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2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-105 - Purchase of Life Insurance by or for Minors or Any Person of Competent Legal Capacity.

26-15-105. Purchase of life insurance by or for minors or any person of competent legal capacity.
(a) Any person of competent legal capacity may contract for insurance.
(b) Any minor not less than fifteen (15) years of age, notwithstanding his minority, may contract for or own annuities, or insurance, or affirm by novation or otherwise preexisting contracts for annuities or insurance upon his own life, body, health, property, liabilities or other interests, or on the person of another in whom the minor has an insurable interest. The minor, notwithstanding his minority, may exercise all rights and powers with respect to or under any contract for annuity or for insurance upon his own life, body or health, or any contract the minor effects upon his own property, liabilities or other interests, or any contract the minor owns or effects on the person of another, as might be exercised by a person of full legal age, and may at any time surrender his interest in any such contracts and give valid discharge for any benefit accruing or money payable thereunder. The minor, by reason of his minority, is not entitled to rescind, avoid or repudiate the contract, nor to rescind, avoid or repudiate any exercise of a right or privilege thereunder, except that such a minor not otherwise emancipated is not bound by any unperformed agreement to pay, by promissory note or otherwise, any premium on any such annuity or insurance contract.
(c) Any annuity contract or policy of life disability insurance procured by or for a minor under subsection (b) of this section, shall be made payable either to the minor or his estate or to a person having an insurable interest in the minor's life.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-106 - Application to Be Made by Individual Insured; Exceptions.

26-15-106. Application to be made by individual insured; exceptions.
(a) No life or disability insurance contract upon an individual, except a contract of group life insurance or of group or blanket disability insurance, shall be made or carried out unless at the time of the making of the contract the individual insured, being of competent legal capacity to contract, applies therefor or has consented thereto in writing, except:
(i) A spouse may carry out the insurance upon the other spouse;
(ii) Any person having an insurable interest in the life of a minor, or any person upon whom a minor is dependent for support and maintenance, may carry out insurance upon the life of or pertaining to the minor;
(iii) Family policies may be issued insuring any two (2) or more members of a family on an application signed by either parent, a stepparent or by a husband or wife.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-107 - Alteration of Application Prohibited; Exceptions.

26-15-107. Alteration of application prohibited; exceptions.
No alteration of any written application for any life or disability insurance policy shall be made by any person other than the applicant without his written consent, except that the insurer may make insertions for administrative purposes only in a manner as to indicate clearly that the insertions are not to be ascribed to the applicant.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-108 - Application as Evidence.

26-15-108. Application as evidence.
(a) No application for the issuance of any life or disability insurance policy or annuity contract is admissible in evidence in any action relative to the policy or contract, unless a true copy of the application is attached to or otherwise made a part of the policy or contract when issued. This provision does not apply to industrial life insurance policies.
(b) If any life or disability insurance policy delivered in this state is reinstated or renewed, and the insured or the policy beneficiary or assignee makes written request to the insurer for a copy of the reinstatement or renewal application, if any, the insurer, within thirty (30) days after receipt of the request at its home office, shall deliver or mail to the person making the request a copy of the application reproduced by any legible means. If the copy is not delivered or mailed after having been requested, the insurer is precluded from introducing the application in evidence in any action or proceeding based upon or involving the policy or its reinstatement or renewal. In the case of a request from a beneficiary, the time within which the insurer is required to furnish a copy of the application does not begin to run until after receipt of evidence satisfactory to the insurer of the beneficiary's vested interest in the policy or contract.
(c) As to insurance other than life or disability insurance, no application for insurance signed by or on behalf of the insured is admissible in evidence in any action between the insured and the insurer arising out of the policy so applied for, if the insurer fails, at expiration of thirty (30) days after receipt of written demand therefor by or on behalf of the insured, to furnish to the insured a copy of the application reproduced by any legible means.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-109 - Statements in Applications as Representations and Not as Warranties; Misrepresentations.

26-15-109. Statements in applications as representations and not as warranties; misrepresentations.
(a) Any statements and descriptions in any application for an insurance policy or annuity contract, by or in behalf of the insured or annuitant, are representations and not warranties. Misrepresentations, omissions, concealment of facts and incorrect statements do not prevent a recovery under the policy or contract unless either:
(i) Fraudulent; or
(ii) Material either to the acceptance of the risk, or to the hazard the insurer assumes; or
(iii) The insurer in good faith, if it knew the true facts as required by the application for the policy or contract or otherwise, would not have:
(A) Issued the policy or contract;
(B) Issued it at the same premium rate;
(C) Issued a policy or contract in as large an amount; or
(D) Provided coverage with respect to the hazard resulting in the loss.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-111 - Filing and Approval of Application Forms; Grounds for Disapproval.

