Title 26 — Title 26 — Insurance Code

56 chapters · 1,242 sections in this title.

1,242 sectionsFiltered byTitle 26

W.S. § 26-24-133 Dividends to stockholders
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Dividends to stockholders. (a) No domestic stock insurer shall pay any cash dividend to stockholders except out of that part of its available and accumulated surplus funds which is derived from realized net operating profits on its business and realized capital gains. (b) A cash …
W.S. § 26-24-134 Dividends to policyholders of mutual insurer
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Dividends to policyholders of mutual insurer. (a) The directors of a domestic mutual insurer may apportion and pay or credit to its members dividends only out of that part of its surplus funds which represents net realized savings, net realized earnings and net realized capital g…
W.S. § 26-24-135 generally
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generally. Contingent liability of mutual member (a) Except as otherwise provided in W.S. 26-24-138 with respect to nonassessable policies, each member of a domestic mutual insurer has a contingent liability, pro rata and not one (1) for another, for the discharge of its obligati…
W.S. § 26-24-136 Levy of contingent liability
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Levy of contingent liability. (a) If at any time the assets of a domestic mutual insurer are less than its liabilities and the minimum amount of surplus required to be maintained by it under this code for authority to transact the kinds of insurance being transacted, and the defi…
W.S. § 26-24-137 Enforcement of contingent liability
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Enforcement of contingent liability. (a) The insurer shall notify each member of the amount of the assessment to be paid by written notice mailed to the member's address last of record with the insurer. Failure of the member to receive the notice within the time specified therein…
W.S. § 26-24-138 Nonassessable policies
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Nonassessable policies. (a) A domestic mutual insurer while maintaining unimpaired surplus funds not less in amount than the minimum paid-in capital stock and surplus required to be maintained by a domestic stock insurer, formed under this code, for authority to transact the same…
W.S. § 26-24-139 Revocation of authority to issue policies without contingent liability
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Revocation of authority to issue policies without contingent liability. (a) The commissioner shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if: (i) At any time the insurer's assets are less than the sum of its liabilities an…
W.S. § 26-24-140 Issuance of policies in other states
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Issuance of policies in other states. A domestic insurer authorized to transact insurance in another jurisdiction may frame and issue policies for delivery in that jurisdiction pursuant to application for insurance solicited and obtained therein, in accordance with the laws there…
W.S. § 26-24-141 Impairment of capital or assets; generally
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Impairment of capital or assets; generally. (a) If a domestic stock insurer's paid-in capital stock, as represented by the aggregate par value of its outstanding capital stock, or the amount of its surplus, or if the amount of a domestic mutual insurer's surplus, is less than the…
W.S. § 26-24-142 Impairment of capital or assets; liability of directors for deficiencies
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Impairment of capital or assets; liability of directors for deficiencies. If the insurer fails to cure the deficiency within the period allowed therefor under W.S. 26-24-141, the insurer's directors are personally liable for payment of any losses or insurance benefits on new insu…
W.S. § 26-24-143 Impairment of capital or assets; assessment of stockholders or members
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Impairment of capital or assets; assessment of stockholders or members. (a) If an insurer is a stock insurer and receives the notice specified in W.S. 26-24-141(a) and to the extent that stockholders are subject to assessment under the insurer's articles of incorporation, by reso…
W.S. § 26-24-144 Impairment of capital or assets; transfer of shares during impairment
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Impairment of capital or assets; transfer of shares during impairment. Transfer of shares of stock of a domestic stock insurer made at a time when the insurer's capital or surplus is impaired, as referred to in W.S. 26-24-141(a), whether before, during or after the period allowed…
W.S. § 26-24-145 Mutualization of stock insurer
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Mutualization of stock insurer. (a) A stock insurer may become a mutual insurer under any reasonable plan and procedure the commissioner approves after a hearing thereon. (b) The commissioner shall not approve any plan, procedure or mutualization unless: (i) It is equitable to st…
W.S. § 26-24-146 Converting mutual insurer to stock insurer
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Converting mutual insurer to stock insurer. (a) A mutual insurer may become a stock insurer under any plan and procedure the commissioner approves after a hearing thereon. (b) The commissioner shall not approve any plan or procedure unless: (i) It is equitable to the insurer's me…
W.S. § 26-24-147 Merger or consolidation of stock insurers
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Merger or consolidation of stock insurers. (a) A domestic stock insurer may merge or consolidate with one (1) or more domestic or foreign stock insurers by complying with the applicable provisions of the statutes of this state governing the merger or consolidation of stock corpor…
W.S. § 26-24-148 stock insurer
