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2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 3 - Valuation of Other Securities › Section 26-6-305 - "Insolvency" and "Impairment" Defined.

26-6-305. "Insolvency" and "impairment" defined.
(a) An insurer is insolvent if its total assets, as in this chapter provided, are less than its total liabilities, excluding as a liability, as to a stock insurer, the aggregate par value of its outstanding capital stock.
(b) An insurer is impaired if:
(i) As to a stock insurer, the sum of its assets is less than the sum of:
(A) Its liabilities;
(B) The aggregate par value of its outstanding capital stock; and
(C) The amount of surplus the insurer is required to maintain for the kinds of insurance transacted.
(ii) As to a mutual or reciprocal insurer, the sum of its assets is less than the sum of its liabilities and the amount of surplus the insurer is required to maintain for the kinds of insurance transacted.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 4 - Property and Casualty Actuarial Opinions › Section 26-6-401 - Short Title; Effective Date.

26-6-401. Short title; effective date.
This article shall be known as the property and casualty actuarial opinion law. W.S. 26-6-402 and 26-6-403 shall be effective beginning January 1, 2008 and shall be applicable to filings submitted after January 1, 2009.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 4 - Property and Casualty Actuarial Opinions › Section 26-6-402 - Actuarial Opinion of Reserves and Supporting Documentation.

26-6-402. Actuarial opinion of reserves and supporting documentation.
(a) Every property and casualty insurance company doing business in this state, unless otherwise exempted by the domiciliary commissioner, shall annually submit the opinion of an appointed actuary entitled "statement of actuarial opinion." This opinion shall be filed in accordance with the appropriate National Association of Insurance Commissioners property and casualty annual statement instructions.
(b) Every property and casualty insurance company domiciled in this state that is required to submit a statement of actuarial opinion shall annually submit an actuarial opinion summary, written by the company's appointed actuary. This actuarial opinion summary shall be filed in accordance with the appropriate National Association of Insurance Commissioners property and casualty annual statement instructions and shall be considered as a document supporting the actuarial opinion required in subsection (a) of this section. A company licensed but not domiciled in this state shall provide the actuarial opinion summary upon request.
(c) An actuarial report and underlying workpapers as required by the appropriate National Association of Insurance Commissioners property and casualty annual statement instructions shall be prepared to support each actuarial opinion required under this article. If the insurance company fails to provide a supporting actuarial report or workpapers at the request of the commissioner or the commissioner determines that the supporting actuarial report or workpapers provided by the insurance company is otherwise unacceptable to the commissioner, the commissioner may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare the supporting actuarial report or workpapers.
(d) The appointed actuary shall not be liable for damages to any person, other than the insurance company and the commissioner, for any act, error, omission, decision or conduct with respect to the actuary's opinion, except in cases of fraud or willful misconduct on the part of the appointed actuary.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 7 - Investments › Section 26-7-103 - Eligible Investments.

26-7-103. Eligible investments.
(a) Insurers shall invest in or lend their funds on the security of and shall hold as invested assets only eligible investments prescribed in this chapter.
(b) Any particular investment held by an insurer on January 1, 1968, which was a legal investment at the time it was made, and which the insurer was legally entitled to possess immediately prior to that date, is an eligible investment.
(c) Eligibility of an investment is determined as of the date of its making or acquisition, except as stated in subsection (b) of this section.
(d) Any investment limitation based upon the amount of the insurer's assets or particular funds relates to those assets or funds as shown by the insurer's annual statement as of December 31 immediately preceding the date of the insurer's acquisition of the investment, or as shown by a current financial statement resulting from merger of another insurer, bulk reinsurance or change in capitalization.
(e) An insurer authorized to transact insurance in a foreign jurisdiction may make investments, in aggregate amount not exceeding its deposit and reserve obligations incurred in that foreign jurisdiction, in securities of or in that foreign jurisdiction possessing characteristics and of a quality similar to like investments in the United States.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 7 - Investments › Section 26-7-104 - General Qualifications for Investments.

26-7-104. General qualifications for investments.
(a) No security or investment, other than property acquired under W.S. 26-7-107(a)(xiii), is eligible for acquisition unless it is interest bearing or interest accruing or dividend or income paying, is not then in default and the insurer is entitled to receive for its exclusive account and benefit the interest or income accruing thereon. Any stock or digital security as defined by W.S. 34-29-101(a)(iii) which has the ability to appreciate in value shall be considered to be income paying for purposes of this subsection.
(b) No security or investment is eligible for purchase at a price above its market value.
(c) Nothing in this chapter prohibits an insurer from acquiring other or additional securities or property if received as a dividend or as a lawful distribution of assets, or under a lawful and bona fide agreement of bulk reinsurance, merger or consolidation. Any investment so acquired which is not otherwise eligible under this chapter shall be disposed of pursuant to W.S. 26-7-112 if real property, or pursuant to W.S. 26-7-113 if personal property or securities.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 7 - Investments › Section 26-7-105 - Investment Authorization; Record.

