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2023 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.
2023 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.
2023 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).
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-143 - Impairment of Capital or Assets; Assessment of Stockholders or Members.

26-24-143. 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 resolution of its board of directors, the insurer may assess its stockholders for amounts necessary to cure the deficiency and provide the insurer with a reasonable amount of additional surplus. If any stockholder fails to pay a lawful assessment after notice given to him in person, or by mail addressed to him at his address last of record with the insurer, or in any other manner the commissioner approves, the insurer may cancel and require the return of the certificates of stock then held by the stockholder. The insurer shall issue new certificates for that number of shares as the stockholder is then entitled to upon the basis of the stockholder's proportionate interest in the amount of the insurer's capital stock as the commissioner determines to be remaining unimpaired at the time of the determination of the amount of impairment under W.S. 26-24-141, after deducting from the proportionate interest the amount of the unpaid assessment. The insurer may pay for or issue fractional shares under this subsection.
(b) If an insurer is a mutual insurer and receives the notice specified in W.S. 26-24-141(a), it may levy an assessment upon members as provided in W.S. 26-24-136.
(c) Neither this section nor W.S. 26-24-141 prohibits the insurer from curing any deficiency through any lawful means.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-144 - Impairment of Capital or Assets; Transfer of Shares During Impairment.

26-24-144. 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 by the commissioner for curing the impairment, does not release the party making the transfer from liability as to impairment accruing prior to the transfer and while the party was a stockholder.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-145 - Mutualization of Stock Insurer.

26-24-145. 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 stockholders and policyholders;
(ii) It is subject to approval by the holders of not less than three-fourths (3/4) of the insurer's outstanding capital stock having voting rights, and by not less than two-thirds (2/3) of the insurer's policyholders who vote on the plan in person, by proxy or by mail pursuant to a reasonable notice and procedure the commissioner approves;
(iii) If a life insurer, the right to vote thereon is limited to holders of policies, other than term or group policies, whose policies have been in force for more than one (1) year;
(iv) Mutualization will result in retirement of shares of the insurer's capital stock at a price not exceeding the fair market value thereof as determined by competent disinterested appraisers;
(v) The plan provides for the purchase of the shares of any dissenting stockholder in the same manner and subject to the same applicable conditions as provided by the Wyoming Business Corporation Act as to rights of dissenting stockholders with respect to merger or consolidation of business corporations;
(vi) The plan provides for definite conditions to be fulfilled by a designated early date upon which the mutualization is effective; and
(vii) The mutualization leaves the insurer with surplus funds reasonably adequate for its policyholders' security and to enable it to continue successfully in business in the states in which it is then authorized to transact insurance and for the kinds of insurance included in its certificates of authority in those states.
(c) This section does not apply to a mutualization under order of the court pursuant to an insurer's rehabilitation or reorganization under chapter 28 of this code.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-146 - Converting Mutual Insurer to Stock Insurer.

26-24-146. 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 members;
(ii) It is subject to approval by vote of not less than three-fourths (3/4) of the insurer's current members voting thereon in person, by proxy or by mail at a meeting of members called for the purpose pursuant to a reasonable notice and procedure the commissioner approves, except if the insurer is a life insurer, right to vote may be limited to members who hold policies other than term or group policies, and whose policies have been in force for not less than one (1) year;
(iii) The equity of each policyholder in the insurer is determinable under a fair formula which the commissioner approves, and the equity is based upon not less than the insurer's entire surplus, after deducting contributed or borrowed surplus funds, plus a reasonable present equity in its reserves and all nonadmitted assets;
(iv) The policyholders entitled to participate in the purchase of stock or distribution of assets shall include all current policyholders and all existing persons who had been policyholders of the insurer within three (3) years prior to the date the plan was submitted to the commissioner;
(v) The plan gives to each policyholder of the insurer as specified in paragraph (iv) of this subsection, a preemptive right to acquire his proportionate part of all of the insurer's proposed capital stock, within a designated reasonable period, and to apply upon the purchase thereof the amount of his equity in the insurer as determined under paragraph (iii) of this subsection;
(vi) Shares are so offered to policyholders at a price not greater than to be thereafter offered to others;
(vii) The plan provides for payment to each policyholder not electing to apply his equity in the insurer for or upon the purchase price of stock to which preemptively entitled, of cash in the amount of not less than fifty percent (50%) of the amount of his equity not used for the purchase of stock, and which cash payment together with stock purchased, if any, constitutes full payment and discharge of the policyholder's equity as an owner of the mutual insurer; and
(viii) The plan, when completed, provides for the converted insurer paid-in capital stock and surplus in an amount not less than the minimum paid-in capital stock and maintained surplus required of a domestic stock insurer transacting like kinds of insurance, together with expendable surplus funds in an amount not less than one-half (1/2) of the required capital stock and maintained surplus.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-147 - Merger or Consolidation of Stock Insurers.

