reglab/housing_qa huggingface dataset:
WY Stat § 26-24-128 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-128 - Management and Exclusive Agency Contracts.

26-24-128. 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 produce substantially all insurance business for the insurer, or, if an officer, director or otherwise part of the insurer's management, is to receive any commission, bonus or compensation based upon the volume of the insurer's business or transactions, unless the contract is filed with and approved by the commissioner. The contract is approved unless disapproved by the commissioner within twenty (20) days from the date of filing, subject to any reasonable time extension the commissioner requires by notice given within the twenty (20) days. Any disapproval shall be delivered to the insurer in writing, stating the grounds for the disapproval.  (b) Any contract specified in subsection (a) of this section shall provide that any manager or producer of its business, within ninety (90) days after expiration of each calendar year, shall furnish the insurer's board of directors a written statement of amounts received under or on account of the contract and amounts expended thereunder during the calendar year, including the emoluments received therefrom by the directors, officers and other principal management personnel of the manager or producer, and with any classification of items and further detail as the insurer's board of directors reasonably requires.  (c) The commissioner shall disapprove any contract specified in this section if he finds that it:  (i) Subjects the insured to excessive charges;  (ii) Is to extend for an unreasonable length of time;  (iii) Does not contain fair and adequate standards of performance; or  (iv) Contains other inequitable provisions or provisions which impair the proper interests of stockholders or policyholders of the insurer.  (d) The commissioner, after a hearing held thereon, may withdraw his approval of any contract he approved, if he finds that the basis of his original approval no longer exists, or that the contract, in actual operation, is subject to disapproval on any of the grounds referred to in subsection (c) of this section.  (e) This section does not apply to contracts entered into prior to January 1, 1968, nor to extensions or amendments to those contracts.
WY Stat § 26-24-129 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-129 - Home Office Records and Assets; Penalty for Removal; Out-of-State Branch Operations.

26-24-129. 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 and records of its assets, transactions and affairs in accordance with the usual and accepted principles and practices of insurance accounting and record keeping as applicable to the kinds of insurance the insurer transacts;  (iii) Have and maintain its assets in this state, except as to:  (A) Real property and personal property appurtenant thereto lawfully owned by the insurer and located outside this state; and  (B) Any property of the insurer as may be customary, necessary and convenient to enable and facilitate the operation of its branch offices located outside this state as referred to in subsection (d) of this section.  (b) No person shall:  (i) Remove all or a material part of the records or assets of a domestic insurer from this state except:  (A) Pursuant to a plan of merger, consolidation or bulk reinsurance which the commissioner approves under this code; or  (B) For any reasonable purposes and periods of time as the commissioner approves in writing in advance of the removal; or  (ii) Conceal the records or assets or a material part thereof from the commissioner;  (iii) Retain any records or assets or a material part thereof outside this state beyond the period authorized in the commissioner's approval under which the records were removed.  (c) Any person who violates any provision of subsection (b) of this section is guilty of a felony and, upon conviction, shall be punished by a fine of not more than ten thousand dollars ($10,000.00), or by imprisonment in the penitentiary for not more than five (5) years, or both. The commissioner may also institute delinquency proceedings against the insurer pursuant to chapter 28 of this code.  (d) This section does not prohibit an insurer from:  (i) Establishing and maintaining branch offices in other states if necessary or convenient to the transaction of its business and keeping in those branch offices the detailed records and assets customary and necessary for the servicing of its insurance in force and affairs in the territory served by the branch office, as long as the records and assets are made readily available at the branch office for examination by the commissioner at his request;  (ii) Having, depositing or transmitting the insurer's funds and assets in or to jurisdictions outside of this state required by the law of that jurisdiction or as reasonably and customarily required in the regular course of its business.
WY Stat § 26-24-130 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-130 - Voucher Required for Disbursements.

26-24-130. Voucher required for disbursements.| (a) No insurer shall make any disbursement of seventy-five dollars ($75.00) or more, unless evidenced by a voucher or other document correctly describing the consideration for the payment and supported by a check or receipt endorsed or signed by or on behalf of the person receiving the money.  (b) If the disbursement is for services and reimbursement, the voucher or other document, or some other provision referred to in the voucher or other document, shall describe the services and itemize the expenditures.  (c) If the disbursement is in connection with any matter pending before any public body or public official, the voucher or other document shall also correctly describe the nature of the matter and of the insurer's interest therein.  (d) If a voucher cannot be obtained, the expenditure shall be supported by an affidavit executed by an officer of the insurer stating the reasons for the inability to obtain a voucher and the particulars of the expenditure as otherwise required by this section.
WY Stat § 26-24-131 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-131 - Borrowing by Insurers.