26-15-111. Filing and approval of application forms; grounds for disapproval.
(a) The commissioner, within forty-five (45) days after filing of any insurance policy, shall disapprove any form filed under W.S. 26-15-110, or withdraw any previous approval thereof, only if:
(i) The form:
(A) Is in any respect in violation of or does not comply with this code;
(B) Contains or incorporates by reference, if the incorporation is otherwise permissible, any inconsistent, ambiguous or misleading clauses, or exceptions and conditions which deceptively affect the risk purported to be assumed in the general coverage of the contract;
(C) Has any title, heading, or other indication of its provisions which is misleading; or
(D) Is printed or otherwise reproduced in such manner as to render any provision of the form substantially illegible; or
(ii) He finds that:
(A) The benefits provided in the policy are unreasonable in relation to the premiums charged; or
(B) The rates or classification are excessive, inadequate or unfairly discriminatory. This paragraph does not apply to any policy form for insurance except those lines of insurance deemed noncompetitive under W.S. 26-14-101 through 26-14-118.
(b) If the commissioner disapproves the insurance policy, the insurer may request a hearing pursuant to the Wyoming Administrative Procedure Act.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-112 - Standard and Uniform Provisions of Policies.

26-15-112. Standard and uniform provisions of policies.
(a) Insurance contracts shall contain any standard or uniform provisions required by the applicable provisions of this code pertaining to contracts of particular kinds of insurance. The commissioner may waive the required use of a particular provision in a particular insurance policy form if:
(i) He finds the provision unnecessary for the insured's protection and inconsistent with the policy's purposes; and
(ii) He otherwise approves the policy.
(b) No policy shall contain any provision inconsistent with or contradictory to any standard or uniform provision used or required to be used, but the commissioner may approve any substitute provision which, in his opinion, is not less favorable in any particular to the insured or beneficiary than the provisions otherwise required.
(c) Instead of the provisions required by this code for contracts for particular kinds of insurance, substantially similar provisions required by the law of the domicile of a foreign or alien insurer may be used if the commissioner approves.
(d) A policy issued by a domestic insurer for delivery in another jurisdiction may contain any provision required or permitted by the laws of that jurisdiction.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-113 - Contents of Policies Generally.

26-15-113. Contents of policies generally.
(a) Any policy shall specify:
(i) The names of the parties to the contract;
(ii) The subject of the insurance;
(iii) The risks insured against;
(iv) The time when the insurance thereunder takes effect and the period during which the insurance is to continue;
(v) The premium;
(vi) The conditions pertaining to the insurance;
(vii) Benefits payable, if a life or disability insurance contract.
(b) The commissioner, by rule or regulation, may require a life insurer to show in life insurance policies, by reasonable itemization thereof, the amount of premium charged for optional, unique or particular material features or benefits included in or with the policy. The commissioner may also specify what portion of the charge by the insurer for or in connection with title insurance shall be set forth in the policy.
(c) If under the policy the exact amount of premium is determinable only at stated intervals or upon termination of the contract, a statement of the basis and rates upon which the premium is to be determined and paid shall be included.
(d) Subsections (a) through (c) of this section do not apply to surety contracts or to group insurance policies.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-114 - Additional Policy Contents.

26-15-114. Additional policy contents.
(a) A policy may contain additional provisions not inconsistent with this code and which are:
(i) Required to be inserted by the laws of the insurer's domicile;
(ii) Necessary, because of the manner in which the insurer is constituted or operated, in order to state the rights and obligations of the parties to the contract; or
(iii) Desired by the insurer and neither prohibited by law nor in conflict with any provisions required to be included therein.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-115 - Adoption of Charter and Bylaws by Reference Prohibited.

26-15-115. Adoption of charter and bylaws by reference prohibited.
No policy shall contain any provision purporting to make any portion of the charter, bylaws or other constituent document of the insurer, other than the subscriber's agreement or power of attorney of a reciprocal insurer, a part of the contract unless that portion is set forth in full in the policy. Any policy provision in violation of this section is invalid.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-116 - Execution of Policies.

