Title 26 — Title 26 — Insurance Code

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…

Repealed by Laws 1990, ch. 3, § 3.

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…

exceptions. Provisions required in group contracts; (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…

Incontestability. The validity of the policy shall not be contested, except for nonpayment of premium, after it is in force for two (2) years from its date of issue. No statement made by any person insured under the policy relating to his insurability shall be used in contesting …

Application; statements are representations. A copy of the policyholder's application, if any, shall be attached to the policy when issued and is a part of the contract. Any statements the policyholder or the persons insured make are representations and not warranties, and no sta…

Evidence of insurability. The policy shall set forth the conditions, if any, under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability satisfactory to the insurer as a condition to part or all of his cover…

(a) Misstatement of age. The policy shall specify: (i) That an equitable adjustment of premiums or of benefits or both shall be made in case the age of a person insured is misstated; and (ii)

The method of adjustment to be used. Payment of benefits. (a) Any sum due by reason of the death of the person insured is payable to the beneficiary designated by the person insured, except that if the policy refers to family status and does not specify family members by name, th…

Certificate of policyholders. The insurer shall issue to the policyholder for delivery to each person insured an individual certificate with statements describing the insurance protection to which he is entitled, to whom the insurance benefits are payable, any dependent's coverag…

Conversion on termination of eligibility. (a) If the insurance, or any portion of it, on a person or dependent of a person covered under the policy ceases because of termination of employment or of membership in any of the classes eligible for coverage under the policy, the insur…

Conversion on termination of policy. (a) If the group policy terminates or is amended to terminate the insurance of any class of insured persons, any person insured thereunder at the date of the termination whose insurance terminates, including the insured dependent of a covered …

Death pending conversion. If a person insured under the group policy, or the insured dependent of a covered person, dies during the period within which he would have been entitled to have an individual policy issued to him in accordance with W.S. 26-17-118 or 26-17-119 and before…

policy. Information to debtor insured under creditor's A policy issued to a creditor to insure debtors of the creditor shall contain a provision that the insurer shall furnish to the policyholder for delivery to each debtor insured under the policy a form which shall contain a st…

Notice as to conversion right. If any individual insured under a group life insurance policy delivered in this state is entitled under the policy to have an individual life insurance policy issued to him without evidence of insurability, subject to making of application and payme…

Readjustment of premiums. Any group life insurance contract may provide for a readjustment of the premium rate based upon the experience thereunder.

Application of dividends; rate reductions. If a policy dividend is declared or a rate reduction is made or continued for any year of insurance under any group life insurance policy issued to any policyholder, the excess, if any, of the aggregate dividends or rate reductions under…

"Wholesale life insurance" defined. (a) "Wholesale life insurance" means a plan of life insurance, other than salary savings life insurance or pension trust insurance and annuities, under which individual policies are issued: (i) To the employees of any employer; and (ii) On the …

Assignment of incidents of ownership under group life insurance policy. (a) Subject to the terms of the policy, or pursuant to an agreement among the insured, the group policyholder and the insurer, any person insured under a group life insurance policy may assign to any person, …

Additional groups. (a) Group life insurance offered to a resident under a group life insurance policy issued to a group other than one described in W.S. 26-17-103 through 26-17-106 and 26-17-109 is subject to the following requirements: (i) A group life insurance policy shall not…

Insurance for associations. (a) The lives of a group of individuals may be insured under a policy issued to an association or a trust or the trustee of a fund established or adopted for the benefit of members of one (1) or more associations. The association shall have at the time…

Notice of compensation. (a) The insurer shall distribute to prospective insureds a written notice that compensation shall or may be paid for a program of insurance which if issued on a group basis would qualify under W.S. 26-17-127 or 26-17-128, if compensation of any kind shall …

Continuation during disability. (a) Where active employment is a condition of insurance, the group policy shall contain a provision that an insured may continue coverage during the insured's total disability as provided in this subsection by timely payment to the policyholder of …

Short title. This chapter may be cited as the "Uniform Disability Policy Provision Law".

(a) Scope and applicability of chapter. Nothing in this chapter applies to or affects: (i) Any policy of liability or worker's compensation insurance with or without supplementary expense coverage therein; (ii) Any group or blanket policy; (iii) Life insurance, endowment or annui…

General requirements for policies. (a) No disability insurance policy shall be delivered or issued for delivery to any person in this state unless it otherwise complies with this code and the following: (i) The entire money and other considerations therefor shall be expressed in …

omissions. Standard policy provisions; substitutions and (a) Except as provided in subsection (b) of this section, any policy delivered or issued for delivery to any person in this state shall contain the provisions specified in W.S. 26-18-105 through 26-18-116, in the words in w…

policy. Policy constitutes entire contract; changes in "Entire Contract; Changes: This policy, including the endorsements and the attached papers, if any, constitutes the entire contract of insurance. No change in this policy is valid until approved by an executive officer of the…

Time limit on certain defenses. (a) "Time Limit on Certain Defenses: After three (3) years from the date of issue of this policy no misstatements, except fraudulent misstatements, made by the applicant in the application for the policy shall be used to void the policy or to deny …

The benefits of the prior plan. Grace period. (a) "A grace period of .... (insert a number not less than "7" for weekly premium policies, "10" for monthly premium policies and "31" for all other policies) days shall be granted for the payment of each premium falling due after the…

Reinstatement. (a) "Reinstatement: If any renewal premium is not paid within the time granted the insured for payment, a subsequent acceptance of premium by the insurer or by any agent authorized by the insurer to accept the premium, without requiring an application for reinstate…

Notice of claim; loss-of-time benefit. (a) "Notice of Claim: Written notice of claim shall be given to the insurer within sixty (60) days after the occurrence or commencement of any loss covered by the policy, or as soon thereafter as is reasonably possible. Notice given by or on…

Claim forms. "Claim Forms: The insurer, upon receipt of a notice of claim, will furnish to the claimant the forms it usually furnishes for filing proofs of loss. If the forms are not furnished within fifteen (15) days after giving notice, the claimant is deemed to have complied w…