Title 26, Title 26 — Insurance Code

Valuation of real and personal property. (a) All real property shall be valued as set forth in the most recent National Association of Insurance Commissioners' accounting practices and procedures manual. (i) Repealed by Laws 1994, ch. 76, § 3. (ii) Repealed by Laws 1994, ch. 76, …

Valuation of purchase money mortgages. Purchase money mortgages on real property shall be valued in accordance with the most recent National Association of Insurance Commissioners' accounting practices and procedures manual.

"Insolvency" and "impairment" defined. (a) An insurer is insolvent if its total assets, as in this chapter provided, are less than its total liabilities, excluding as a liability, as to a stock insurer, the aggregate par value of its outstanding capital stock. (b) An insurer is i…

Short title; effective date. This article shall be known as the property and casualty actuarial opinion law. W.S. 26-6-402 and 26-6-403 shall be effective beginning January 1, 2008 and shall be applicable to filings submitted after January 1, 2009.

Actuarial opinion of reserves and supporting documentation. (a) Every property and casualty insurance company doing business in this state, unless otherwise exempted by the domiciliary commissioner, shall annually submit the opinion of an appointed actuary entitled "statement of …

Confidentiality. (a) The statement of actuarial opinion required under W.S. 26-6-402 shall be provided with the annual statement in accordance with National Association of Insurance Commissioners property and casualty annual statement instructions and shall be treated as a public…

Scope of chapter. Except as to W.S. 26-7-116, this chapter applies to domestic insurers only.

Definitions of terms used in chapter; determination of net earnings. (a) As used in this chapter: (i) "Fixed charges" means interest on funded and unfunded debt amortization of debt discount and rentals for leased properties; (ii) "Institution" means corporations, joint-stock ass…

Eligible investments. (a) Insurers shall invest in or lend their funds on the security of and shall hold as invested assets only eligible investments prescribed in this chapter. (b) Any particular investment held by an insurer on January 1, 1968, which was a legal investment at t…

General qualifications for investments. (a) No security or investment, other than property acquired under W.S. 26-7-107(a)(xiii), is eligible for acquisition unless it is interest bearing or interest accruing or dividend or income paying, is not then in default and the insurer is…

Investment authorization; record. (a) No insurer shall make any investment or loan, other than a policy loan or an annuity contract loan of a life insurer, unless the investment or loan is authorized by the insurer's board of directors or by a committee authorized by the board an…

Diversification of and limits on investments. (a) An insurer shall invest in or hold as admitted assets only categories of investments within applicable limits as follows: (i) No insurer shall have at any time any combination of investments in or loans upon the security of the ob…

Authorized investments. (a) An insurer may invest in: (i) Bonds or other evidences of indebtedness, not in default as to principal or interest, which are valid and legally authorized obligations issued, assumed or guaranteed by the United States or Canada or by any state, territo…

Policy loans. A life insurer may lend to its policyholder upon pledge of the policy as collateral security any sum not exceeding the cash surrender value of the policy, or may lend against pledge or assignment of any of its supplementary contracts or other contracts or obligation…

Collateral loans. An insurer may lend and thereby invest its funds upon the pledge of securities eligible for investment under this chapter. As of the date made, no such loan shall exceed in amount ninety percent (90%) of the market value of the collateral pledged. The amount loa…

Miscellaneous loans and investments. (a) An insurer may make loans or investments not otherwise expressly permitted under this chapter, in aggregate amounts not over five percent (5%) of the insurer's admitted assets and not over one percent (1%) of those assets as to any one loa…

Security interest in chattels. (a) In connection with a mortgage loan on the security of real property designed and used primarily for residential purposes only, which mortgage loan was acquired pursuant to W.S. 26-7-107(a)(xii), an insurer may lend or invest an amount, not excee…

Security interest in chattels; time limit for disposal. (a) Except as stated in subsection (b) of this section, the insurer shall dispose of real property acquired under W.S. 26-7-107(a)(xiii)(A) within five (5) years after it ceases to be necessary to the insurer in the transact…

Disposal of ineligible investments; time limit for disposal. Any personal property or securities lawfully acquired by an insurer which it could not otherwise have invested in or loaned its funds upon at the time of the acquisition, shall be disposed of within three (3) years from…

Disposal of ineligible investments; failure to dispose; disposal of ineligible investments unlawfully acquired. (a) Any real property, personal property or securities lawfully acquired and held by an insurer after expiration of the period for disposal thereof or any extension of …

Prohibited investments; securities underwriting prohibited. (a) In addition to investments excluded pursuant to other provisions of this code, an insurer shall not invest in or lend its funds upon the security of: (i) Issued shares of its own capital stock, except for the purpose…

Investments of foreign insurers. The investment portfolio of a foreign or alien insurer shall be as permitted by the laws of its domicile if of a quality substantially equal to that required under this chapter for similar funds of like domestic insurers. In determining the relati…

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…

Purposes for holding deposits. (a) 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 …

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…

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…

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…

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…

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…

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…

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 …

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…

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 made pursuant to W.S. 26-3-111, levy on tha…

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…

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…

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…

Definitions. (a) 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…

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…

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…

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 …

Purpose and scope. This chapter governs the qualifications and procedures for the licensing of insurance producers. This chapter does not apply to excess and surplus lines brokers licensed pursuant to W.S. 26-11-112 except as provided in W.S. 26-9-207(b) through (d), (f) and (g),…

Definitions. (a) As used in this chapter: (i) "Business entity" means a corporation, association, partnership, limited liability company, limited liability partnership or other legal entity; (ii) "Endorsee" means an employee or representative of a specialty limited lines producer…

License required. A person shall not sell, solicit or negotiate insurance in this state for any class or classes of insurance unless the person is licensed for that line of authority in accordance with this chapter.

Exceptions to licensing. (a) Nothing in this chapter shall be construed to require an insurer to obtain an insurance producer license. As used in this section, the term "insurer" does not include an insurer's officers, directors, employees, subsidiaries or affiliates. (b) A licen…

Application for examination. (a) A resident individual applying for an insurance producer license shall pass a written examination unless exempt pursuant to W.S. 26-9-209. The examination shall test the knowledge of the individual concerning the lines of authority for which appli…

Application for license. (a) A person applying for a resident insurance producer license shall make application to the commissioner on the uniform application and declare under penalty of refusal, suspension or revocation of the license that the statements made in the application…

License. (a) Unless denied licensure pursuant to W.S. 26-9-211, persons who have met the requirements of W.S. 26-9-205 and 26-9-206 shall be issued an insurance producer license. An insurance producer may receive qualification for a license in one (1) or more of the following lin…

Nonresident licensing. (a) Unless denied licensure pursuant to W.S. 26-9-211, a nonresident person shall receive a nonresident producer license if: (i) The person is currently licensed as a resident and is in good standing in his home state; (ii) The person has submitted the prop…

Exemption from examination. (a) An individual who applies for an insurance producer license in this state who was previously licensed for the same lines of authority in another state shall not be required to complete an examination. This exemption is only available if the person …

Temporary licensing. (a) The commissioner may issue a temporary insurance producer license for a period not to exceed one hundred eighty (180) days without requiring an examination if the commissioner deems that the temporary license is necessary for the servicing of an insurance…