26-24-147. 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 corporations formed for profit, but subject to subsections (b) and (c) of this section.
(b) No merger or consolidation shall be carried out unless the plan and agreement therefor have been filed with the commissioner and he approves the plan and agreement in writing after a hearing thereon including appropriate notice to the stockholders of each insurer involved. The commissioner shall approve the merger or consolidation within a reasonable time after the filing unless he finds the plan or agreement:
(i) Is contrary to law;
(ii) Is inequitable to the stockholders of any insurer involved;
(iii) Would substantially reduce the security of and service to be rendered to the domestic insurer's policyholders in this state or elsewhere;
(iv) Would materially tend to lessen competition in the insurance business in this state or elsewhere as to the kinds of insurance involved or would materially tend to create any monopoly as to that business; or
(v) Is subject to other material and reasonable objections.
(c) No director, officer, agent or employee of any insurer party to the merger or consolidation, or member of the family of a director, officer, agent or employee, shall receive any fee, commission, compensation or other valuable consideration for in any manner aiding, promoting or assisting therein except as set forth in the plan or agreement.
(d) If the commissioner does not approve the plan or agreement he shall notify the insurer in writing specifying his reasons for disapproval.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-148 - Acquisitions and Exchanges in Shares of Another Stock Insurer.

26-24-148. Acquisitions and exchanges in shares of another stock insurer.
(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 the insurer first submits the plan for the acquisition and exchange to the commissioner and the commissioner approves the plan.
(b) The commissioner shall not approve a plan of acquisition and exchange unless:
(i) He finds the plan is fair and equitable to all parties concerned;
(ii) He holds a hearing to which all persons to whom it is proposed to issue securities in the exchange have the right to appear;
(iii) Notice is provided and the hearing conducted as provided in chapter 2 of this code.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-149 - Mutual and Stock Insurer Merger Prohibited; Merger or Consolidation of Mutual Insurers.

26-24-149. 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 procedures prescribed by the Wyoming Business Corporation Act, except as otherwise provided in this section.
(c) If the insurer is then unimpaired, the plan and agreement for merger or consolidation shall be submitted to and approved by at least two-thirds (2/3) of the members of each mutual insurer voting thereon at meetings called for the purpose pursuant to any reasonable notice and procedure the commissioner approves. If a life insurer, right to vote may be limited to members whose policies are other than term and group policies and have been in effect for more than one (1) year.
(d) No merger or consolidation shall be carried out unless the plan and agreement therefor are filed with the commissioner and he approves the plan and agreement in writing. If the insurer is not then impaired the commissioner shall not act upon the plan and agreement until after a hearing thereon. The commissioner shall approve the plan and agreement within a reasonable time after filing unless he finds the plan or agreement:
(i) Inequitable to the policyholders of any domestic insurer involved;
(ii) Would substantially reduce the security of and service to be rendered to policyholders of the domestic insurer in this state and elsewhere;
(iii) Would materially tend to lessen competition in the insurance business in this state or elsewhere as to the kinds of insurance involved, or would materially tend to create any monopoly as to that business; or
(iv) Is subject to other material and reasonable objections.
(e) If the commissioner does not approve the plan or agreement he shall notify the insurers in writing specifying his reasons therefor.
(f) No director, officer, agent or employee of any insurer party to the merger or consolidation, nor any other person, shall receive any fee, commission or other valuable consideration for in any manner aiding, promoting or assisting therein except as set forth in the plan and agreement.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-150 - Bulk Reinsurance.