26-15-116. Execution of policies.
(a) Any insurance policy shall be executed in the name of and on behalf of the insurer by its authorized officer, attorney-in-fact, employee or other representative.
(b) A facsimile signature of any executing individual may be used instead of an original signature.
(c) No insurance contract which is otherwise valid shall be rendered invalid by reason of the apparent execution thereof on behalf of the insurer by the imprinted facsimile signature of an individual not authorized to execute as of the date of the policy.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-117 - Underwriters' and Combination Policies.

26-15-117. Underwriters' and combination policies.
(a) Two (2) or more authorized insurers may jointly issue, and are jointly and severally liable on, an underwriters' policy bearing their names. Any insurer may issue a policy in the name of an underwriters' department, and the policy shall plainly show the insurer's true name.
(b) Two (2) or more insurers, with the commissioner's approval, may issue a combination policy which shall contain provisions substantially as follows:
(i) That the insurers executing the policy are severally liable for the full amount of any loss or damage, according to the terms of the policy, or for specified percentages or amounts thereof, aggregating the full amount of insurance under the policy; and
(ii) That service of process or of any notice or proof of loss required by the policy, upon any of the insurers executing the policy, constitutes service upon all the insurers.
(c) This section does not apply to cosurety obligations.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-118 - Validity and Construction of Noncomplying Policies.

26-15-118. Validity and construction of noncomplying policies.
(a) Any policy delivered or issued for delivery to any person in this state in violation of this code, but otherwise binding on the insurer, is valid, but shall be construed as provided in this code.
(b) Any condition, omission or provision not in compliance with this code and contained in any policy, rider or endorsement, otherwise valid, is not thereby invalid but shall be construed and applied in accordance with the condition, omission or provision as would have applied if it had been in full compliance with this code.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-119 - Binders and Other Contracts for Temporary Insurance.

26-15-119. Binders and other contracts for temporary insurance.
(a) Binders or other contracts for temporary insurance may be made orally or in writing and include all the usual terms of the policy as to which the binder is given together with applicable endorsements as are designated in the binder, except as superseded by the terms of the binder.
(b) No binder is valid beyond the issuance of the policy with respect to which it is given, or beyond ninety (90) days from its effective date, whichever period is shorter.
(c) If the policy is not issued, a binder may be extended or renewed beyond the ninety (90) days with the commissioner's written approval or in accordance with rules and regulations relative thereto the commissioner promulgates.
(d) This section does not apply to life or disability insurances.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-120 - Delivery of Policy; Duplicate Policies.

26-15-120. Delivery of policy; duplicate policies.
If the original policy is delivered or is required to be delivered to or for deposit with any vendor, mortgagee or pledgee of any motor vehicle, and in which policy any interest of the vendee, mortgagor or pledgor in or with reference to the vehicle is insured, a duplicate of the policy setting forth the name and address of the insurer, insurance classification of vehicle, type of coverage, limits of liability, premiums for the types of coverage, and duration of the policy, or memorandum thereof containing the same information, shall be delivered by the vendor, mortgagee or pledgee to each vendee, mortgagor or pledgor named in the policy or coming within the group of persons designated in the policy to be included. If the policy does not provide coverage of legal liability for injury to persons or damage to the property of third parties, a statement of that fact shall be printed, written or stamped conspicuously on the face of the duplicate policy or memorandum. This section does not apply to inland marine floater policies.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-121 - Renewal by Certificate or Endorsement.

26-15-121. Renewal by certificate or endorsement.
(a) Except as provided in subsection (b) of this section, any insurance policy terminating by its terms at a specified expiration date, and not otherwise renewable, may be renewed or extended:
(i) At the insurer's option;
(ii) Upon a currently authorized policy form and at the premium rate then required for the policy;
(iii) For a specific additional period by certificates or by policy endorsement; and
(iv) Without requiring the issuance of a new policy.
(b) A private health benefit plan as defined in W.S. 26-1-102(a)(xxxiii), shall be renewable with respect to all insureds at the option of the insured except in the following cases:
(i) Nonpayment of the required premiums;
(ii) Fraud or misrepresentation by the insured; or
(iii) In the event the insurer elects not to renew an individual private health insurance plan, it may do so only if it elects not to renew all of its individual private health insurance benefit plans issued in this state. In the event the insurer elects not to renew a group private health benefit plan, it may do so only if it elects not to renew all of its group private health benefit plans issued in this state. In either case, the insurer shall:
(A) Provide notice of the decision not to renew coverage to all affected private health benefit plans and to all affected individually insured persons at least one hundred eighty (180) days prior to the nonrenewal of all health benefit plans by the insurer; and
(B) Provide notice of its decision under this paragraph to the commissioner at least three (3) working days prior to providing the notice required under subparagraph (A) of this paragraph.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-122 - Assignment of Policies.

