Title 26, Title 26 — Insurance Code

Life insurance upon individual or person in whom he has insurable interest; "insurable interest" defined. (a) Any individual of competent legal capacity may procure or effect an insurance contract upon his own life or body for the benefit of any person. Except as provided in W.S.…

Life insurance for benefit of charitable institutions. (a) Contracts of life insurance may be made and entered into in which the person paying the consideration for the insurance has no insurable interest in the life of the person insured, if charitable, benevolent, educational o…

Insurable interest in property; "insurable interest" defined. (a) No contract of insurance of property or of any interest in property or arising from property is enforceable as to the insurance except for the benefit of persons having an insurable interest in the things insured a…

Purchase of life insurance by or for minors or any person of competent legal capacity. (a) Any person of competent legal capacity may contract for insurance. (b) Any minor not less than fifteen (15) years of age, notwithstanding his minority, may contract for or own annuities, or…

Application to be made by individual insured; exceptions. (a) No life or disability insurance contract upon an individual, except a contract of group life insurance or of group or blanket disability insurance, shall be made or carried out unless at the time of the making of the c…

Alteration of application prohibited; exceptions. No alteration of any written application for any life or disability insurance policy shall be made by any person other than the applicant without his written consent, except that the insurer may make insertions for administrative …

Application as evidence. (a) No application for the issuance of any life or disability insurance policy or annuity contract is admissible in evidence in any action relative to the policy or contract, unless a true copy of the application is attached to or otherwise made a part of…

Statements in applications as representations and not as warranties; misrepresentations. (a) Any statements and descriptions in any application for an insurance policy or annuity contract, by or in behalf of the insured or annuitant, are representations and not warranties. Misrep…

Filing and approval of application forms. (a) No basic insurance policy or annuity contract form, or application form if written application is required and is to be made a part of the policy or contract, or printed rider or endorsement form or form of renewal certificate, shall …

Filing and approval of application forms; grounds for disapproval. (a) The commissioner, within forty-five (45) days after filing of any insurance policy, shall disapprove any form filed under W.S. 26-15-110, or withdraw any previous approval thereof, only if: (i) The form: (A) I…

Standard and uniform provisions of policies. (a) Insurance contracts shall contain any standard or uniform provisions required by the applicable provisions of this code pertaining to contracts of particular kinds of insurance. The commissioner may waive the required use of a part…

Contents of policies generally. (a) Any policy shall specify: (i) The names of the parties to the contract; (ii) The subject of the insurance; (iii) The risks insured against; (iv) The time when the insurance thereunder takes effect and the period during which the insurance is to…

Additional policy contents. (a) A policy may contain additional provisions not inconsistent with this code and which are: (i) Required to be inserted by the laws of the insurer's domicile; (ii) Necessary, because of the manner in which the insurer is constituted or operated, in o…

Adoption of charter and bylaws by reference prohibited. No policy shall contain any provision purporting to make any portion of the charter, bylaws or other constituent document of the insurer, other than the subscriber's agreement or power of attorney of a reciprocal insurer, a …

Execution of policies. (a) Any insurance policy shall be executed in the name of and on behalf of the insurer by its authorized officer, attorney-in-fact, employee or other representative. (b) A facsimile signature of any executing individual may be used instead of an original si…

Underwriters' and combination policies. (a) Two (2) or more authorized insurers may jointly issue, and are jointly and severally liable on, an underwriters' policy bearing their names. Any insurer may issue a policy in the name of an underwriters' department, and the policy shall…

Validity and construction of noncomplying policies. (a) Any policy delivered or issued for delivery to any person in this state in violation of this code, but otherwise binding on the insurer, is valid, but shall be construed as provided in this code. (b) Any condition, omission …

Binders and other contracts for temporary insurance. (a) Binders or other contracts for temporary insurance may be made orally or in writing and include all the usual terms of the policy as to which the binder is given together with applicable endorsements as are designated in th…

Delivery of policy; duplicate policies. If the original policy is delivered or is required to be delivered to or for deposit with any vendor, mortgagee or pledgee of any motor vehicle, and in which policy any interest of the vendee, mortgagor or pledgor in or with reference to th…

Renewal by certificate or endorsement. (a) Except as provided in subsection (b) of this section, any insurance policy terminating by its terms at a specified expiration date, and not otherwise renewable, may be renewed or extended: (i) At the insurer's option; (ii) Upon a current…

Assignment of policies. A policy is assignable or not assignable as provided by its terms. Subject to its terms relating to assignability, any life or disability policy, under the terms of which the beneficiary may be changed upon the sole request of the insured or owner, may be …

Payment discharges insurer. If the proceeds of or payments under any life or disability insurance policy or annuity contract are payable in accordance with the terms of the policy or contract, or the exercise of any right or privilege thereunder, and the insurer makes payment the…

Claim to be accepted or rejected; attorney's fee. (a) Claims for benefits under a life, accident or health insurance policy shall be rejected or accepted and paid by the insurer or its agent designated to receive the claims within forty-five (45) days after receipt of the proofs …

