reglab/housing_qa huggingface dataset:
WY Stat § 26-24-110 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-110 - Bond or Deposit Required of Domestic Mutual Insurers.

26-24-110. Bond or deposit required of domestic mutual insurers.| (a) Before soliciting any applications for insurance required under W.S. 26-24-109 as qualifications for the original certificate of authority, the incorporators of the proposed insurer shall file with the commissioner a corporate surety bond in the penalty of fifteen thousand dollars ($15,000.00), in favor of the state and for the use and benefit of the state of the applicant members and creditors of the corporation. The bond shall be conditioned for:  (i) The prompt return to applicant members of all premiums collected in advance;  (ii) Payment of all indebtedness of the corporation; and  (iii) Payment of costs incurred by the state in case of any legal proceedings for liquidation or dissolution of the corporation, if the corporation fails to complete its organization and secure a certificate of authority within one (1) year from the date of its certificate of incorporation.  (b) Instead of the bond specified in subsection (a) of this section, the incorporators may deposit with the commissioner fifteen thousand dollars ($15,000.00) in cash or United States government bonds, negotiable and payable to the bearer, with a market value at all times of not less than fifteen thousand dollars ($15,000.00), to be held in trust upon the same conditions as required for the bond.  (c) Any bond filed or deposit or remaining portion thereof held under this section shall be released and discharged upon settlement and termination of all liabilities against it.
WY Stat § 26-24-111 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-111 - Applications for Domestic Mutual Insurance; Solicitation by Licensed Agents.

26-24-111. 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 requisite applications for insurance policies and may receive deposits of premiums thereon.  (b) The applications shall be in writing signed by the applicant, covering subjects of insurance resident, located or to be performed in this state.  (c) All applications shall provide that:  (i) Issuance of the policy is contingent upon the insurer qualifying for and receiving a certificate of authority;  (ii) No insurance is in effect until the certificate of authority is issued; and  (iii) The prepaid premium or deposit, and membership or policy fee, if any, shall be refunded in full to the applicant if organization is not completed and the certificate of authority is not issued and received by the insurer before a specified date which shall be not later than one (1) year after the date of the certificate of incorporation.  (d) All qualifying premiums collected shall be in cash.  (e) Solicitation for qualifying applicants for insurance shall be by licensed agents of the corporation, and the commissioner, upon the corporation's application therefor, shall issue temporary agent's licenses expiring on the date specified pursuant to paragraph (c)(iii) of this section to individuals qualified as for a resident agent's license except as to the taking or passing of an examination. The commissioner may suspend or revoke any license for any of the causes and pursuant to the same procedures as are applicable to suspension or revocation of licenses of agents in general under chapter 9 of this code.
WY Stat § 26-24-112 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-112 - Deposit in Trust of Premiums Collected by Mutual Insurer; Release Upon Issuance of Certificate of Authority.

26-24-112. 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 company in this state under a written trust agreement consistent with this section and with W.S. 26-24-111(c)(iii) and 26-24-113. The corporation shall file an executed copy of the trust agreement with the commissioner.  (b) Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which the applications were solicited, all funds held in trust become the insurer's funds, and the insurer shall thereafter in due course issue and deliver its policies for which premiums were paid and accepted. The insurance provided by the policies is effective as of the date of the certificate of authority or thereafter as the policies provide.
WY Stat § 26-24-113 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-113 - Failure of Domestic Mutual Insurer to Qualify.

26-24-113. Failure of domestic mutual insurer to qualify.| If the proposed domestic insurer fails to complete its organization and to secure its original certificate of authority within one (1) year from the date of its certificate of incorporation, its corporate powers cease, and the commissioner shall return or cause to be returned to the persons entitled thereto all advance deposits or payments of premiums held in trust under W.S. 26-24-112.
WY Stat § 26-24-114 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-114 - Additional Kinds of Insurance Mutuals.

26-24-114. 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 maintaining unimpaired surplus funds in an amount not less than the amount of paid-in capital stock and surplus required to be maintained by a domestic stock insurer transacting the same kinds of insurance.
WY Stat § 26-24-115 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-115 - Membership in Mutuals.