26-15-122. Assignment of policies.
A policy is assignable or not assignable as provided by its terms. Subject to its terms relating to assignability, any life or disability policy, under the terms of which the beneficiary may be changed upon the sole request of the insured or owner, may be assigned either by pledge or transfer of title, by an assignment executed by the insured or owner alone and delivered to the insurer, whether or not the pledgee or assignee is the insurer. The assignment entitles the insurer to deal with the assignee as the owner or pledgee of the policy in accordance with the terms of the assignment, until the insurer receives at its home office written notice of termination of the assignment or pledge, or written notice by or on behalf of some other person claiming some interest in the policy in conflict with the assignment.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-123 - Payment Discharges Insurer.

26-15-123. Payment discharges insurer.
If the proceeds of or payments under any life or disability insurance policy or annuity contract are payable in accordance with the terms of the policy or contract, or the exercise of any right or privilege thereunder, and the insurer makes payment thereof in accordance with those terms or in accordance with any written assignment thereof, the person then designated as being entitled thereto is entitled to receive the proceeds or payments and to give full acquittance therefor. The payments fully discharge the insurer from all claims under the policy or contract unless, before payment is made, the insurer receives at its home office written notice by or on behalf of some other person that the other person claims to be entitled to the payment or some interest in the policy or contract.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-124 - Claim to Be Accepted or Rejected; Attorney's Fee.

26-15-124. Claim to be accepted or rejected; attorney's fee.
(a) Claims for benefits under a life, accident or health insurance policy shall be rejected or accepted and paid by the insurer or its agent designated to receive the claims within forty-five (45) days after receipt of the proofs of loss and supporting evidence. Exceptions to the time of forty-five (45) days shall be made for accident and health insurance claims if there is any question as to the validity or the amount of the claim and the question is referred to the Wyoming state medical peer review committee for adjudication. Exceptions shall also be made as authorized by W.S. 26-16-112(a).
(b) Claims for benefits under a property or casualty insurance policy shall be rejected or accepted and paid by the insurer or its agent designated to receive those claims within forty-five (45) days after receipt of the claim and supporting bills.
(c) In any actions or proceedings commenced against any insurance company on any insurance policy or certificate of any type or kind of insurance, or in any case where an insurer is obligated by a liability insurance policy to defend any suit or claim or pay any judgment on behalf of a named insured, if it is determined that the company refuses to pay the full amount of a loss covered by the policy and that the refusal is unreasonable or without cause, any court in which judgment is rendered for a claimant may also award a reasonable sum as an attorney's fee and interest at ten percent (10%) per year.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-126 - Forms for Proof of Loss to Be Furnished.

26-15-126. Forms for proof of loss to be furnished.
An insurer, upon written request of any person claiming to have a loss under an insurance contract issued by that insurer, shall furnish forms of proof of loss for completion by the person. The insurer, because of the requirement to furnish forms, does not have any responsibility for or with reference to the completion of the proof or the manner of any completion or attempted completion.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-127 - Uniform Health Insurance Claim Forms.

26-15-127. Uniform health insurance claim forms.
The commissioner shall prescribe uniform health insurance claim forms and formats for governmental agencies and health care providers as defined by W.S. 26-40-102(a)(i), which, after January 1, 1997, shall be used by all insurers transacting health insurance in this state and by all governmental agencies and health care providers of this state that require health insurance claim forms or formats for their records.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-128 - Insurer's Acts Not Constituting Waiver of Policy Provisions or Defenses.

26-15-128. Insurer's acts not constituting waiver of policy provisions or defenses.
(a) None of the following acts by or on behalf of an insurer constitutes a waiver of any provision of a policy, or of any right, or of any defense of the insurer thereunder or otherwise:
(i) Acknowledgment of the receipt of notice of loss or claim under the policy;
(ii) Furnishing forms for reporting a loss or claim, for giving information relative thereto, or for making proof of loss, or receiving or acknowledging receipt of the forms or proofs completed or uncompleted;
(iii) Investigating any loss or claim under any policy or engaging in negotiations looking toward a possible settlement of any such loss or claim.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-129 - Exemption of Proceeds; Life Insurance.