26-24-150. 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 agreement is effective unless it is filed with the commissioner and he approves it in writing.
(b) The commissioner shall approve an agreement within a reasonable time after filing if he finds that:
(i) The plan and agreement are fair and equitable to each insurer and to the policyholders involved;
(ii) The reinsurance, if carried out, would not substantially reduce the protection or service to the policyholders of any domestic insurer involved;
(iii) The agreement embodies adequate provisions by which the reinsuring insurer is liable to the original insureds for any loss or damage occurring under the policies reinsured in accordance with the original terms of the policies, and the reinsuring insurer shall furnish each insured with a certificate evidencing assumption of liability;
(iv) The assuming reinsurer is authorized to transact insurance in this state, or is qualified for authorization and will appoint the commissioner and his successors as its irrevocable attorney for service of process, as long as any policy reinsured or claim thereunder remains in force or outstanding;
(v) The reinsurance would not materially tend to lessen competition in the insurance business in this state or elsewhere as to the kinds of insurance involved, and would not materially tend to create any monopoly as to that business; and
(vi) The proposed bulk reinsurance is free of other reasonable objections.
(c) If the commissioner does not approve the agreement he shall immediately notify each insurer involved, in writing, specifying his reasons for disapproval.
(d) If for reinsurance of any of the business in force of a mutual insurer at a time when the insurer's surplus is not impaired, the plan and agreement for reinsurance shall be approved by vote of not less than two-thirds (2/3) of the mutual insurer's members voting thereon at a meeting of members called for that purpose, pursuant to any reasonable notice and procedure provided for in the agreement. If a life insurer, the right to vote may be limited to members whose policies are other than term or group policies and have been in effect for more than one (1) year.
(e) No director, officer, agent or employee of any insurer party to the reinsurance, nor any other person, shall receive any compensation for arranging the bulk reinsurance other than as provided in the agreement submitted to and approved by the commissioner.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-151 - Mutual Members' Share of Assets Upon Liquidation.

26-24-151. Mutual members' share of assets upon liquidation.
(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 distributed to currently existing persons who were members of the insurer for at least one (1) year and who were its members at any time within thirty-six (36) months preceding the date the liquidation was authorized or ordered, or the date of last termination of the insurer's certificate of authority, whichever is earlier. If the commissioner has reason to believe that the insurer's management caused or encouraged a reduction in the number of the insurer's members in anticipation of liquidation and for the purpose of reducing thereby the number of persons entitled to share in distribution of the insurer's assets, he may enlarge the thirty-six (36) month qualification period by any additional period he deems reasonable.
(b) The insurer shall make a reasonable classification of its policies held by the members specified in subsection (a) of this section and a formula based upon that classification for determining the equitable distributive share of each such member. The classification and formula are subject to the commissioner's approval.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 25 - Insider Trading in Domestic Insurer Securities › Section 26-25-102 - "Equity Security" Defined.

26-25-102. "Equity security" defined.
(a) 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 security;
(iii) Any warrant or right to subscribe to or purchase stock or a similar security; or
(iv) Any other security which the commissioner deems to be of similar nature and considers necessary or appropriate to treat as an equity security, by rules and regulations he prescribes, in the public interest or for the protection of investors.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 25 - Insider Trading in Domestic Insurer Securities › Section 26-25-103 - Statement of Ownership of Equity Securities; When Filing Required.

26-25-103. 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 the commissioner within ten (10) days after he becomes the beneficial owner, director or officer, a statement, in a form the commissioner prescribes, of the amount of all the insurer's equity securities of which he is the beneficial owner; and
(ii) Within ten (10) days after the close of each calendar month following the initial filing, if there is a change in ownership during that month, file with the commissioner a statement, in a form the commissioner prescribes, indicating his ownership at the close of the calendar month and any changes in his ownership that have occurred during that calendar month.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 25 - Insider Trading in Domestic Insurer Securities › Section 26-25-104 - Recovery of Profits From Certain Sales and Purchases of Equity Securities.

26-25-104. 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 or officer realizes from any purchase and sale, or any sale and purchase, of any equity security of the insurer within any period of less than six (6) months, unless the security is acquired in good faith in connection with a debt previously contracted, inures to and is recoverable by the insurer, even if it is the intention of the beneficial owner, director or officer in entering into the transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding six (6) months from the date of the purchase or sale, as the case may be.
(b) Suit to recover the profit may be instituted in any court of competent jurisdiction by the insurer, or by the owner of any of the insurer's security in the name and in behalf of the insurer, if the insurer fails to bring suit within sixty (60) days from the date of request to do so or fails diligently to prosecute the suit thereafter. No suit to recover shall be brought more than two (2) years from the date the profit is realized.
(c) This section does not apply to any transaction:
(i) If the beneficial owner is not the beneficial owner both at the time of the purchase and sale, or the sale and purchase, of the security involved; or
(ii) Which the commissioner by rule and regulation exempts as not included within the purpose of this section.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 25 - Insider Trading in Domestic Insurer Securities › Section 26-25-105 - Unlawful Sales of Equity Securities.

