-110 Rights of solvent insurer
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Rights of solvent insurer. (a) If the insurer is solvent and in compliance with this code it may: (i) Demand, receive, sue for and recover the income from the assets deposited; (ii) Exchange and substitute for the deposited assets, or any part thereof, other eligible securities a…
W.S. § 26-8-111 At any reasonable time inspect its deposit
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At any reasonable time inspect its deposit. Levy upon deposit. No judgment creditor or other claimant of an insurer has the right to levy upon any of the assets held in this state as a deposit for the protection of the insurer's policyholders or creditors or both. As to a deposit…
W.S. § 26-8-112 Deficiency of deposit; failure to cure
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Deficiency of deposit; failure to cure. If for any reason the market value of an insurer's assets held on deposit in this state as required under this code falls below the required amount, the insurer shall promptly deposit other or additional assets eligible for deposit sufficie…
W.S. § 26-8-113 Duration and release of deposit
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Duration and release of deposit. (a) Any deposit an insurer makes in this state pursuant to this code, including assets held in another state under custodial arrangements permitted by W.S. 26-8-105(b), shall be held as long as: (i) There is outstanding any liability of the insure…
W.S. § 26-8-114 Commissioner's liability
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Commissioner's liability. If the commissioner willfully fails to require, deposit, keep, account and receipt for, or surrender in the manner by law authorized or required any assets as provided in this code, he is responsible upon his official bond therefor and suit may be brough…
W.S. § 26-8-201 (a) Definitions
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(a) Definitions. As used in this article: (i) "Clearing corporation" means a corporation as defined in W.S. 34.1-8-102(a)(v), except that with respect to securities issued by institutions organized or existing under the laws of any foreign country or securities used to meet the d…
W.S. § 26-8-202 Use of book-entry systems
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Use of book-entry systems. (a) Notwithstanding any other provision of law, but subject to W.S. 26-24-129, a domestic insurer may deposit or arrange for the deposit of securities held in or purchased for its general account and its separate accounts in a clearing corporation. When…
W.S. § 26-8-203 Deposit of securities by insurers
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Deposit of securities by insurers. Notwithstanding any other provision of law, the securities qualified for deposit under this chapter may be deposited with a clearing corporation. Securities deposited with a clearing corporation and used to meet the deposit requirements set fort…
W.S. § 26-8-204 Deposit of securities by foreign insurers
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Deposit of securities by foreign insurers. Notwithstanding any other provision of law, securities eligible for deposit under the insurance laws of this state relating to deposit of securities by an insurer as a condition of commencing or continuing to do an insurance business in …