Title 26 — Title 26 — Insurance Code

Exemptions and effective dates. (a) Upon written application of any insurer, the commissioner may grant an exemption from compliance with any or all provisions of this article if the commissioner finds, upon review of the application, that compliance with this article would const…

Canadian and British companies. In the case of Canadian and British insurers, the annual audited financial report shall be defined as the annual statement of total business on the form filed by such companies with their supervision authority duly audited by an independent charter…

Requirements for audit committees. (a) An audit committee shall be directly responsible for the appointment, compensation and oversight of the work of any accountant, including resolution of disagreements between management and the accountant regarding financial reporting, employ…

Internal audit function requirements. (a) An insurer is exempt from the requirements of this section if: (i) The insurer has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums, but excluding premiums reinsured with the fed…

Conduct of insurer in connection with preparation of required reports and documents. (a) No director or officer of an insurer shall, directly or indirectly: (i) Make or cause to be made a materially false or misleading statement to an accountant in connection with any audit, revi…

Management's report of internal control over financial reporting. (a) Every insurer required to file an audited financial report pursuant to this article that has annual direct written and assumed premiums, excluding premiums reinsured with the federal crop insurance corporation …

Report of material transactions. (a) Every insurer domiciled in this state, and effective July 1, 1996, every authorized foreign insurer not subject to a substantially similar provision in its domicile, shall file a report with the commissioner disclosing material acquisitions an…

Acquisitions and dispositions of assets. (a) Subject to subsection (c) of this section, asset acquisitions subject to this article include every purchase, lease, exchange, merger, consolidation, succession or other acquisition other than the construction or development of real pr…

Nonrenewals, cancellations or revisions of ceded reinsurance agreements. (a) No nonrenewal, cancellation or revision of ceded reinsurance agreements need be reported pursuant to W.S. 26-3-401 if the nonrenewal, cancellation or revision is not material. For purposes of this articl…

Applicability. (a) This article shall apply to property and casualty insurance, life insurance and disability insurance, including: (i) Accident only insurance; (ii) Accidental death or dismemberment insurance; (iii) Credit insurance; (iv) Dental or vision care insurance; (v) Med…

Electronic notices and documents. (a) Subject to subsection (c) of this section, any notice to a party or any other document required under applicable law in an insurance transaction or that is to serve as evidence of insurance coverage may be delivered, stored and presented by e…

Posting of policies on the internet. (a) Notwithstanding any other provisions of W.S. 26-3-502, standard insurance policies and endorsements to which this article is applicable that do not contain personally identifiable information may be mailed, delivered or posted on the insur…

An adjuster may qualify for a license in one (1) or more of the following lines of insurance: (i) Property insurance, as defined in W.S. 26-5-104; (ii) Casualty insurance, as defined in W.S. 26-5-106; (iii) Crop insurance, as defined in W.S. 26-9-202(a)(xxi). (b) To be licensed a…

to fund. Record of receipts; payment to treasurer; credit (a) The commissioner shall keep a complete and accurate record of all monies he receives and disburses. All tax returns and records are open to examination at any time by the director of the state department of audit or hi…

Premium taxes; generally; preemption by state. (a) Each authorized and formerly authorized insurer shall file with the commissioner on or before March 1 each year or within any extended period the commissioner grants not to exceed thirty (30) days, a report in a form the commissi…

Repealed by Laws 1991, ch. 149, §§ 2(a) and (b).

Premium taxes; commissioner to collect tax; failure to pay. (a) The taxes imposed under W.S. 26-4-103 shall be collected by the commissioner. (b) If the insurer does not pay the tax on or before March 31 of the year in which due, the tax is delinquent, and the commissioner may en…

Definitions not mutually exclusive. It is intended that certain insurance coverages may come within the definitions of two (2) or more kinds of insurance in this chapter, and the inclusion of a coverage within one (1) definition does not preclude it from being included within ano…

"Life insurance" defined. (a) Life insurance is insurance on human lives and the transaction of life insurance includes also the granting of: (i) Endowment benefits; (ii) Additional benefits because of death or dismemberment by accident or accidental means; (iii) disability; and …

"Disability insurance" defined. (a) Disability insurance is insurance of any kind on human beings against: (i) Bodily injury, disablement or death by accident or accidental means, or the expense thereof; or (ii) Disablement or expense resulting from sickness. (b) For any statute …

"Property insurance" defined. Property insurance is insurance on any property against loss or damage from any cause, and against loss consequential upon that loss or damage, other than noncontractual legal liability for that loss or damage. Property insurance does not include tit…

(a) "Surety insurance" defined. Surety insurance includes: (i) Fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust; (ii) Insurance guaranteeing the performance of contracts, other than insurance policies, and gu…

(a) "Casualty insurance" defined. Casualty insurance includes: (i) Insurance against: (A) Loss of or damage to any land vehicle or aircraft or any draft or riding animal or to property while contained therein or thereon or being loaded or unloaded therein or therefrom, from any c…

"Marine and transportation insurance" and "wet marine and transportation insurance" defined. (a) "Marine and transportation insurance" includes: (i) Insurance against any kinds of loss or damage to: (A) Vessels, craft, aircraft vehicles of any kind, all cargoes, effects, disburse…

transact. What insurance multiple line insurer may A multiple line insurer may transact any kind of insurance defined in this chapter, other than title insurance and, except as provided in W.S. 26-3-107(a)(i), life insurance or the granting of annuities.