26-15-129. Exemption of proceeds; life insurance.
(a) If a policy of insurance is executed by any person on his own life or on another life, in favor of a person other than himself, or except in cases of transfer with intent to defraud creditors, if a policy of life insurance is assigned or in any way made payable to that person, the lawful beneficiary or assignee thereof, other than the insured or the person executing insurance or executors or administrators of the insured or the person executing the insurance, are entitled to its proceeds, including death benefits, cash surrender and loan values, premiums waived and dividends, whether used in reduction of premiums or otherwise, excepting only where the debtor, subsequent to issuance of the policy, has actually elected to receive the dividends in cash, against the creditors and representatives of the insured and of the person executing the policy, and are not liable to be applied by any legal or equitable process to pay any debt or liability of the insured individual or his beneficiary or of any other person having a right under the policy, whether or not:
(i) The right to change the beneficiary is reserved or permitted; and
(ii) The policy is made payable to the person whose life is insured if the beneficiary or assignee predeceases that person, and the proceeds are exempt from all liability for any debt of the beneficiary existing at the time the policy is made available for his use.
(b) However, subject to the statute of limitations, the amount of any premiums paid for insurance with intent to defraud creditors, with interest thereon, shall inure to their benefit from the policy proceeds; but the insurer issuing the policy is discharged of all liability thereon by payment of its proceeds in accordance with its terms, unless before payment the insurer receives written notice at its home office, by or in behalf of a creditor of:
(i) A claim to recover for transfer made or premiums paid with intent to defraud creditors;
(ii) The amount claimed along with facts as will assist the insurer to ascertain the particular policy.
(c) For the purposes of subsections (a) and (b) of this section, a policy is payable to a person other than the insured if and to the extent that a facility-of-payment clause or similar clause in the policy permits the insurer to discharge its obligation after the death of the individual insured by paying the death benefits to a person as permitted by the clause.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-130 - Exemption of Proceeds; Disability Insurance.

26-15-130. Exemption of proceeds; disability insurance.
Except as otherwise provided by the policy or contract, the proceeds of all contracts of disability insurance and of provisions specifying benefits because of the insured's disability, which are supplemental to any life insurance or annuity contracts executed, are exempt from all liability for any debt of the insured and from any debt of the beneficiary existing at the time the proceeds are made available for his use.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-131 - Exemption of Proceeds; Group Insurance.

26-15-131. Exemption of proceeds; group insurance.
(a) A policy of group life insurance or group disability insurance or the proceeds thereof, including death benefits, cash surrender and loan values, premiums waived and dividends, whether used in reduction of premiums or otherwise, excepting only where the debtor, subsequent to issuance of the policy, has actually elected to receive the dividends in cash, payable to the individual insured or to the named beneficiary are not liable to be applied by any legal or equitable process to pay any debt or liability of the insured individual or his beneficiary or of any other person having a right under the policy. The proceeds, when not made payable to a named beneficiary, or to a third person pursuant to a facility-of-payment clause, do not constitute a part of the insured individual's estate for the payment of his debts.
(b) This section does not apply to group insurance issued pursuant to this code to a creditor covering his debtors, to the extent that the proceeds are applied to payment of the obligation for the purpose of which the insurance is issued.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-132 - Exemption of Proceeds; Annuity Contracts; Assignability of Rights.