26-7-105. Investment authorization; record.
(a) No insurer shall make any investment or loan, other than a policy loan or an annuity contract loan of a life insurer, unless the investment or loan is authorized by the insurer's board of directors or by a committee authorized by the board and charged with the supervision or making of the investment or loan. The minutes of any such committee shall be recorded and regular reports of the committee shall be submitted to the board of directors.
(b) The insurer shall maintain a full record of each investment, showing, among other pertinent information, the name of any officer, director or principal stockholder of the insurer having any interest in the securities, loan or property constituting the investment, or in the person in whose behalf the investment is made, and the nature of the interest.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 7 - Investments › Section 26-7-106 - Diversification of and Limits on Investments.

26-7-106. Diversification of and limits on investments.
(a) An insurer shall invest in or hold as admitted assets only categories of investments within applicable limits as follows:
(i) No insurer shall have at any time any combination of investments in or loans upon the security of the obligations, property or securities of any one (1) person, institution, corporation or municipal corporation aggregating an amount exceeding five percent (5%) of the insurer's admitted assets, except this does not apply to general obligations of the United States of America or of any state and shall not include policy loans made under W.S. 26-7-108 or mutual funds that are registered with the federal securities and exchange commission and are diversified within the meaning of the Investment Company Act of 1940 as from time to time amended. Investments in diversified mutual funds shall be limited to ten percent (10%) of the insurer's admitted assets per fund;
(ii) No insurer shall invest in or hold at any time more than ten percent (10%) of the outstanding voting stock of any corporation, except with respect to voting rights of preference stock during default of dividends, except this does not apply to stock of an insurer's subsidiary acquired under W.S. 26-7-107(a)(vii) or (xiv), or to controlling stock of an insurer acquired under W.S. 26-7-107(a)(vi);
(iii) An insurer, other than a title insurer, shall invest and maintain invested funds not less in amount than the minimum paid-in capital stock required under this code of a domestic stock insurer transacting like kinds of insurance, only in cash and the securities provided under W.S. 26-7-107(a)(i) and 26-7-107(a)(xii);
(iv) A life insurer shall also invest and keep invested its funds, in an amount not less than the reserves under its life insurance policies and annuity contracts in force, in cash or the securities or investments allowed under this chapter, other than in common stocks, insurance stocks and stocks of the insurer's subsidiaries;
(v) No life insurer shall invest and have invested at any time in aggregate amount more than seven percent (7%) of its assets in all stocks under W.S. 26-7-107(a)(iv), (v), (vi) and (viii), except this does not apply to stock of a controlled or subsidiary corporation under W.S. 26-7-107(a)(vi), (vii) and (xiv);
(vi) No insurer shall have invested at any time more than sixty-five percent (65%) of its assets in obligations secured by mortgage, trust deed, contract of purchase or other similar encumbrance of real property;
(vii) No insurer shall have invested at any time more than seven percent (7%) of its assets in either improvement district obligations or equipment trust certificates;
(viii) Investments in real property are limited as provided in W.S. 26-7-107(a)(xiii); and
(ix) Other specific limits apply as stated in the sections dealing with other kinds of investments.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 7 - Investments › Section 26-7-108 - Policy Loans.

26-7-108. Policy loans.
A life insurer may lend to its policyholder upon pledge of the policy as collateral security any sum not exceeding the cash surrender value of the policy, or may lend against pledge or assignment of any of its supplementary contracts or other contracts or obligations if the loan is adequately secured by the pledge or assignment. Loans so made are eligible investments of the insurer.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 7 - Investments › Section 26-7-109 - Collateral Loans.

26-7-109. Collateral loans.
An insurer may lend and thereby invest its funds upon the pledge of securities eligible for investment under this chapter. As of the date made, no such loan shall exceed in amount ninety percent (90%) of the market value of the collateral pledged. The amount loaned shall be included pro rata in determining the maximum percentage of funds permitted under this chapter to be invested in the categories of securities so pledged.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 7 - Investments › Section 26-7-110 - Miscellaneous Loans and Investments.