"Title insurance" defined. Title insurance is insurance of owners of property or others having an interest therein, or liens or encumbrances thereon, against loss by encumbrance, defective titles, invalidity or adverse claim to title.

Limit of risk. (a) No insurer, other than a title insurer, shall retain any risk on any one (1) subject of insurance, regardless of where located or to be performed, in an amount exceeding ten percent (10%) of its surplus to policyholders. (b) A "subject of insurance" for the pur…

Reinsurance. (a) Repealed by Laws 1991, ch. 128, § 2. (b) Repealed by Laws 1991, ch. 128, § 2. (c) Repealed by Laws 1991, ch. 128, § 2. (d) Repealed by Laws 1991, ch. 128, § 2. (e) Repealed by Laws 1991, ch. 128, § 2. (f) An insurer may accept reinsurance only on the risks and wi…

Credit allowed a domestic ceding insurer. (a) Except as provided in W.S. 26-5-113, and in addition to any rules adopted by the commissioner pursuant to W.S. 26-5-116 relating to the valuation of assets or reserve credits, the amount and forms of security supporting reinsurance ar…

Reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer. (a) A reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of W.S. 26-5-112 shall be allowed in an amount not excee…

Any other form of security acceptable to the Qualified United States financial institutions. (a) For purposes of W.S. 26-5-113(a)(iii), a "qualified United States financial institution" means an institution that: (i) Is organized or, in the case of a United States office of a for…

Reinsurance payable without diminution due to insolvency of ceding insurer. No credit or reduction of liability for reinsurance ceded under W.S. 26-5-112 or 26-5-113 shall be allowed unless the agreement provides that the reinsurance is payable by the assuming insurer on the basi…

Rules and regulations; reporting. (a) The commissioner may adopt rules and regulations implementing the provisions of W.S. 26-5-111 through 26-5-117. (b) Upon the commissioner's request, an insurer shall promptly inform him in writing of the cancellation or any other material cha…

Reinsurance agreements affected. W.S. 26-5-112 through 26-5-116 shall apply to all cessions after the effective date of this act under reinsurance agreements which have had an inception, anniversary or renewal date not less than six (6) months after the effective date of this act…

[Repealed or reserved.]

limitations. Repealed by Laws 1994, ch. 76, § 3. Life and disability reinsurance agreements; (a) This section shall apply to all domestic life and domestic disability insurers and to all other licensed life and disability insurers which are not subject to a substantially similar …

Assets allowed. (a) In any determination of an insurer's financial condition, only the insurer owned assets set forth and allowed in the most recent National Association of Insurance Commissioners' accounting practices and procedures manual or authorized in accordance with this s…

Assets not allowed. (a) In addition to assets impliedly excluded by the most recent National Association of Insurance Commissioners' accounting practices and procedures manual pursuant to W.S. 26-6-101, the following are not allowed as assets in any determination of an insurer's …

Liabilities generally. (a) In any determination of an insurer's financial condition, capital stock and liabilities to be charged against its assets include the capital stock and liability items set forth in the most recent National Association of Insurance Commissioners' accounti…

Disallowance of "wash" transactions. (a) The commissioner, after a hearing thereon, shall disallow as an asset or as a credit against liabilities any reinsurance he finds to have been arranged principally for the purpose of deception as to the ceding insurer's financial condition…

Unearned premium reserve; generally. (a) As to property, casualty and surety insurances the insurer shall maintain an unearned premium reserve on all policies in force as required under regulations adopted by the commissioner. In promulgating regulations under this subsection, th…

Unearned premium reserve; marine and transportation insurance. As to marine and transportation insurance, the unearned premium reserve shall be determined pursuant to the most recent National Association of Insurance Commissioners' accounting practices and procedures manual.

insurance. Unearned premium reserve; reserve for disability For all disability insurance policies the insurer shall maintain an active life reserve which shall place a sound value on its liabilities under those policies and be not less than the reserve according to appropriate st…

reserves. Unearned premium reserve; increase of inadequate If an insurer's loss experience shows or the commissioner determines that its loss reserves are inadequate, the insurer shall maintain loss reserves in an increased amount as is needed to make them adequate.

Short title; definitions. (a) This article is known as the Standard Valuation Law. (b) For the purposes of this article the following definitions shall apply on or after the operative date of the valuation manual. To the extent a definition which follows is inconsistent or differ…

Annual valuation of reserves required; minimum standard valuation; other valuations accepted; conditions. (a) Policies and contracts issued prior to the operative date of the valuation manual shall be governed by the following provisions: (i) The commissioner, annually, shall val…

Reserve calculation; valuation net premium exceeding gross premium charged. (a) If in any contract year the gross premium charged by any insurer on any policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculatin…

Repealed by Laws 1994, ch. 76, § 3.

Computation of minimum standard; reserve valuation method, life insurance and endowment benefits; annuity and pure endowment benefits; minimum reserves; reserve calculation; indeterminate plans. (a) Repealed by Laws 1994, ch. 76, § 3. (b) Except as otherwise provided in W.S. 26-6…

Computation of minimum standard for annuities; computation of minimum standard valuation by calendar year of issue. (a) Except as provided in subsection (b) of this section the minimum standard of valuation for individual annuity and pure endowment contracts issued on or after th…