26-15-132. Exemption of proceeds; annuity contracts; assignability of rights.
(a) The benefits, rights, privileges and options which under any annuity contract issued are due or prospectively due the annuitant, are not subject to execution nor is the annuitant compelled to exercise any such rights, powers or options. Creditors are not allowed to interfere with or terminate the contract, except:
(i) As to amounts paid for or as premium on the annuity with intent to defraud creditors, with interest thereon, and of which the creditor gives the insurer written notice at its home office prior to the making of the payment to the annuitant out of which the creditor seeks to recover, which notice shall specify:
(A) The amount claimed or facts to enable the ascertainment of the amount; and
(B) Facts to enable the insurer to ascertain the annuity contract, the annuitant and the payment sought to be avoided on the ground of fraud.
(ii) The total exemption of benefits presently due and payable to any annuitant periodically or at stated times under all annuity contracts under which he is an annuitant shall not at any time exceed three hundred fifty dollars ($350.00) per month for the length of time represented by the installments, and any periodic payments in excess of three hundred fifty dollars ($350.00) per month are subject to garnishee execution to the same extent as are wages and salaries;
(iii) If the total benefits presently due and payable to any annuitant under any annuity contracts at any time exceed three hundred fifty dollars ($350.00) per month, the court may order the annuitant to pay to a judgment creditor or apply on the judgment, in installments, that portion of the excess benefits as to the court appear just and proper, after regard for the reasonable requirements of the judgment debtor and his family, if dependent upon him, as well as any payments required to be made by the annuitant to other creditors under prior court order.
(b) If the contract provides, the benefits, rights, privileges or options accruing under that contract to a beneficiary or assignee are not transferable nor subject to commutation, and if the benefits are payable periodically or at stated times, the same exemptions and exceptions contained in this section for the annuitant, apply to the beneficiary or assignee.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-133 - Retention of Proceeds of Policy by Company.

26-15-133. Retention of proceeds of policy by company.
(a) Any life insurer may hold the proceeds of any life or endowment insurance or annuity contract it issues:
(i) Upon the terms and restrictions as to revocation by the insured and control by beneficiaries;
(ii) With the exemptions from legal process and the claims of creditors of beneficiaries, other than the insured; and
(iii) Upon any other terms and conditions, regardless of the time and manner of payment of proceeds, agreed to in writing by the insurer and the insured or beneficiary.
(b) The insurer is not required to segregate funds held under subsection (a) of this section but may hold them as a part of its general corporate assets.
(c) The provisions of this section do not impair or affect any rights of creditors under W.S. 26-15-129 or 26-15-132.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-134 - Venue of Suits Against Insurers.

26-15-134. Venue of suits against insurers.
Suit upon causes of action arising within this state against an insurer over an insurance contract shall be brought in the county where the cause of action arose or in the county where the policyholder instituting the action resides.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 15 - The Insurance Contract › Article 1 - In General › Section 26-15-136 - Assignment of Insurance Proceeds to Doctor, Hospital or State Agency; Lien for State Care; Notice of Lien.

26-15-136. Assignment of insurance proceeds to doctor, hospital or state agency; lien for state care; notice of lien.
(a) Whenever a contract by a third party agency provides for payment to a beneficiary under the contract for expenses incurred by him for medical, surgical or hospital care, the beneficiary shall assign the benefits of the contract to the Wyoming department of health or any doctor or hospital, or other practitioner rendering the care in an amount equal to the value of the care rendered. Notification sent by registered or certified mail to the third party agency, with a copy to the insured, shall provide authority for the payment directly by the third party agency to the assignee. The state shall have a lien, in an amount equal to the care rendered, on the proceeds of the contracts for care rendered by any hospital, institution or other facility, written notice of which shall provide authority for payment directly by the third party agency to the state.
(b) Whenever there is in existence a contract between an insurer and an insured for payment to, or on behalf of, an applicant or recipient of medical assistance under the contract for expenses incurred by the applicant or recipient for medical services, including physician services, nursing services, pharmaceutical services, surgical care and hospital care, the assignment of the benefits of the contract by the applicant or recipient or a legally liable party shall, upon receipt of notice from the assignee, provide authority for payment by the insurer directly to the assignee. If notice is provided by the assignee to the insurer in accordance with the provisions of W.S 42-4-204, the insurer shall be liable to the assignee for any amount payable to the assignee under the contract.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 16 - Life Insurance and Annuity Contracts › Article 1 - Policy and Contract Provisions › Section 26-16-101 - Scope and Applicability of Chapter.

26-16-101. Scope and applicability of chapter.
This chapter, except W.S. 26-16-118, 26-16-120 and 26-16-505, applies only to contracts of life insurance and annuities, other than reinsurance, group life insurance and group annuities.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 16 - Life Insurance and Annuity Contracts › Article 1 - Policy and Contract Provisions › Section 26-16-102 - Standard Provisions Required.

26-16-102. Standard provisions required.
(a) No life insurance policy, other than group and pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this state unless it contains provisions conforming in substance to each of the applicable provisions specified in W.S. 26-16-103 through 26-16-114. This section does not apply to annuity contracts nor to any provisions of a life insurance policy, or contract supplemental thereto, relating to disability benefits or to additional benefits in case of death by accident or accidental means.
(b) Any of the provisions or portions thereof not applicable to single premium or term policies, to that extent, shall not be incorporated in the policy.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 16 - Life Insurance and Annuity Contracts › Article 1 - Policy and Contract Provisions › Section 26-16-103 - Grace Period.