26-7-110. Miscellaneous loans and investments.
(a) An insurer may make loans or investments not otherwise expressly permitted under this chapter, in aggregate amounts not over five percent (5%) of the insurer's admitted assets and not over one percent (1%) of those assets as to any one loan or investment, if the loan or investment fulfills the requirements of W.S. 26-7-103 and otherwise qualifies as a sound investment. An insurer with one hundred million dollars ($100,000,000.00) or more in surplus and a total adjusted capital that is at least five (5) times its authorized control level risk-based capital may make loans or investments not otherwise expressly permitted under this chapter, in aggregate amounts not over ten percent (10%) of the insurer's admitted assets and not over two percent (2%) of those assets as to any one (1) loan or investment, if the loan or investment fulfills the requirements of W.S. 26-7-103 and otherwise qualifies as a sound investment. For all insurers, no such loan or investment shall be represented by:
(i) Any item excluded under W.S. 26-6-102 or any loan or investment otherwise expressly prohibited;
(ii) Agents' balances or amounts advanced to or owing by agents, except as to policy loans, mortgage loans and collateral loans otherwise authorized under this chapter;
(iii) Any category of loans or investments expressly eligible under any other provisions of this chapter;
(iv) Any asset theretofore acquired or held by the insurer under any other category of loans or investments eligible under this chapter.
(b) An insurer may make loans to industrial development corporations under the laws of this state in an amount not exceeding the limits set forth in W.S. 17-11-106(b)(iii).
(c) The insurer shall keep a separate record of all loans and investments made under this section.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 7 - Investments › Section 26-7-111 - Security Interest in Chattels.

26-7-111. Security interest in chattels.
(a) In connection with a mortgage loan on the security of real property designed and used primarily for residential purposes only, which mortgage loan was acquired pursuant to W.S. 26-7-107(a)(xii), an insurer may lend or invest an amount, not exceeding twenty percent (20%) of the amount loaned on or invested in the real property mortgage, on the security of chattels, to be amortized by regular payments within a term of not more than five (5) years, and representing a first and prior lien, except for taxes not then delinquent, on personal property constituting durable equipment and owned by the mortgagor and kept and used in the mortgaged premises.
(b) For the purposes of this section, "durable equipment" includes only mechanical refrigerators, air conditioning equipment, mechanical laundering machines, heating and cooking stoves and ranges, and in the case of apartment houses, motels and hotels, room furniture and furnishings also.
(c) Prior to the acquisition of a chattel mortgage under this section, items of property to be included therein shall be separately appraised by a qualified appraiser and the fair market value thereof determined. No chattel loan shall exceed in amount the same ratio of loan to the value of the property as is applicable to the companion loan on the real property.
(d) This section does not prohibit an insurer from taking liens on personal property as additional security for any investment otherwise eligible under this chapter.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 7 - Investments › Section 26-7-112 - Security Interest in Chattels; Time Limit for Disposal.

26-7-112. Security interest in chattels; time limit for disposal.
(a) Except as stated in subsection (b) of this section, the insurer shall dispose of real property acquired under W.S. 26-7-107(a)(xiii)(A) within five (5) years after it ceases to be necessary to the insurer in the transaction of its business and real property acquired under W.S. 26-7-107(a)(xiii)(B), (C) and (D) within five (5) years after the date of acquisition.
(b) Upon satisfactory proof that the insurer's interests will suffer materially by the forced sale of real property, the commissioner, by order, may grant a reasonable extension of the period within which the insurer shall dispose of any particular parcel of real property, unless the insurer elects to hold the real property as an investment for income purposes under W.S. 26-7-107(a)(xiii)(F), in which case thereafter the real property is deemed to have been acquired at a cost equal to its book value at the time of the election and to be held under and subject to that subparagraph.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 7 - Investments › Section 26-7-113 - Disposal of Ineligible Investments; Time Limit for Disposal.

26-7-113. Disposal of ineligible investments; time limit for disposal.
Any personal property or securities lawfully acquired by an insurer which it could not otherwise have invested in or loaned its funds upon at the time of the acquisition, shall be disposed of within three (3) years from date of acquisition unless within that period the security becomes an eligible investment, except that any security or personal property acquired under any agreement of bulk reinsurance, merger or consolidation may be retained for a longer period if so provided in the plan for reinsurance, merger or consolidation as the commissioner approves under chapter 24 of this code. Upon the insurer's application and proof that forced sale of any such property or security would materially injure its interests, the commissioner may extend the disposal period for an additional reasonable time.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 7 - Investments › Section 26-7-114 - Disposal of Ineligible Investments; Failure to Dispose; Disposal of Ineligible Investments Unlawfully Acquired.