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stock insurer. Acquisitions and exchanges in shares of another (a) A domestic stock insurer shall not acquire a controlling interest in the shares of another stock insurer by an exchange of securities or partly in exchange for securities and partly for cash or property, unless th…
W.S. § 26-24-149 Mutual and stock insurer merger prohibited; merger or consolidation of mutual insurers
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Mutual and stock insurer merger prohibited; merger or consolidation of mutual insurers. (a) A domestic mutual insurer shall not merge or consolidate with a stock insurer. (b) A domestic mutual insurer may merge or consolidate with another mutual insurer under the applicable proce…
W.S. § 26-24-150 Bulk reinsurance
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Bulk reinsurance. (a) A domestic insurer may reinsure all or substantially all of its business in force, or all or substantially all of a major class thereof, with another insurer, stock or mutual, by an agreement of bulk reinsurance after compliance with this section. No agreeme…
W.S. § 26-24-151 liquidation
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liquidation. Mutual members' share of assets upon (a) If a domestic mutual insurer is liquidated, its assets remaining after discharge of its indebtedness, policy obligations, repayment of contributed or borrowed surplus, if any, and expenses of administration, shall be distribut…
W.S. § 26-25-101 Scope and applicability of chapter
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Scope and applicability of chapter. This chapter applies only to securities issued by domestic stock insurers.
W.S. § 26-25-102 (a) "Equity security" defined
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(a) "Equity security" defined. As used in this chapter "equity security" means: (i) Any stock or similar security; (ii) Any security convertible, with or without consideration, into stock or a similar security, or carrying any warrant or right to subscribe to or purchase such a s…
W.S. § 26-25-103 Statement of ownership of equity securities; when filing required
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Statement of ownership of equity securities; when filing required. (a) Any person who is the beneficial owner of more than ten percent (10%) of any class of any equity security of a domestic stock insurer, or who is a director or an officer of that insurer, shall: (i) File with t…
W.S. § 26-25-104 Recovery of profits from certain sales and purchases of equity securities
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Recovery of profits from certain sales and purchases of equity securities. (a) For the purpose of preventing the unfair use of information obtained by the beneficial owner, director or officer because of his relationship to the insurer, any profit the beneficial owner, director o…
W.S. § 26-25-105 Unlawful sales of equity securities
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Unlawful sales of equity securities. (a) No beneficial owner, director or officer shall sell any equity security of the insurer if the person selling the security or his principal: (i) Does not own the security sold; (ii) If owning the security, does not deliver it against the sa…
W.S. § 26-25-106 Excepted securities
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Excepted securities. (a) W.S. 26-25-104 does not apply to any purchase and sale, or sale and purchase, and W.S. 26-25-105 does not apply to any sale, of an equity security of a domestic stock insurer, not then or previously held by the insurer in an investment account, by a deale…
W.S. § 26-25-107 Arbitrage transactions excluded; exception
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Arbitrage transactions excluded; exception. W.S. 26-25-103 through 26-25-105 do not apply to foreign or domestic arbitrage transactions unless made in contravention of any rules and regulations the commissioner adopts to carry out the purposes of this chapter.
W.S. § 26-25-108 securities
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securities. Exclusion of certain registered or closely held (a) W.S. 26-25-103 through 26-25-105 do not apply to equity securities of a domestic stock insurer if: (i) The securities are registered or are required to be registered, pursuant to section 12 of the Securities Exchange…
W.S. § 26-25-109 Commissioner's rules and regulations
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Commissioner's rules and regulations. The commissioner may make any rules and regulations necessary for the execution of the functions vested in him by this chapter, and for that purpose may classify domestic stock insurers, securities and other persons or matters within his juri…
W.S. § 26-26-101 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-102 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-103 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-104 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-105 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-106 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-107 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-108 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-109 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-110 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-111 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-112 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-113 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-114 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-115 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-116 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-117 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-118 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-119 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-120 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-121 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.
W.S. § 26-26-122 Repealed by Laws 2018, ch
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Repealed by Laws 2018, ch. 21, § 2.