Forms for proof of loss to be furnished. An insurer, upon written request of any person claiming to have a loss under an insurance contract issued by that insurer, shall furnish forms of proof of loss for completion by the person. The insurer, because of the requirement to furnis…

Uniform health insurance claim forms. The commissioner shall prescribe uniform health insurance claim forms and formats for governmental agencies and health care providers as defined by W.S. 26-40-102(a)(i), which, after January 1, 1997, shall be used by all insurers transacting …

Insurer's acts not constituting waiver of policy provisions or defenses. (a) None of the following acts by or on behalf of an insurer constitutes a waiver of any provision of a policy, or of any right, or of any defense of the insurer thereunder or otherwise: (i) Acknowledgment o…

Exemption of proceeds; life insurance. (a) If a policy of insurance is executed by any person on his own life or on another life, in favor of a person other than himself, or except in cases of transfer with intent to defraud creditors, if a policy of life insurance is assigned or…

Exemption of proceeds; disability insurance. Except as otherwise provided by the policy or contract, the proceeds of all contracts of disability insurance and of provisions specifying benefits because of the insured's disability, which are supplemental to any life insurance or an…

Exemption of proceeds; group insurance. (a) A policy of group life insurance or group disability insurance or the proceeds thereof, including death benefits, cash surrender and loan values, premiums waived and dividends, whether used in reduction of premiums or otherwise, excepti…

Exemption of proceeds; annuity contracts; assignability of rights. (a) The benefits, rights, privileges and options which under any annuity contract issued are due or prospectively due the annuitant, are not subject to execution nor is the annuitant compelled to exercise any such…

Retention of proceeds of policy by company. (a) Any life insurer may hold the proceeds of any life or endowment insurance or annuity contract it issues: (i) Upon the terms and restrictions as to revocation by the insured and control by beneficiaries; (ii) With the exemptions from…

Venue of suits against insurers. Suit upon causes of action arising within this state against an insurer over an insurance contract shall be brought in the county where the cause of action arose or in the county where the policyholder instituting the action resides.

Coverage of children. (a) No insurance company, multi-employer trust or other provider of an individual, group or blanket health insurance product in this state shall: (i) Refuse to accept and honor an otherwise valid claim for a covered service which is filed by either parent of…

Assignment of insurance proceeds to doctor, hospital or state agency; lien for state care; notice of lien. (a) Whenever a contract by a third party agency provides for payment to a beneficiary under the contract for expenses incurred by him for medical, surgical or hospital care,…

Time limit to seek reimbursement for health insurance overpayments. An action or request for reimbursement of any overpayment of a health insurance claim to a health care provider pursuant to any health insurance contract shall be brought not more than two (2) years after the dat…

Interstate insurance product regulation compact. The Interstate Insurance Product Regulation Compact is hereby enacted into law and entered into on behalf of this state with any and all other states legally joining therein in a form substantially as follows: INTERSTATE INSURANCE …

Scope and applicability of chapter. This chapter, except W.S. 26-16-118, 26-16-120 and 26-16-505, applies only to contracts of life insurance and annuities, other than reinsurance, group life insurance and group annuities.

Standard provisions required. (a) No life insurance policy, other than group and pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this state unless it contains provisions conforming in substance to each o…

Grace period. A grace period of thirty (30) days, or, at the insurer's option, of one (1) month of not less than thirty (30) days, or of four (4) weeks in the case of industrial life insurance policies the premiums for which are payable more frequently than monthly, shall be allo…

Incontestability. The policy, exclusive of provisions relating to disability benefits or to additional benefits in case of death by accident or accidental means, is incontestable, except for nonpayment of premiums, after it is in force during the insured's lifetime for a period o…

Policy and application constitutes entire contract; statements deemed representations. The policy, or the policy and the application therefor if a copy of the application is endorsed upon or attached to the policy when issued, constitutes the entire contract between the parties a…

Misstatement of age. If the age of the insured or of any other person whose age is considered in determining the premium or benefit is misstated, any amount payable or benefit accruing under the policy shall be in an amount as the premium would purchase at the correct age.

Dividends. (a) In participating policies, beginning not later than the end of the third policy year, the insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue on the policy anniversary or other dividend date specified in the policy, provid…

Policy loans. (a) As used in this section: (i) "Policy" includes certificates issued by a fraternal benefit society and annuity contracts which provide for policy loans; (ii) "Policyholder" includes the owner of the policy or the person designated to pay premiums as shown on the …

Table of installments required. In case the policy provides that the proceeds are payable in installments which are determinable at issue of the policy, there shall be a table showing the amounts of the guaranteed installments.

Reinstatement of policies. (a) Unless the policy has been surrendered for its cash surrender value, or its cash surrender value has been exhausted, or the paid-up term insurance, if any, has expired, the policy will be reinstated at any time within three (3) years, or two (2) yea…