26-7-114. Disposal of ineligible investments; failure to dispose; disposal of ineligible investments unlawfully acquired.
(a) Any real property, personal property or securities lawfully acquired and held by an insurer after expiration of the period for disposal thereof or any extension of that period as provided in W.S. 26-7-107(a)(vi) or 26-7-107(a)(vii), shall not be allowed as an insurer's asset.
(b) An insurer shall immediately dispose of any ineligible investment unlawfully acquired. The commissioner shall suspend or revoke the insurer's certificate of authority if the insurer fails to dispose of the investment within any reasonable time the commissioner, by order, specifies.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 7 - Investments › Section 26-7-115 - Prohibited Investments; Securities Underwriting Prohibited.

26-7-115. Prohibited investments; securities underwriting prohibited.
(a) In addition to investments excluded pursuant to other provisions of this code, an insurer shall not invest in or lend its funds upon the security of:
(i) Issued shares of its own capital stock, except for the purpose of mutualization under W.S. 26-24-143;
(ii) Securities issued by any corporation or enterprise the controlling interest of which is or after the insurer's acquisition will be held by the insurer or any combination of the insurer and the insurer's directors, officers, parent corporation, subsidiaries or controlling stockholders and the spouses and children of any of them. Investments in controlled insurance corporations or subsidiaries under W.S. 26-7-107(a)(vi), (vii) or (xiv) are not subject to this provision;
(iii) Any note or other evidence of indebtedness of any director, officer, employee or controlling stockholder of the insurer or of the spouse or child of any of them, except as to policy loans authorized under W.S. 26-7-108.
(b) No insurer shall underwrite or participate in the underwriting of an offering of securities or property by any other person.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 7 - Investments › Section 26-7-116 - Investments of Foreign Insurers.

26-7-116. Investments of foreign insurers.
The investment portfolio of a foreign or alien insurer shall be as permitted by the laws of its domicile if of a quality substantially equal to that required under this chapter for similar funds of like domestic insurers. In determining the relative quality and value of the investment portfolio of a foreign or alien insurer, the commissioner, for purposes of comparison, may apply the provisions of this code regulating investments of domestic insurers and valuation of those insurers. If the commissioner determines that the investment portfolio of a foreign or alien insurer is not of a quality substantially equal to that required under this chapter for similar funds of like domestic insurers, he may refuse to continue or may suspend or revoke an insurer's certificate of authority in accordance with W.S. 26-3-115.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 1 - Administration of Deposits › Section 26-8-101 - Authorized Deposits of Insurers.

26-8-101. Authorized deposits of insurers.
(a) The following deposits of insurers when made through the commissioner shall be accepted and held, subject to this chapter:
(i) Deposits required under this code for authority to transact insurance in this state;
(ii) Deposits of domestic insurers if made pursuant to the laws of other states, provinces and countries as a requirement for authority to transact insurance therein;
(iii) Deposits in any additional amounts permitted under W.S. 26-8-109(b).
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 1 - Administration of Deposits › Section 26-8-102 - Purposes for Holding Deposits.

26-8-102. Purposes for holding deposits.
(a) Deposits shall be held for purposes as follows:
(i) Deposits made in this state under W.S. 26-3-111 shall be held in trust for the purposes stated in that section;
(ii) A deposit made in this state by a domestic insurer transacting insurance in another state, province or country, as required by the laws thereof, shall be held in trust for the protection of all the insurer's policyholders or all its policyholders and creditors or for any other purpose specified by those laws;
(iii) A deposit required under W.S. 26-3-130 shall be held for purposes specified by the commissioner's order pursuant to which the deposit is to be made.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 1 - Administration of Deposits › Section 26-8-103 - Securities Eligible for Deposit.

26-8-103. Securities eligible for deposit.
(a) Any deposits required under W.S. 26-3-111 for authority to transact insurance in this state shall consist of any combination of certificates of deposit issued by solvent banks, public obligations as described in W.S. 26-7-107(a)(i) or corporate obligations described in W.S. 26-7-107(a)(iii).
(b) Any other deposits of a domestic insurer held in this state pursuant to the laws of another state, province or country shall be comprised of assets described in subsection (a) of this section and of any additional securities required or permitted by those laws, except common stocks, mortgages of any kind and real property.
(c) Deposits of foreign insurers made in this state under W.S. 26-3-130 shall consist of assets the commissioner requires pursuant to that law.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 1 - Administration of Deposits › Section 26-8-104 - Depository.