26-25-105. 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 sale within twenty (20) days from the date of sale; or
(iii) Does not within five (5) days from the date of sale deposit it in the mails or other usual channels of transportation.
(b) No person is guilty of violating this section if he proves that notwithstanding the exercise of good faith he was unable to make the delivery or deposit within the time specified in subsection (a) of this section, or that making the delivery or deposit would have caused undue inconvenience or expense.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 25 - Insider Trading in Domestic Insurer Securities › Section 26-25-106 - Excepted Securities.

26-25-106. 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 dealer in the ordinary course of his business and incident to the dealer's establishment or maintenance of a primary or secondary market, otherwise than on an exchange as defined in the Securities Exchange Act of 1934, 15 U.S.C. 78a et seq., for the security.
(b) The commissioner, by rules and regulations he deems necessary or appropriate in the public interest, may prescribe terms and conditions for securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 25 - Insider Trading in Domestic Insurer Securities › Section 26-25-107 - Arbitrage Transactions Excluded; Exception.

26-25-107. 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.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 25 - Insider Trading in Domestic Insurer Securities › Section 26-25-108 - Exclusion of Certain Registered or Closely Held Securities.

26-25-108. Exclusion of certain registered or closely held securities.
(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 Act of 1934, 15 U.S.C. 78l, as amended; or
(ii) The domestic stock insurer does not have any class of its equity securities held of record by one hundred (100) or more persons on the last business day of the year immediately preceding the year in which the insurer's equity securities would be subject to the provisions of W.S. 26-25-103 through 26-25-105, except for the provisions of this paragraph.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 25 - Insider Trading in Domestic Insurer Securities › Section 26-25-109 - Commissioner's Rules and Regulations.

26-25-109. 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 jurisdiction. No provision of W.S. 26-25-103 through 26-25-105 imposing any liability applies to any act performed or omitted in good faith in conformity with any rule or regulation of the commissioner, notwithstanding that the rule or regulation, after the act or omission, is amended or rescinded or determined by judicial or other authority to be invalid for any reason.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-101 - Definitions.

26-27-101. Definitions.
(a) As used in this chapter:
(i) "Attorney" means the attorney-in-fact of a reciprocal insurer and may be an individual, firm or corporation;
(ii) "Reciprocal insurance" means insurance resulting from an interexchange among persons, known as "subscribers", of reciprocal agreements of indemnity, the interexchange being carried out through an "attorney-in-fact" common to all the persons;
(iii) "Reciprocal insurer" means an unincorporated aggregation of subscribers operating individually and collectively through an attorney-in-fact to provide reciprocal insurance among themselves.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-102 - Scope and Applicability of Chapter; Existing Insurers.

26-27-102. Scope and applicability of chapter; existing insurers.
(a) All authorized reciprocal insurers are governed by those sections of this chapter not expressly made applicable to domestic reciprocals.
(b) Authorized reciprocal insurers shall:
(i) Comply with this chapter;
(ii) Make any amendments to their subscribers' agreement, power of attorney policies and other documents and accounts not consistent with this chapter; and
(iii) Perform any other acts required for compliance.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-103 - Insuring Powers.

26-27-103. Insuring powers.
(a) A reciprocal insurer, upon qualifying therefor as provided by this code, may transact any kind of insurance defined by this code, other than life or title insurances.
(b) A reciprocal insurer may purchase reinsurance upon the risk of any subscriber and may grant reinsurance as to any kind of insurance it is authorized to transact directly.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-104 - Name; Power to Sue or Be Sued.

26-27-104. Name; power to sue or be sued.
(a) A reciprocal insurer shall:
(i) Have and use a business name, which shall include the word "reciprocal", "interinsurer", "interinsurance", "exchange", "underwriters", "underwriting" or "association";
(ii) Sue and be sued in its own name.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-105 - Attorney Deemed Not Doing Business in State; Subscribers and Attorney Comprise Single Entity.

26-27-105. Attorney deemed not doing business in state; subscribers and attorney comprise single entity.
(a) The attorney of a foreign or alien reciprocal insurer, which insurer is authorized to transact insurance in this state, is not, by virtue of discharge of its duties as attorney with respect to the insurer's transactions in this state, considered to be doing business in this state within the meaning of any laws of this state applying to foreign persons, firms or corporations.
(b) The subscribers and the attorney-in-fact comprise a reciprocal insurer and a single entity for the purposes of chapter 4 of this code as to all operations under the insurer's certificate of authority.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-106 - Surplus Funds Required.

