Title 26, Title 26 — Insurance Code

Annuity and pure endowment contracts; standard provisions. (a) No annuity or pure endowment contract, other than reversionary, survivorship or group annuities and except as stated in this section, shall be delivered or issued for delivery in this state unless it contains provisio…

Annuity and pure endowment contracts; provisions to be contained. (a) Any annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, shall contain provisions as specified in this section. (b) There shall be a grace period of one (1) month, but n…

Standard provisions for reversionary annuities. (a) Except as otherwise provided in this section, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance: (i) The provisions specified in W.S. 26-16-117, except…

Provisions limiting liability in life insurance policies prohibited; exceptions. (a) No life insurance policy shall be delivered or issued for delivery in this state if it contains any provision: (i) Limiting the time within which an action at law or in equity may be commenced on…

Prohibited provisions generally in life insurance policies and industrial life insurance policies. (a) No life insurance policy, other than industrial insurance, shall be issued or delivered in this state, or be issued by any domestic insurer, if it contains any provision: (i) By…

Failure to pay premiums; notification. When an employer or trustee of a fund established or adopted by an employer, which employer or trustee is deemed the policyholder of the life insurance policy insuring the employer's employees for the benefit of persons other than the employ…

Short title; policy issue date; valuation manual operative date. (a) This article is known as the Standard Nonforfeiture Law for Life Insurance. (b) For the purpose of this article the date of issue of a policy is the date on which the insured's rated age is determined. (c) For t…

Policy provisions. (a) No life insurance policy, except as stated in W.S. 26-16-212, shall be delivered or issued for delivery in this state unless it contains provisions conforming in substance to each of the following provisions, or corresponding provisions which the commission…

Cash surrender values. (a) The insurer may reserve the right to defer the payment of any cash surrender value for a period of six (6) months after demand therefor with surrender of the policy. (b) Cash surrender value shall be as follows: (i) Any cash surrender value available un…

Paid-up nonforfeiture benefits. Any paid-up nonforfeiture benefit available under the policy in case of default in a premium payment due on any policy anniversary shall be such that its present value as of the anniversary shall be at least equal to the cash surrender value then p…

Section applicability; adjusted premiums. (a) This section does not apply to policies issued on or after the operative date of W.S. 26-16-209. (b) Except as provided in W.S. 26-16-207, the adjusted premiums for any policy shall be calculated on an annual basis and shall be such u…

Varying amount of insurance based on policy duration; uniform equivalent. (a) In the case of a policy providing an amount of insurance varying with duration of the policy, the equivalent uniform amount thereof for the purpose of W.S. 26-16-205 is the uniform amount of insurance p…

Adjustment of premiums for benefits provided by rider or supplemental policy provision. (a) The adjusted premiums for any policy providing term insurance benefits by rider or supplemental policy provision shall be equal to: (i) The adjusted premiums for an otherwise similar polic…

Section applicability; calculation of certain adjusted premiums. (a) This section does not apply to ordinary policies issued on or after the operative date of W.S. 26-16-209. All adjusted premiums and present values referred to in this article, for all policies of ordinary insura…

Section applicability; premium adjustment for any policy; annual calculation; exception. (a) This section applies to policies issued on or after the operative date in subsection (n) of this section. (b) Except as provided in subsection (h) of this section, the adjusted premiums f…

Determination of specified life insurance plan premiums and benefits. (a) For any life insurance plan which provides for future premium determination, the amounts of which are to be determined by the insurer based on the then estimates of future experience, or for any life insura…

Calculating cash surrender and paid-up nonforfeiture benefits for premium default other than on policy anniversary. (a) Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in case of default in a premium payment due at any time other than on…

Applicability of article. (a) This article does not apply to any: (i) Reinsurance; (ii) Group insurance; (iii) Pure endowment; (iv) Annuity or reversionary annuity contract; (v) Term policy of uniform amount which provides no guaranteed nonforfeiture or endowment benefits, or ren…

Nonforfeiture benefits on old policies. (a) In the case of policies referred to in W.S. 26-16-102 and issued prior to the operative date of article 2 of this chapter, there shall be a provision which, in case of default in premium payments after premiums are paid for three (3) ye…

Short title. This article is known as the "Standard Nonforfeiture Law For Individual Deferred Annuities".