26-8-104. Depository.
(a) Deposits made in this state under this code shall be made through and with the commissioner's approval in safe deposit with an established safe deposit institution, bank or trust company located in this state and selected by the insurer.
(b) If the deposit is kept in safe deposit, the box or compartment in which are kept the assets and securities comprising the deposit shall be placed in a fireproof safe deposit vault and shall require two (2) distinctly differing keys to open it. One (1) of the keys shall at all times be kept by the commissioner and the other key shall at all times be kept by the insurer. The box or compartment shall not at any time be opened or remain open except through the joint action and in the presence of both the commissioner and the insurer's authorized representative.
(c) The insurer shall pay the customary fees for the safekeeping of its deposit.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 1 - Administration of Deposits › Section 26-8-105 - Custodial Arrangements.

26-8-105. Custodial arrangements.
(a) Instead of deposit into safe deposit as provided in W.S. 26-8-104, upon the insurer's written request the commissioner may permit the insurer to make and maintain the deposit under custodial arrangements with the trust department of an established bank located in Wyoming.
(b) With the commissioner's written advance approval, the insurer may deposit certain of its securities under custodial arrangements with an established bank or trust company located outside this state, if the custodial bank or trust company issues original receipts for those securities and they are held in safe deposit or custody subject to the requirements of W.S. 26-8-104(b) or subsection (a) of this section.
(c) The form and terms of all such custodial arrangements shall be as the commissioner prescribes or approves consistent with the applicable provisions of this code [title 26].
(d) The insurer shall bear the costs of custodial arrangements.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 1 - Administration of Deposits › Section 26-8-106 - Commissioner's Record of Deposits; Vouchers as to Assets Deposited.

26-8-106. Commissioner's record of deposits; vouchers as to assets deposited.
(a) The commissioner shall:
(i) Give the depositing insurer vouchers as to assets deposited with him;
(ii) Keep a record of the assets comprising each insurer's deposit, showing as far as practical the amount and market value of each item and each of his transactions relative thereto.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 1 - Administration of Deposits › Section 26-8-107 - Assignment or Transfer of Securities Deposited to Commissioner.

26-8-107. Assignment or transfer of securities deposited to commissioner.
Any assets deposited by an insurer and not negotiable by delivery shall be assigned or transferred to the commissioner and his successors in office. Upon release of any such security or asset to the insurer, the commissioner shall reassign or transfer the security or asset to the insurer.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 1 - Administration of Deposits › Section 26-8-108 - Appraisal of Securities Deposited.

26-8-108. Appraisal of securities deposited.
Prior to acceptance for deposit of any asset, or at any time thereafter while so deposited, the commissioner may have the asset appraised or valued by competent appraisers. The insurer shall bear the reasonable costs of the appraisal or valuation.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 1 - Administration of Deposits › Section 26-8-109 - When Excess Deposits May Be Required.

26-8-109. When excess deposits may be required.
(a) If assets deposited by an insurer under this chapter are subject to material fluctuations in market value, the commissioner may require the insurer to deposit and maintain on deposit additional assets in an amount reasonably necessary to assure that the deposit at all times has a market value of not less than the amount specified under the law by which the deposit is required.
(b) An insurer not required to make additional deposits may deposit assets in an amount exceeding its deposit required or otherwise permitted under this code by not more than twenty percent (20%) of the required or permitted deposit, or twenty thousand dollars ($20,000.00), whichever is larger, for the purpose of absorbing fluctuations in the value of assets deposited and to facilitate exchange and substitution of those assets. During the insurer's solvency any excess deposit shall be released to the insurer upon its request. During the insurer's insolvency, an excess deposit shall be released only as provided in W.S. 26-8-113(d).
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 1 - Administration of Deposits › Section 26-8-110 - Rights of Solvent Insurer.

26-8-110. Rights of solvent insurer.
(a) If the insurer is solvent and in compliance with this code it may:
(i) Demand, receive, sue for and recover the income from the assets deposited;
(ii) Exchange and substitute for the deposited assets, or any part thereof, other eligible securities and assets of equivalent or greater market value; and
(iii) At any reasonable time inspect its deposit.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 1 - Administration of Deposits › Section 26-8-111 - Levy Upon Deposit.

26-8-111. Levy upon deposit.
No judgment creditor or other claimant of an insurer has the right to levy upon any of the assets held in this state as a deposit for the protection of the insurer's policyholders or creditors or both. As to a deposit made pursuant to W.S. 26-3-111, levy on that deposit is permitted if provided in the commissioner's order under which the deposit is required.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 1 - Administration of Deposits › Section 26-8-112 - Deficiency of Deposit; Failure to Cure.

26-8-112. Deficiency of deposit; failure to cure.
If for any reason the market value of an insurer's assets held on deposit in this state as required under this code falls below the required amount, the insurer shall promptly deposit other or additional assets eligible for deposit sufficient to cure the deficiency. If the insurer fails to cure the deficiency within twenty (20) days after receipt of notice thereof by registered or certified mail from the commissioner, the commissioner shall revoke the insurer's certificate of authority.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 1 - Administration of Deposits › Section 26-8-113 - Duration and Release of Deposit.