26-27-106. Surplus funds required.
(a) A domestic reciprocal insurer formed under this chapter, if it has otherwise complied with the applicable provisions of this code, may be authorized to transact insurance if it has and maintains surplus funds as follows:
(i) To transact property insurance, surplus funds of not less than three hundred thousand dollars ($300,000.00);
(ii) To transact casualty insurance, other than worker's compensation, surplus funds of not less than three hundred thousand dollars ($300,000.00);
(iii) To transact multiple lines insurance, surplus funds of not less than six hundred thousand dollars ($600,000.00).
(b) In addition to surplus required to be maintained under subsection (a) of this section, the insurer, when first authorized, shall have expendable surplus equal to not less than one-half (1/2) of the minimum amount of surplus required to be maintained.
(c) A domestic reciprocal insurer may be authorized to transact additional kinds of insurance if it has otherwise complied with the provisions of this code therefor and possesses and maintains surplus funds in an amount equal to the minimum capital stock and surplus required to be maintained by a stock insurer for authority to transact a like combination of kinds of insurance.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-107 - Organization; Declaration.

26-27-107. Organization; declaration.
(a) Twenty-five (25) or more persons domiciled in this state may organize a domestic reciprocal insurer and apply to the commissioner for a certificate of authority to transact insurance.
(b) The proposed attorney shall fulfill the requirements of and shall execute and file with the commissioner when applying for a certificate of authority, a declaration setting forth:
(i) The insurer's name;
(ii) The location of the insurer's principal office, which shall be the same as that of the attorney and shall be maintained within this state;
(iii) The kinds of insurance proposed to be transacted;
(iv) The names and addresses of the original subscribers;
(v) The designation and appointment of the proposed attorney and a copy of the power of attorney;
(vi) The names and addresses of the officers and directors of the attorney, if a corporation, or its members, if a firm;
(vii) The powers of the subscribers' advisory committee and the names and terms of office of the committee members;
(viii) That all monies paid to the reciprocal, after deducting therefrom any sum payable to the attorney, shall be held in the insurer's name and for the purposes specified in the subscribers' agreement;
(ix) A copy of the subscribers' agreement;
(x) A statement that each of the original subscribers has in good faith applied for insurance of a kind proposed to be transacted, and that the insurer has received from each such subscriber the full premium or premium deposit required for the policy applied for, for a term of not less than six (6) months at an adequate rate previously filed with and approved by the commissioner;
(xi) A statement of the insurer's financial condition, a schedule of its assets and a statement that the surplus required by W.S. 26-27-106 is on hand; and
(xii) A copy of each policy, endorsement and application form it then proposes to issue or use.
(c) The declaration specified in subsection (b) of this section shall be acknowledged by the attorney in the manner required for the acknowledgment of deeds.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-108 - Certificate of Authority Generally.

26-27-108. Certificate of authority generally.
(a) A reciprocal insurer's certificate of authority shall be issued to its attorney in the insurer's name.
(b) The commissioner may refuse, suspend or revoke the certificate of authority, in addition to other grounds therefor, for failure of the attorney to comply with any provision of this code.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-109 - Power of Attorney.

26-27-109. Power of attorney.
(a) The rights and powers of a reciprocal insurer's attorney are as provided in the power of attorney given it by the subscribers.
(b) The power of attorney shall set forth:
(i) That the attorney is empowered to accept service of process on behalf of the insurer in actions against the insurer upon contracts exchanged;
(ii) The powers of the attorney;
(iii) The general services to be performed by the attorney;
(iv) The maximum amount to be deducted from advance premiums or deposits to be paid to the attorney and the general items of expense, in addition to losses, to be paid by the insurer; and
(v) Except as to nonassessable policies, a provision for a contingent several liability of each subscriber in a specified amount, which shall not be less than one (1) nor more than ten (10) times the premium deposit stated in the policy.
(c) The power of attorney may:
(i) Provide for the right of substitution of the attorney and revocation of the power of attorney and rights thereunder;
(ii) Impose any restrictions upon the exercise of the power as are agreed upon by the subscribers;
(iii) Provide for the exercise of any right reserved to the subscribers directly or through their advisory committee; and
(iv) Contain any other lawful provisions deemed advisable.
(d) The terms of any power of attorney or agreement collateral thereto shall be reasonable and equitable, and no power or agreement shall be used or be effective in this state until approved by the commissioner.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-110 - Modifications of Subscribers' Agreement or Power of Attorney.

26-27-110. Modifications of subscribers' agreement or power of attorney.
Modifications of the terms of the subscribers' agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney and the subscribers' advisory committee. No modification is effective retroactively, nor does any modification affect any insurance contract issued prior to the modification.