26-16-103. Grace period.
A grace period of thirty (30) days, or, at the insurer's option, of one (1) month of not less than thirty (30) days, or of four (4) weeks in the case of industrial life insurance policies the premiums for which are payable more frequently than monthly, shall be allowed within which the payment of any premium after the first may be made. The policy shall continue in full force during the grace period, which shall be counted from the premium due date specified in the policy. The insurer may impose an interest charge not to exceed six percent (6%) per annum for the number of days of grace elapsing before the payment of the premium, and, whether or not the interest charge is imposed, if a claim arises under the policy during the grace period the amount of any premium due or overdue, together with interest and any deferred installment of the annual premium, may be deducted from the policy proceeds.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 16 - Life Insurance and Annuity Contracts › Article 1 - Policy and Contract Provisions › Section 26-16-104 - Incontestability.

26-16-104. Incontestability.
The policy, exclusive of provisions relating to disability benefits or to additional benefits in case of death by accident or accidental means, is incontestable, except for nonpayment of premiums, after it is in force during the insured's lifetime for a period of two (2) years from its date of issue.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 16 - Life Insurance and Annuity Contracts › Article 1 - Policy and Contract Provisions › Section 26-16-105 - Policy and Application Constitutes Entire Contract; Statements Deemed Representations.

26-16-105. Policy and application constitutes entire contract; statements deemed representations.
The policy, or the policy and the application therefor if a copy of the application is endorsed upon or attached to the policy when issued, constitutes the entire contract between the parties and statements contained in the application, in the absence of fraud, are representations and not warranties.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 16 - Life Insurance and Annuity Contracts › Article 1 - Policy and Contract Provisions › Section 26-16-106 - Misstatement of Age.

26-16-106. Misstatement of age.
If the age of the insured or of any other person whose age is considered in determining the premium or benefit is misstated, any amount payable or benefit accruing under the policy shall be in an amount as the premium would purchase at the correct age.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 16 - Life Insurance and Annuity Contracts › Article 1 - Policy and Contract Provisions › Section 26-16-107 - Dividends.

26-16-107. Dividends.
(a) In participating policies, beginning not later than the end of the third policy year, the insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue on the policy anniversary or other dividend date specified in the policy, provided the policy is in force and all premiums to that date are paid. Except as otherwise provided in this section, any dividend payable, at the option of the party entitled to elect the option, shall be either payable in cash or applied to any of the other dividend options provided by the policy. If any other dividend options are provided, the policy shall further state which option is automatically effective if the party does not elect some other option. If the policy specifies a period within which the other dividend option may be elected, the period shall be not less than thirty (30) days following the date on which the dividend is due and payable. The annually apportioned dividend is payable in cash within the meaning of the cash option specified in this subsection even though the policy provides that payment of the dividend is to be deferred for a specified period, provided the period does not exceed six (6) years from the date of apportionment and that interest will be added to the dividend at a specified rate.
(b) Renewable term policies of ten (10) years or less may provide that:
(i) The surplus accrued to the policies shall be determined and apportioned each year after the second policy year and accumulated during each renewal period;
(ii) At the end of the renewal period, on the insured's renewal of the policy, the insurer shall apply the accumulated surplus as an annuity for the next succeeding renewal term in reducing premiums.
(c) In participating industrial life insurance policies, instead of the provision required in subsection (a) of this section, there shall be a provision that beginning not later than the end of the fifth policy year, the policy shall participate annually in the divisible surplus, if any, in the manner set forth in the policy.
(d) This section does not apply to insurance issued in consideration of lapsed or surrendered policies.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 16 - Life Insurance and Annuity Contracts › Article 1 - Policy and Contract Provisions › Section 26-16-109 - Table of Installments Required.

26-16-109. Table of installments required.
In case the policy provides that the proceeds are payable in installments which are determinable at issue of the policy, there shall be a table showing the amounts of the guaranteed installments.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 16 - Life Insurance and Annuity Contracts › Article 1 - Policy and Contract Provisions › Section 26-16-110 - Reinstatement of Policies.