26-8-113. Duration and release of deposit.
(a) Any deposit an insurer makes in this state pursuant to this code, including assets held in another state under custodial arrangements permitted by W.S. 26-8-105(b), shall be held as long as:
(i) There is outstanding any liability of the insurer as to which the deposit was so required; or
(ii) The basis of retaliation exists if the deposit was required under W.S. 26-3-130.
(b) Upon a domestic insurer's request, the commissioner shall return to the insurer the whole or any portion of its assets held on deposit if the commissioner is satisfied that the assets to be returned are not subject to liability and are not required to be longer held by any provision of law or purposes of the original deposit. If the insurer has reinsured all its outstanding risks in another insurer authorized to transact insurance in this state, the commissioner shall deliver the assets and securities to the insurer assuming the risks, upon the domestic insurer's written notice that the assets have been assigned and transferred to the reinsuring insurer. The notice shall be accompanied by a verified copy of the assignment or transfer.
(c) The commissioner shall return any deposit made in this state by a foreign insurer, if that insurer ceases transacting insurance in this state and is not subject to any liability in this state for which the deposit was held.
(d) If the insurer is subject to delinquency proceedings as defined in W.S. 26-28-101, upon the order of a court of competent jurisdiction the commissioner shall yield the insurer's assets held on deposit to the insurer's receiver, conservator, rehabilitator or liquidator, or to any other properly designated official who succeeds to the management and control of the insurer's assets.
(e) No release of deposited assets shall be made except upon application to and the written order of the commissioner. The commissioner has no personal liability for any release of any deposit or part thereof he makes in good faith.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 1 - Administration of Deposits › Section 26-8-114 - Commissioner's Liability.

26-8-114. Commissioner's liability.
If the commissioner willfully fails to require, deposit, keep, account and receipt for, or surrender in the manner by law authorized or required any assets as provided in this code, he is responsible upon his official bond therefor and suit may be brought upon his bond by any person injured by the failure.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 2 - Holding of Securities › Section 26-8-201 - Definitions.

26-8-201. Definitions.
(a) As used in this article:
(i) "Clearing corporation" means a corporation as defined in W.S. 34.1-8-102(a)(v), except that with respect to securities issued by institutions organized or existing under the laws of any foreign country or securities used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business therein, clearing corporation may include a corporation which is organized or existing under the laws of any foreign country and is legally qualified under those laws to effect transactions in securities by computerized book-entry. Clearing corporation also includes the "treasury/reserve automated debt entry securities system" and the "treasury direct" book-entry securities systems established pursuant to 31 U.S.C. 3100, et seq., 12 U.S.C. part 391 and 5 U.S.C. part 301;
(ii) Repealed By Laws 2007, Ch. 44, 3.
(iii) Repealed By Laws 2007, Ch. 44, 3.
(iv) Repealed By Laws 2007, Ch. 44, 3.
(v) "Security" means as defined in W.S. 34.1-8-102(a)(xv);
(vi) "Custodian" means a national bank, state bank or a trust company which participates in a clearing corporation.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 2 - Holding of Securities › Section 26-8-202 - Use of Book-Entry Systems.

26-8-202. Use of book-entry systems.
(a) Notwithstanding any other provision of law, but subject to W.S. 26-24-129, a domestic insurer may deposit or arrange for the deposit of securities held in or purchased for its general account and its separate accounts in a clearing corporation. When securities are deposited with a clearing corporation, certificates representing securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of the clearing corporation with any other securities deposited with the clearing corporation by any person, regardless of the ownership of the securities, and certificates representing securities of small denominations may be merged into one (1) or more certificates of larger denominations. The records of any custodian through which an insurer holds securities in a clearing corporation, shall at all times show that the securities are held for the insurer and the accounts in which they are held. Ownership of, and other interests in, the securities may be transferred by bookkeeping entry on the books of the clearing corporation without physical delivery of certificates representing the securities.
(b) The commissioner is authorized to promulgate rules and regulations governing the deposit by insurers of securities with clearing corporations, including establishing standards for national banks, state banks and trust companies to qualify as custodians for insurance company securities.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 2 - Holding of Securities › Section 26-8-203 - Deposit of Securities by Insurers.