Applicability of article. (a) This article does not apply to any: (i) Reinsurance; (ii) Group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer, an employee organization, or both, other than a plan providing indivi…

Contract provisions. (a) In the case of contracts issued on or after the operative date of this article as defined in W.S. 26-16-411, no annuity contract, except as stated in W.S. 26-16-402, shall be delivered or issued for delivery in this state unless it contains in substance t…

Minimum nonforfeiture amounts upon which certain minimum values are to be based. (a) The minimum values as specified in W.S. 26-16-405 through 26-16-409 of any paid-up annuity, cash surrender or death benefits available under an annuity contract shall be based upon minimum nonfor…

Present value of paid-up annuity benefits. Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. The present value shall be compu…

Calculating cash surrender benefits available prior to contract maturity. (a) For contracts which provide cash surrender benefits, cash surrender benefits available prior to maturity shall not be less than an amount determined as follows: (i) Determine the present value as of the…

Minimum paid-up annuity benefit available as a nonforfeiture option. For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present v…

Annuity contract optional maturity dates. For the purpose of determining the benefits calculated under W.S. 26-16-406 and 26-16-407 in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date…

Calculating benefits under contracts with fixed schedule considerations. Any paid-up annuity, cash surrender or death benefits available at any time, other than on the contract anniversary, under any contract with fixed scheduled considerations, shall be calculated with allowance…

Calculating minimum annuity and life insurance nonforfeiture benefits when included by rider or supplemental contract provision. For any contract which provides therein, by rider or supplemental contract provision, both annuity benefits and life insurance benefits that exceed the…

Operative date of article. (a) After May 20, 1981, any company may file with the commissioner a written notice of its election to comply with this article after a specified date before May 20, 1983. After filing the notice, then upon the specified date, which is the operative dat…

Incontestability and limitation of liability after reinstatement. (a) A reinstated life insurance policy or annuity contract may be contested because of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the…

Allocation to separate accounts to provide for life insurance or annuities; regulation of variable contracts. (a) A domestic life insurer may establish one (1) or more separate accounts and may allocate to those accounts amounts, including without limitation proceeds applied unde…

Insurer issuing participating and nonparticipating policies; records. (a) Any life insurer issuing both participating and nonparticipating policies shall maintain any accounting records necessary for it to determine dividends to participating policyholders on an equitable basis. …

Policy plans prohibited. (a) No life insurer shall deliver or issue for delivery in this state: (i) As part of or in combination with any life insurance, endowment or annuity contract, any agreement or plan, additional to the rights, dividends and benefits arising out of the cont…

Unclaimed life insurance benefits. (a) An insurer shall perform a comparison of its insureds' policies and retained asset accounts against a death master file on at least a semi-annual basis by using the full death master file once and thereafter using the death master file updat…

Applicability of chapter; short title. This chapter applies only to group life insurance and is known and may be cited as the "Group Life Insurance Law".

Group contracts must meet group requirements; inapplicability of section; old contracts saved. (a) No life insurance policy shall be delivered or issued for delivery in this state insuring the lives of more than one (1) individual unless to one (1) of the groups specified in this…

Employee groups. (a) The lives of a group of individuals may be insured under a policy issued to an employer or trustees of a fund established or adopted by an employer, which employer or trustee is deemed the policyholder, insuring the employer's employees for the benefit of per…

Debtor groups for benefit of creditor. (a) The lives of a group of individuals may be insured under a policy issued to a creditor, a creditor's parent holding company or a trustee or agent designated by two (2) or more creditors, which creditor, holding company, affiliate, truste…

Labor union groups. (a) The lives of a group of individuals may be insured under a policy issued to a labor union or similar employee organization which union or organization is deemed the policyholder, to insure members of the union or organization for the benefit of persons oth…

Trustee groups. (a) The lives of a group of individuals may be insured under a policy issued to a trust or the trustees of a fund established or adopted by two (2) or more employers, by one (1) or more labor unions or similar employee organizations, or by one (1) or more employer…

Dependents' coverage. (a) Insurance under any group life insurance policy issued pursuant to W.S. 26-17-103, 26-17-105, 26-17-106, 26-17-109, 26-17-127 or 26-17-128 may be extended to insure the employees or members or any class of employees or members against loss due to the dea…

Credit union group. (a) The lives of a group of individuals may be insured under a policy issued to a credit union or a trustee or agent designated by two (2) or more credit unions, which credit union, trustee or agent is deemed the policyholder, to insure members of the credit u…

Provisions required in group contracts; exceptions. (a) No group life insurance policy shall be delivered in this state unless it contains provisions conforming in substance to the provisions set forth in W.S. 26-17-110 through 26-17-121 and 26-17-130 or provisions which in the c…

Grace period. The policyholder is entitled to a grace period of thirty-one (31) days for the payment of any premium due except the first. The death benefit coverage continues in force during the grace period, unless the policyholder gives the insurer written notice of discontinua…