Title 26 — Title 26 — Insurance Code

Premium rate standards. (a) Premium rates shall not be inadequate, excessive or unfairly discriminatory. (b) Rates are excessive if in the aggregate they are likely to produce a long run profit that is unreasonably high in relation to the riskiness of the class of business, or if…

Premium rate schedules. (a) A title insurer shall file with the commissioner the premium rate schedules it proposes to use in this state. If the commissioner finds in his review of a filing that it does not violate W.S. 26-23-325, he shall approve the schedule within thirty (30) …

charges. Publication of schedules of premiums and (a) Each title insurer and title agent shall print and make available to the public schedules of its currently effective premiums and charges. (b) The schedules shall: (i) Be dated to show the date the premiums and charges became …

Form filing. (a) A title insurer shall file with the commissioner any forms it proposes to use in this state, including: (i) endorsements; Title insurance policies, including standard form (ii) "Preliminary reports", "commitments", "binders" or any other reports issued prior to t…

Form standards. (a) The commissioner shall approve any form filed under W.S. 26-23-328 only if the form: (i) Is written in simple language logically and clearly arranged and is understandable to a person of normal intelligence without special insurance or legal knowledge or train…

Endorsements. Any approved policy form or endorsement providing any coverage for which no identifiable premium is assessed shall be incorporated in every policy of title insurance of the type to which the form or endorsement pertains issued by the insurer offering the approved fo…

Notice of issuance of mortgagee policy. (a) A title insurer or title agent that issues a mortgagee's policy of title insurance on a loan made simultaneous to the purchase of all or part of the residential property securing the loan, if no owner's policy has been ordered, shall in…

Filing by rating bureaus permitted. (a) A title insurer may satisfy its obligation to make premium rate and form filings as required by this article by becoming a member of, or a subscriber to, a rating organization organized and licensed under this code, which organization makes…

Regulations. (a) In addition to any other powers granted under this article, the commissioner may adopt rules or regulations to protect the interests of the public including but not limited to regulations governing: (i) Sales practices; (ii) Policy coverage standards; (iii) Rebat…

Enforcement. (a) Except as otherwise specifically provided in this article, any person who violates this article in addition to or instead of suspension or revocation of the violator's license, is subject to a civil penalty of five hundred dollars ($500.00) per violation. For pur…

Filing of schedule of risk rates; attaching schedule of rates and charges to policy. Each title insurer shall file with the commissioner a complete schedule of rates for or in connection with title insurance as to property located in this state. The schedule shall set forth the e…

Mortgagee policies. If a title insurance policy is issued insuring the title to real estate only as to a mortgagee, the insurer shall conspicuously show on the face of the policy and on any evidence thereof delivered to the mortgagor that coverage is limited to the interest of th…

Qualifications for group or master personal and commercial lines property and casualty insurance policies. (a) Personal and commercial lines property and casualty insurance may be offered to a resident of this state under a group or master policy issued or delivered pursuant to t…

Group or master policy. (a) A group or master policy for personal or commercial lines property and casualty insurance coverage shall be issued to the policyholder. Eligible members or covered persons insured under a group or master policy shall be provided evidence of coverage se…

Policy coverage. (a) Coverage under a group or master personal or commercial lines property and casualty insurance policy may be terminated as to a member or covered person only for: (i) Failure of the member or covered person to make required premium contributions; (ii) Terminat…

Duties and limitations of insurers. (a) No insurer shall issue or deliver a group or master personal lines property and casualty insurance policy if it is a condition of membership in a group that any member purchase insurance pursuant to the policy, or if any member shall be sub…

Regulatory jurisdiction. (a) No master policy or certificate of insurance for group property and casualty insurance coverage shall be issued or delivered in this state unless issued or delivered by an insurer which is duly licensed in this state to write the lines of insurance co…

Effective date. This article shall take effect July 1, 2013. No master policy or certificate of insurance for group property and casualty insurance coverage shall be issued or delivered in this state after the effective date unless issued or delivered in compliance with this arti…

Scope and applicability of chapter. This chapter applies only to domestic stock insurers and domestic mutual insurers transacting or proposing to transact insurance on the cash premium or legal reserve plan, except that W.S. 26-24-115, 26-24-130 and 26-24-136 also apply to foreig…

exceptions. Applicability of general corporation statutes; (a) The applicable provisions of the Wyoming Business Corporation Act apply to domestic stock and domestic mutual insurers, except as in conflict with the express provisions of this code and the reasonable implications th…

Incorporation generally. (a) This section applies to stock and mutual insurers incorporated in this state. (b) Five (5) or more individuals may incorporate a stock insurer. Ten (10) or more individuals may incorporate a mutual insurer. At least a majority of the incorporators sha…

For filing articles of amendment of the articles of incorporation of a domestic mutual insurer the secretary of state shall charge and collect a fee of ten dollars ($10.00), which shall be credited to the general fund.

insurers. Articles of incorporation; amendment by stock (a) A domestic stock insurer may amend its articles of incorporation for any lawful purpose through the same procedures prescribed in the Wyoming Business Corporation Act as for business corporations in general. (b) Triplica…

insurers. Articles of incorporation; amendment by mutual (a) A domestic mutual insurer may amend its articles of incorporation for any lawful purpose by affirmative vote of a majority of the members present or represented by proxy at any regular annual meeting of its members, or …