26-8-203. Deposit of securities by insurers.
Notwithstanding any other provision of law, the securities qualified for deposit under this chapter may be deposited with a clearing corporation. Securities deposited with a clearing corporation and used to meet the deposit requirements set forth in chapter 3 of this code shall be under the control of the commissioner and shall not be withdrawn by the insurer without the approval of the commissioner. Any insurer holding securities in this manner shall provide to the commissioner evidence issued by its custodian through which the insurer has deposited the securities in a clearing corporation in order to establish that the securities are actually recorded in an account in the name of the custodian and that the records of the custodian reflect that the securities are held subject to the order of the commissioner.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 8 - Administration of Assets and Deposits › Article 2 - Holding of Securities › Section 26-8-204 - Deposit of Securities by Foreign Insurers.

26-8-204. Deposit of securities by foreign insurers.
Notwithstanding any other provision of law, securities eligible for deposit under the insurance laws of this state relating to deposit of securities by an insurer as a condition of commencing or continuing to do an insurance business in this state may be deposited with a clearing corporation. Securities deposited with a clearing corporation and used to meet the deposit requirements under the insurance laws of this state shall be under the control of the commissioner and shall not be withdrawn by the insurer without the approval of the commissioner. Any insurer holding securities in this manner shall provide to the commissioner evidence issued by its custodian in order to establish that the securities are actually recorded in an account in the name of the custodian and evidence that the records of the custodian reflect that the securities are held subject to the order of the commissioner.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 9 - Agencies and Adjusters › Article 2 - Insurance Producers › Section 26-9-201 - Purpose and Scope.

26-9-201. Purpose and scope.
This chapter governs the qualifications and procedures for the licensing of insurance producers. This chapter does not apply to excess and surplus lines brokers licensed pursuant to W.S. 26-11-112 except as provided in W.S. 26-9-207(b) through (d), (f) and (g), 26-9-208, 26-9-216 and 26-9-230 or as expressly provided in chapter 11 of this code.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 9 - Agencies and Adjusters › Article 2 - Insurance Producers › Section 26-9-205 - Application for Examination.

26-9-205. Application for examination.
(a) A resident individual applying for an insurance producer license shall pass a written examination unless exempt pursuant to W.S. 26-9-209. The examination shall test the knowledge of the individual concerning the lines of authority for which application is made, the duties and responsibilities of an insurance producer and the insurance laws and regulations of this state. Examinations required by this section shall be developed and conducted by the commissioner who may promulgate appropriate rules and regulations on the administration of examinations.
(b) The commissioner may make arrangements, including contracting with an outside testing service, for administering examinations. If an outside testing service is employed, each individual applying for an examination shall remit the appropriate fee for the examination to the testing service.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 9 - Agencies and Adjusters › Article 2 - Insurance Producers › Section 26-9-206 - Application for License.

26-9-206. Application for license.
(a) A person applying for a resident insurance producer license shall make application to the commissioner on the uniform application and declare under penalty of refusal, suspension or revocation of the license that the statements made in the application are true, correct and complete to the best of the individual's knowledge and belief. Before approving the application, the commissioner shall find that the individual:
(i) Is at least eighteen (18) years of age;
(ii) Has not committed any act that is a ground for denial, suspension or revocation set forth in W.S. 26-9-211;
(iii) Has paid the fees set forth in W.S. 26-4-101(a);
(iv) Has successfully passed the examinations for the lines of authority for which the person has applied; and
(v) Has provided the commissioner fingerprints and other information and permission necessary for a criminal history record background check as provided in W.S. 7-19-201(a). The cost of the criminal history record background check shall be paid by the applicant.
(b) A business entity acting as an insurance producer is required to obtain an insurance producer license. Application shall be made using the uniform business entity application. Before approving the application, the commissioner shall find that:
(i) The business entity has paid the fees set forth in W.S. 26-4-101(a); and
(ii) The business entity has designated a licensed producer responsible for the business entity's compliance with the insurance laws, rules and regulations of this state.
(c) The commissioner may require any documents reasonably necessary to verify the information contained in an application.
(d) Each insurer that sells, solicits or negotiates any form of limited line credit insurance shall provide to each individual whose duties will include selling, soliciting or negotiating limited line credit insurance a program of instruction.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 9 - Agencies and Adjusters › Article 2 - Insurance Producers › Section 26-9-208 - Nonresident Licensing.