26-24-131. 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 insurer's surplus in excess of that stipulated in the agreement. The agreement may provide for interest not exceeding six percent (6%) per annum, which interest shall or shall not constitute a liability of the insurer as to its funds other than the excess of surplus, as stipulated in the agreement. No commission or promotion expense shall be paid in connection with any such loan, except that if public offering and sale is made of the loan securities, the insurer may pay the reasonable costs thereof the commissioner approves.  (b) Any money borrowed as provided in subsection (a) of this section, together with the interest thereon if stipulated in the agreement, shall not form a part of the insurer's legal liabilities except as to its surplus in excess of the amount stipulated in the agreement, or be the basis of any setoff. Until the money is repaid financial statements filed or published by the insurer shall show as a footnote thereto the amount then unpaid together with any interest thereon accrued but unpaid.  (c) Any loan under this section is subject to the commissioner's approval. The insurer, in advance of the loan, shall file with the commissioner a statement of the purpose of the loan and a copy of the proposed loan agreement. The loan and agreement are deemed approved unless within fifteen (15) days from the date of filing, the insurer is notified of the commissioner's disapproval and the reasons therefor. The commissioner shall disapprove any proposed loan or agreement if he finds the loan is unnecessary or excessive for the purpose intended, or that the terms of the loan agreement are not fair and equitable to the parties and to other similar lenders, if any, to the insurer, or that the information filed by the insurer is inadequate.  (d) Any loan, under this section, or substantial portion thereof, to a mutual insurer shall be repaid by the insurer when no longer reasonably necessary for the purpose originally intended. No repayment of a loan shall be made by a mutual insurer unless the commissioner approves it in advance.  (e) This section does not apply to other kinds of loans obtained by the insurer in ordinary course of business, nor to loans secured by pledge or mortgage of assets.
WY Stat § 26-24-132 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-132 - Participating Policies.

26-24-132. 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 policies issued and risks insured on a participating and nonparticipating basis; and  (iii) Subject to W.S. 26-16-503, determine the right to participate and the extent of participation of any classes of policies. Any such classification or determination shall be reasonable.  (b) A life insurer may issue both participating and nonparticipating policies or contracts only if the right or absence of right to participate is reasonably related to the premium charged.  (c) After the third policy year, no dividend, otherwise earned, is contingent upon the payment of renewal premium on any policy or contract.
WY Stat § 26-24-133 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-133 - Dividends to Stockholders.

26-24-133. 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 dividend otherwise lawful may be payable out of the insurer's earned surplus even though its total surplus is then less than the aggregate of its past contributed surplus resulting from issuance of its capital stock at a price in excess of the par value thereof.  (c) A stock dividend may be paid out of any available surplus funds in excess of the aggregate amount of surplus advanced to the insurer under arrangements authorized in W.S. 26-24-131 and then remaining unpaid by the insurer.  (d) Payment of a stock dividend is otherwise subject to W.S. 17-16-623.
WY Stat § 26-24-134 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-134 - Dividends to Policyholders of Mutual Insurer.

26-24-134. 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 gains, all in excess of the surplus the insurer is required by law to maintain.  (b) A dividend otherwise proper may be payable out of the savings, earnings and gains even though the insurer's total surplus is then less than the aggregate of contributed surplus remaining unpaid by the insurer.  (c) A domestic stock insurer may pay dividends to holders of its participating policies out of any available surplus funds.  (d) No dividend shall be paid which is inequitable, or which unfairly discriminates as between classifications of policies or policies within the same classifications.  (e) This section is subject to W.S. 26-16-503(c).
WY Stat § 26-24-135 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-135 - Contingent Liability of Mutual Member Generally.

26-24-135. Contingent liability of mutual member generally.| (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 obligations. The contingent liability shall be in the maximum amount specified in the insurer's articles of incorporation consistent with W.S. 26-24-103(c)(iv).  (b) Any policy the insurer issues shall contain a statement of the contingent liability.  (c) Termination of any member's policy does not relieve the member of contingent liability for his proportion of the obligations of the insurer which accrue while the policy is in force as provided in W.S. 26-24-136.  (d) Unrealized contingent liability of members does not constitute an asset of the insurer in any determination of its financial condition.
WY Stat § 26-24-136 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-136 - Levy of Contingent Liability.