Stock of domestic insurer to be paid for in cash; exceptions. (a) Except where issued in exchange for other securities for purposes of merger, bulk reinsurance, acquisition of control of another insurer as provided for in this chapter or as stock dividend on a split of stock, no …

Domestic insurers to engage in insurance business exclusively; exception as to title insurers. No domestic insurer shall engage in any business other than the insurance business and activities reasonably and necessarily incidental thereto, except that a title insurer may also eng…

Initial requirements of domestic mutual insurers; authorized transactions. (a) If newly organized, a domestic mutual insurer may be authorized to transact any one (1) of the kinds of insurance listed in the schedule in subsection (b) of this section. (b) When applying for a certi…

insurers. Bond or deposit required of domestic mutual (a) Before soliciting any applications for insurance required under W.S. 26-24-109 as qualifications for the certificate of authority, the incorporators of the proposed insurer shall file with the commissioner a corporate sure…

Applications for domestic mutual insurance; solicitation by licensed agents. (a) Upon receipt of the commissioner's approval of the bond or deposit as provided in W.S. 26-24-110, the directors and officers of the proposed domestic mutual insurer may commence solicitation of the r…

Deposit in trust of premiums collected by mutual insurer; release upon issuance of certificate of authority. (a) All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein shall be deposited in trust in a bank or trust…

Failure of domestic mutual insurer to qualify. If the proposed domestic insurer fails to complete its organization and to secure its certificate of authority within one (1) year from the date of its certificate of incorporation, its corporate powers cease, and the commissioner sh…

Additional kinds of insurance mutuals. After being authorized to transact one (1) kind of insurance, a mutual insurer may be authorized to transact any additional kinds of insurance as are permitted under W.S. 26-3-107, while otherwise in compliance with this code and while maint…

Membership in mutuals. (a) Each policyholder of a domestic mutual insurer, other than a reinsurance contract, is a member of the insurer with all rights and obligations of the membership, and the policy shall so specify. (b) Any person, government or governmental agency, state or…

Bylaws of mutuals. (a) A domestic mutual insurer shall have bylaws for the government of its affairs. The insurer's initial board of directors shall adopt original bylaws, subject to the approval of the insurer's members at the next meeting of members. (b) The bylaws shall contai…

Meetings of members of domestic mutual insurers; where held; annual meeting. (a) Meetings of members of a domestic mutual insurer shall be held in the city or town of its registered office in this state, except as may otherwise be provided in the insurer's bylaws with the commiss…

Meetings of members of domestic mutual insurers; special meetings. (a) A special meeting of the members of a mutual insurer may be held for any lawful purpose. The meeting shall be called by the corporate secretary pursuant to request of the insurer's president or of its board of…

Voting rights of members of mutual insurers. (a) Each member of a mutual insurer is entitled to one (1) vote upon each matter coming to a vote at meetings of members. (b) A member has the right to vote in person or by his written proxy filed with the corporate secretary not less …

Information to stockholders of domestic stock insurers; proxy regulations. (a) except: This section applies to all domestic stock insurers (i) A domestic stock insurer having less than one hundred (100) stockholders, except that if ninety-five percent (95%) or more of the insurer…

Boards of directors. (a) The affairs of each domestic insurer shall be managed by a board of directors consisting of not less than five (5) nor more than twenty-one (21) directors. (b) Directors, other than initial directors named in the insurer's articles of incorporation, shall…

Notice of changes of officers and directors. An insurer shall promptly give the commissioner written notice of any change of personnel among its directors or corporate officers.

Management in national emergency; purpose of emergency provisions. The specific purpose of W.S. 26-24-124 through 26-24-126 is to facilitate the continued operation of domestic insurers if a national emergency is caused by an attack on the United States or by a nuclear, atomic or…

Emergency bylaws. The board of directors of any domestic insurer may at any time adopt emergency bylaws, subject to repeal or change by action of those having power to adopt regular bylaws for the insurer, which shall be operative during a national emergency and which may, notwit…

Emergency provisions in lieu of bylaws. (a) If the board of directors of a domestic insurer does not adopt emergency bylaws, the following provisions are effective in case of a national emergency: (i) Three (3) directors constitute a quorum for the transaction of business at all …

Emergency succession of officers; change of home office location. (a) The board of directors of a domestic insurer, by resolution, may provide that: (i) In case of a national emergency and in case of the death or incapacity of the president, the secretary or the treasurer of the …

prohibited. Pecuniary interests of officers or directors (a) Any officer or director, or any member of any committee or an employee of a domestic insurer, who is charged with the duty of investing or handling the insurer's funds shall not: (i) Deposit or invest those funds except…

Management and exclusive agency contracts. (a) No domestic insurer shall make any contract in which any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors, or to have the controlling or preemptive right to…

Home office records and assets; penalty for removal; out-of-state branch operations. (a) Any domestic insurer shall: (i) Have and maintain its principal place of business and home office in this state; (ii) Keep in the principal place of business accurate and complete accounts an…

[Repealed or reserved.]

Borrowing by insurers. (a) A domestic stock or mutual insurer may borrow money to defray the expenses of its organization, provide it with surplus funds or for any other purpose of its business, upon a written agreement that the money is required to be repaid only out of the insu…

Participating policies. (a) If provided for in its articles of incorporation or charter, a stock insurer or mutual insurer may: (i) Issue any of its policies or contracts with or without participation in profits, savings, unabsorbed portions of premiums or surplus; (ii) Classify …