26-24-115. 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 political subdivision thereof, public or private corporation, board, association, firm, estate, trustee or fiduciary may be a member of a domestic, foreign or alien mutual insurer. Any officer, stockholder, trustee or legal representative of any such corporation, board, association or estate may be recognized as acting for or on its behalf for the purpose of the membership, and is not personally liable upon any contract of insurance for acting in that representative capacity.  (c) Any domestic corporation may participate as a member of a mutual insurer as an incidental purpose for which the corporation is organized, and as such is granted the rights and powers expressly conferred.
WY Stat § 26-24-116 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-116 - Bylaws of Mutuals.

26-24-116. 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 contain provisions, consistent with this code, relating to:  (i) The voting rights of members;  (ii) Election of directors, and the number, qualifications, terms of office and powers of directors;  (iii) Annual and special meetings of members;  (iv) The number, designation, election, terms and powers and duties of the corporate officers;  (v) Deposit, custody, disbursement and accounting for corporate funds;  (vi) Fidelity bonds covering any officers and employees of the insurer handling its funds, to be issued by a corporate surety and to be in an amount as may be reasonable; and  (vii) Any other matters as may be customary, necessary or convenient for the management or regulation of corporate affairs.  (c) The insurer shall promptly file with the commissioner a copy, certified by the insurer's secretary, of its bylaws and of every modification thereof or addition thereto. The commissioner, after a hearing held thereon, shall disapprove any bylaw provision he deems unlawful, unreasonable, inadequate, unfair or detrimental to the proper interests or protection of the insurer's members or any class thereof. The insurer, after receiving written notice of disapproval and during the existence of that disapproval, shall not carry out any bylaw provision disapproved.
WY Stat § 26-24-117 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-117 - Meetings of Members of Domestic Mutual Insurers; Where Held; Annual Meeting.

26-24-117. 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 commissioner's approval.  (b) Each domestic mutual insurer, during each calendar year shall:  (i) Hold the annual meeting of its members to fill vacancies existing or occurring in the board of directors;  (ii) Receive and consider reports of the insurer's officers as to its affairs; and  (iii) Transact any other business as may properly be brought before it.  (c) Written notice of the time and place of the annual meeting of members shall be given members not less than thirty (30) days prior to the meeting. Notice may be given by imprinting the notice plainly on the policies issued by the insurer or in any other appropriate manner. Any change of the date or place of the annual meeting shall be made only by an annual meeting of members. Notice of any change, among other appropriate methods, may be given:  (i) By imprinting the new date or place on all policies which will be in effect as of the date of the changed meeting; or  (ii) Unless the commissioner otherwise orders, through policies issued after the date of the annual meeting at which the change was made and in premium notices and renewal certificates issued during the twenty-four (24) months immediately following the meeting.  (d) If the required annual meeting of members has not been held during the previous calendar year, the commissioner, upon written request of any officer, director or member of the insurer, shall cause written notice of the meeting to be given to the insurer's members, and the meeting shall be held as soon as reasonably possible thereafter.
WY Stat § 26-24-118 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-118 - Meetings of Members of Domestic Mutual Insurers; Special Meetings.

26-24-118. 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 directors, or upon request in writing signed by not less than one-tenth (1/10) of the insurer's members. The meeting shall be held at such time as the secretary may fix, but not less than ten (10) nor more than thirty (30) days after receipt of the request. If the secretary fails to issue the call, the president, directors or members making the request may do so.  (b) Not less than ten (10) days written notice of the meeting shall be given. Notice addressed to the insurer's members at their post office addresses last of record with the insurer and deposited, postage prepaid, in a letter depository of the United States post office, is deemed to have been given when so mailed. Instead of a mailed notice the insurer may publish the notice in any publication as shall afford a majority of its members a reasonable opportunity to have actual advance notice of the meeting. The notice shall state the purposes of the meeting, and no business shall be transacted at the meeting of which notice was not so given.
WY Stat § 26-24-119 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-119 - Voting Rights of Members of Mutual Insurers.

26-24-119. 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 than five (5) days prior to the meeting. No proxy shall be made irrevocable, nor be valid beyond the earlier of the following dates:  (i) The date of expiration set forth in the proxy; or  (ii) The date of termination of membership; or  (iii) Five (5) years from the date of execution of the proxy.  (c) No member's vote upon any proposal to divest the insurer of its business or assets, or the major part thereof, shall be registered or taken except in person or by proxy newly executed and specific as to the matter to be voted upon.
WY Stat § 26-24-121 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-121 - Boards of Directors.

