Title 26 — Title 26 — Insurance Code

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…

compact. Interstate insurance product regulation 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…

Time and place of payment of premiums. The time and place of payment of premiums shall be specified.

Payment of claims. (a) If the benefits under the policy are payable because of the death of the insured, settlement shall be made upon receipt of proof of death and, at the insurer's option, surrender of the policy or proof of the interest of the claimant, or both. If an insurer …

policies. Beneficiaries of industrial life insurance (a) An industrial life insurance policy shall have the name of the beneficiary designated thereon, or in the application or other form if attached to the policy, with a reservation of the right to designate or change the benefi…

Title on policy. There shall be a title on the policy briefly describing the policy.

Excluded or restricted coverage under incontestability clause. A clause in any life insurance policy providing that the policy is incontestable after a specified period precludes only a contest of the policy's validity and does not preclude the assertion at any time of defenses b…

provisions. Annuity and pure endowment contracts; standard (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…

(a) Applicability of article. 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".

(a) Applicability of article. 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…