26-9-208. Nonresident licensing.
(a) Unless denied licensure pursuant to W.S. 26-9-211, a nonresident person shall receive a nonresident producer license if:
(i) The person is currently licensed as a resident and is in good standing in his home state;
(ii) The person has submitted the proper request for licensure and has paid the fees required by W.S. 26-4-101(a);
(iii) The person has submitted or transmitted to the commissioner the application for licensure the person submitted to his home state, or in lieu of the same, a completed uniform application; and
(iv) The person's home state awards nonresident producer licenses to residents of this state on the same basis.
(b) The commissioner may verify the producer's licensing status through the producer database maintained by the National Association of Insurance Commissioners, its affiliates or subsidiaries.
(c) A nonresident producer who moves from one (1) state to another or a resident producer who moves from this state to another state shall file a change of address and provide certification from the new resident state within thirty (30) days of the change of legal residence. No fee or license application is required.
(d) Notwithstanding any other provision of this chapter, a person licensed as a surplus lines producer in his home state shall receive a nonresident surplus lines producer license pursuant to subsection (a) of this section. Except as to subsection (a) of this section, nothing in this section otherwise amends or supercedes any provision of chapter 11 of this code.
(e) Notwithstanding any other provision of this chapter, a person licensed as a limited line credit insurance or other type of limited lines producer in his home state shall receive a nonresident limited lines producer license, pursuant to subsection (a) of this section, granting the same scope of authority as granted under the license issued by the producer's home state. For the purposes of this subsection, limited line insurance is any authority granted by the home state which restricts the authority of the license to less than the total authority prescribed in the associated major lines pursuant to W.S. 26-9-207(a)(i) through (vi).
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 9 - Agencies and Adjusters › Article 2 - Insurance Producers › Section 26-9-209 - Exemption From Examination.

26-9-209. Exemption from examination.
(a) An individual who applies for an insurance producer license in this state who was previously licensed for the same lines of authority in another state shall not be required to complete an examination. This exemption is only available if the person is currently licensed in that state or if the application is received within ninety (90) days of the cancellation of the applicant's previous license and if the prior state issues a certification that, at the time of cancellation, the applicant was in good standing in that state or the state's producer database records, maintained by the National Association of Insurance Commissioners, its affiliates or subsidiaries, indicate that the producer is or was licensed in good standing for the line of authority requested.
(b) A person licensed as an insurance producer in another state who moves to this state shall make application within ninety (90) days of establishing legal residence to become a resident licensee pursuant to W.S. 26-9-206. No examination shall be required of that person to obtain any line of authority previously held in the prior state except where the commissioner determines otherwise by regulation.
(c) Repealed By Laws 2013, Ch. 123, 3.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 9 - Agencies and Adjusters › Article 2 - Insurance Producers › Section 26-9-210 - Temporary Licensing.

26-9-210. Temporary licensing.
(a) The commissioner may issue a temporary insurance producer license for a period not to exceed one hundred eighty (180) days without requiring an examination if the commissioner deems that the temporary license is necessary for the servicing of an insurance business in the following cases:
(i) To the surviving spouse or court-appointed personal representative of a licensed insurance producer who dies or becomes mentally or physically disabled to allow adequate time for the sale of the insurance business owned by the producer or for the recovery or return of the producer to the business or to provide for the training and licensing of new personnel to operate the producer's business;
(ii) To a member or employee of a business entity licensed as an insurance producer, upon the death or disability of an individual designated in the business entity application or the license;
(iii) To the designee of a licensed insurance producer entering active service in the armed forces of the United States; or
(iv) In any other circumstance where the commissioner deems that the public interest will best be served by the issuance of this license.
(b) The commissioner may by order limit the authority of any temporary licensee in any way deemed necessary to protect insureds and the public. The commissioner may require the temporary licensee to have a suitable sponsor who is a licensed producer or insurer and who assumes responsibility for all acts of the temporary licensee and may impose other similar requirements designed to protect insureds and the public. The commissioner may by order revoke a temporary license if the interest of insureds or the public are endangered. A temporary license may not continue after the owner or the personal representative disposes of the business.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 9 - Agencies and Adjusters › Article 2 - Insurance Producers › Section 26-9-212 - Commissions.

26-9-212. Commissions.
(a) An insurer or insurance producer shall not pay a commission, service fee, brokerage or other valuable consideration to a person for selling, soliciting or negotiating insurance in this state if that person is required to be licensed under this chapter and is not so licensed.
(b) A person shall not accept a commission, service fee, brokerage or other valuable consideration for selling, soliciting or negotiating insurance in this state if that person is required to be licensed under this chapter and is not so licensed.
(c) Renewal or other deferred commissions may be paid to a person for selling, soliciting or negotiating insurance in this state if the person was required to be licensed under this chapter at the time of the sale, solicitation or negotiation and was so licensed at that time.
(d) An insurer or insurance producer may pay or assign commissions, brokerages or other valuable consideration to an insurance agency or to persons who do not sell, solicit or negotiate insurance in this state, unless the payment would violate W.S. 26-13-109 or 26-13-110.