26-24-121. 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 be elected by the members or stockholders of a domestic insurer at the annual meeting of stockholders or members. Directors may be elected for terms of not more than five (5) years each and until their successors are elected and have qualified. If the directors are to be elected for terms of more than one (1) year, the insurer's bylaws shall provide for a staggered term system under which the terms of a proportionate part of the members of the board of directors shall expire on the date of each annual meeting of stockholders or members.  (c) A director of a mutual insurer shall be a policyholder thereof.  (d) As to an insurer operating as an authorized insurer only in the state of Wyoming, a majority of the members of the insurer's board of directors shall be citizens of and shall actually reside in this state.  (e) Any executive committee of a board of directors shall consist of not less than three (3) directors, a majority of whom shall reside in this state.
WY Stat § 26-24-122 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-122 - Notice of Changes of Officers and Directors.

26-24-122. 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.
WY Stat § 26-24-123 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-123 - Management in National Emergency; Purpose of Emergency Provisions.

26-24-123. 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 other disaster which makes it impossible or impracticable for an insurer to conduct its business in strict accord with applicable provisions of law, its bylaws or its charter.
WY Stat § 26-24-124 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-124 - Emergency Bylaws.

26-24-124. 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, notwithstanding any different provisions of the regular bylaws, or of the applicable statutes, or of the insurer's charter, make any provision that may be reasonably necessary for the insurer's operation during the period of the emergency.
WY Stat § 26-24-125 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-125 - Emergency Provisions in Lieu of Bylaws.

26-24-125. 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 board meetings;  (ii) Any board vacancy may be filled by a majority of the remaining directors, though less than a quorum, or by a sole remaining director;  (iii) If there are no surviving directors, but at least three (3) vice-presidents of the insurer survive, the three (3) vice-presidents with the longest term of service are the directors and possess all of the powers of the previous board of directors and any other powers granted under this chapter or by subsequently enacted legislation. By majority vote the emergency board of directors may elect other directors. If there are not at least three (3) surviving vice-presidents, the commissioner or designated person exercising the powers of the insurance commissioner of this state shall appoint three (3) persons as directors who possess all of the powers of the previous board of directors and any other powers granted under this chapter or by subsequently enacted legislation, and these persons by majority vote may elect other directors.
WY Stat § 26-24-126 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-126 - Emergency Succession of Officers; Change of Home Office Location.

26-24-126. 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 insurer, that officer, or any of them, shall be succeeded in the office by the person named or described in a succession list adopted by the board of directors which:  (A) May be on the basis of named persons or position titles;  (B) Shall establish the order of priority; and  (C) May prescribe the conditions under which the powers of the office shall be exercised.  (ii) In case of a national emergency the insurer's home office or principal place of business shall be at a location specified in the resolution, except that the resolution may provide for alternate locations and establish an order of preference.
WY Stat § 26-24-127 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers|Section 26-24-127 - Pecuniary Interests of Officers or Directors Prohibited.

26-24-127. Pecuniary interests of officers or directors prohibited.| (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 in the insurer's corporate name;  (ii) Borrow the insurer's funds;  (iii) Be pecuniarily interested in any loan, pledge or deposit, security, investment, sale, purchase, exchange, reinsurance or other similar transaction or property of the insurer except as a stockholder or member;  (iv) Take or receive to his own use any fee, brokerage, commission, gift or other consideration for or on account of any transaction made by or on behalf of the insurer.  (b) No insurer shall guarantee any financial obligation of any of its officers or directors.  (c) This section does not prohibit any director or officer, or member of a committee or employee from:  (i) Becoming a policyholder of the insurer and enjoying the usual rights provided for its policyholders;  (ii) Participating as beneficiary in any pension trust, deferred compensation plan, profit sharing plan or stock option plan authorized by the insurer and to which he may be eligible; or  (iii) Receiving a reasonable fee for lawful services actually rendered to the insurer.  (d) The commissioner, by regulation, may define and permit additional exceptions to the prohibition contained in subsection (a) of this section solely to enable payment:  (i) Of reasonable compensation to a director who is not otherwise an insurer's officer or employee; or  (ii) To a corporation or firm in which a director is interested, for necessary services performed or sales or purchases made to or for the insurer in the ordinary course of the insurer's business and in the usual private professional or business capacity of the director, corporation or firm.