26-16-110. Reinstatement of policies.
(a) Unless the policy has been surrendered for its cash surrender value, or its cash surrender value has been exhausted, or the paid-up term insurance, if any, has expired, the policy will be reinstated at any time within three (3) years, or two (2) years in the case of industrial life insurance policies, from the date of premium default upon:
(i) Written application therefor;
(ii) The production of evidence of insurability satisfactory to the insurer;
(iii) The payment of all premiums in arrears;
(iv) The payment or reinstatement of any other indebtedness to the insurer upon the policy; and
(v) The payment of interest at a rate not exceeding six percent (6%) per annum compounded annually on all payments required for reinstatement.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 16 - Life Insurance and Annuity Contracts › Article 1 - Policy and Contract Provisions › Section 26-16-112 - Payment of Claims.

26-16-112. Payment of claims.
(a) If the benefits under the policy are payable because of the death of the insured, settlement shall be made upon receipt of proof of death and, at the insurer's option, surrender of the policy or proof of the interest of the claimant, or both. If an insurer shall specify a particular period prior to the expiration of which settlement shall be made, the period may not exceed the time requirements specified in W.S. 26-15-124. For any private placement policy, settlement may be made in cash or, if allowed under the policy, by distributing assets of the separate account to the claimant with the consent of the policyholder, as long as the fair market value of the assets are independently verified at the time of disbursement by the insurer. In any private placement policy, the obligation of the insurer to settle that portion of the policy attributable to separate account assets is subject to the liquidity of the assets and the insurer shall settle the portion of the policy as and when the assets can be, by their respective terms, either converted to cash, which may be later than the time requirements specified in W.S. 26-15-124, or otherwise dispersible by the insurer.
(b) Benefits shall be paid within the time requirements of W.S. 26-15-124 and shall include interest accrued from the date of death until date of payment. The interest rate shall be not less than the rate of interest payable on death proceeds left on deposit with the insurer. For any private placement policy, the interest shall be computed commencing the latter of sixty (60) days succeeding the date of death of the insured or the date proof of death has been received by the insurer in good order, until the date of payment. In any private placement policy, the obligation of the insurer to pay interest on that portion of the policy attributable to separate account assets may only be computed as and when the assets are, by their respective terms, either converted to cash or otherwise dispersible by the insurer.
(c) For purposes of this section, date of payment shall include the date of the postmark stamped on an envelope properly addressed and postage prepaid, containing the payment.
(d) The provisions of this section requiring the payment of interest shall not apply to variable contracts which provide for insurance or annuity benefits which may vary according to the investment experience of any separate account or accounts maintained by the insurer as to such contract.
(e) As used in this chapter, "private placement policy" is a variable life insurance policy that is:
(i) Issued exclusively to a person who is an accredited investor or a qualified purchaser, as defined in the Securities Act of 1933 or the Investment Company Act of 1940 or in regulations promulgated under either statute; and
(ii) Offered for sale and sold in a transaction that is exempt from registration under the Securities Act of 1933.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 16 - Life Insurance and Annuity Contracts › Article 1 - Policy and Contract Provisions › Section 26-16-113 - Beneficiaries of Industrial Life Insurance Policies.

26-16-113. Beneficiaries of industrial life insurance policies.
(a) An industrial life insurance policy shall have the name of the beneficiary designated thereon, or in the application or other form if attached to the policy, with a reservation of the right to designate or change the beneficiary after the issuance of the policy, unless the beneficiary is irrevocably designated.
(b) The policy may also provide that:
(i) No designation or change of beneficiary is binding on the insurer until endorsed on the policy by the insurer;
(ii) The insurer may refuse to endorse the name of any proposed beneficiary who does not appear to the insurer to have an insurable interest in the insured's life;
(iii) If the beneficiary designated in the policy does not make a claim under the policy or does not surrender the policy with proof of death within the period stated in the policy, which shall not be less than thirty (30) days after the insured's death, or if the beneficiary is the estate of the insured, or is a minor, or dies before the insured, or is not legally competent to give a valid release, the insurer may make any payment thereunder to the insured's executor or administrator, or to any relative of the insured by blood or legal adoption or connection by marriage, or to any person appearing to the insurer to be equitably entitled thereto because of having been named beneficiary or having incurred expense for the insured's maintenance, medical attention or burial.
(c) The policy may also include a provision similar to that in paragraph (b)(iii) of this section applicable to any other payment due under the policy.