26-24-136. 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 deficiency is not secured from other sources, its directors, if approved by the commissioner, may levy an assessment only on its members who held policies providing for contingent liability at any time within the twelve (12) months immediately preceding the date the board of directors authorized the levy. Those members are liable to the insurer for the amount assessed.  (b) The levy of assessment shall be for the amount, subject to the commissioner's approval, required to cure the deficiency and to provide a reasonable amount of working funds above the minimum amount of surplus. The working funds shall not exceed five percent (5%) of the sum of the insurer's liabilities and the minimum required surplus as of the date of the levy.  (c) The assessment shall be computed upon a reasonable basis the commissioner approves in writing in advance of the levy.  (d) No member has an offset against any assessment for which he is liable, because of any claim for unearned premium or loss payable.  (e) As to life insurance, any part of an assessment upon a member which remains unpaid following notice of assessment, demand for payment and lapse of a reasonable waiting period as specified in the notice, if approved by the commissioner as being in the best interests of the insurer and its members, may be secured by placing a lien upon the cash surrender values and accumulated dividends held by the insurer to the credit of the member.
WY Stat § 26-24-137 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-137 - Enforcement of Contingent Liability.

26-24-137. 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 for the payment of the assessment or at all, is no defense in any action to collect the assessment.  (b) If a member fails to pay the assessment within the period specified in the notice, which period shall not be less than twenty (20) days from the date of mailing, the insurer may institute suit to collect the assessment.
WY Stat § 26-24-138 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-138 - Nonassessable Policies.

26-24-138. 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 kinds of insurance, upon receipt of the commissioner's order so authorizing, may extinguish the contingent liability to assessment of its members as to all its policies in force and may omit provisions imposing contingent liability in all policies currently issued.  (b) The commissioner shall not authorize a domestic insurer to extinguish the contingent liability of any of its members or in any of its policies to be issued, unless it qualifies to and does extinguish the liability of all its members and in all its policies for all kinds of insurance it transacted.  (c) A foreign or alien mutual insurer may issue nonassessable policies to its members in this state pursuant to its charter and the laws of its domicile.
WY Stat § 26-24-139 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-139 - Revocation of Authority to Issue Policies Without Contingent Liability.

26-24-139. 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 and the surplus required for authority; or  (ii) The insurer, by resolution of its board of directors approved by a majority of its members, requests that the authority be revoked.  (b) Without authority the insurer shall not:  (i) Issue any policy without providing therein for the policyholder's contingent liability; or  (ii) Renew any policy which is then in force without endorsing that policy to provide for contingent liability.
WY Stat § 26-24-140 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-140 - Issuance of Policies in Other States.

26-24-140. 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 thereof, subject only to those restrictions, if any, contained in the insurer's charter or bylaws.
WY Stat § 26-24-141 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-141 - Impairment of Capital or Assets; Generally.

26-24-141. 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 minimum amounts the insurer is required to maintain under this code for authority to transact the kinds of insurance being transacted, the commissioner shall at once determine the amount of deficiency and notify the insurer to cure the deficiency and file proof thereof with him within the period specified in the notice. The period shall be not less than thirty (30) nor more than ninety (90) days from the date of the notice. The notice may be served by delivery to the insurer or by mailing to the insurer addressed to its principal place of business in this state.  (b) The deficiency shall be made good:  (i) In cash or in assets eligible for investment of the insurer's funds;  (ii) By amendment of the insurer's certificate of authority to cover only the kinds of insurance thereafter for which the insurer has sufficient paid-in capital stock and surplus, if a stock insurer, or surplus, if a mutual insurer, under this code; or  (iii) If a stock insurer, by reduction of the insurer's stated capital or any other lawful means, so that the insurer's resulting paid-in capital stock and surplus are not below the minimums required for the kinds of insurance it transacts.  (c) After any reduction of stated capital, if the reduction results in a decrease in the number of par values of its outstanding capital stock, the insurer's stockholders shall surrender to the insurer their affected stock certificates in exchange for new certificates to be issued for such number or par value of shares, or both, as the stockholders are then entitled to receive.  (d) If the deficiency is not cured and proof thereof filed with the commissioner within the period required by the notice as specified in subsection (a) of this section, the commissioner shall:  (i) Immediately and without further notice or hearing suspend or revoke the insurer's certificate of authority; and  (ii) Take any further action authorized under chapter 28 of this code.
WY Stat § 26-24-142 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-142 - Impairment of Capital or Assets; Liability of Directors for Deficiencies.

26-24-142. 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 insurance risks the insurer assumes after expiration of the period, unless the insurer's certificate of authority is thereafter reinstated.