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2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-111 - Attorney's Bond; Generally.

26-27-111. Attorney's bond; generally.
(a) Concurrently with the filing of the declaration provided for in W.S. 26-27-107, the attorney of a domestic reciprocal insurer shall file with the commissioner a bond in favor of this state for the benefit of all persons damaged as a result of breach by the attorney of the conditions of his bond as set forth in subsection (b) of this section. The bond shall be executed by the attorney and by an authorized corporate surety, subject to the commissioner's approval.
(b) The bond shall be in the penal sum of twenty-five thousand dollars ($25,000.00), aggregate in form, conditioned that the attorney will faithfully account for all the insurer's monies and other property coming into his hands and that he will not withdraw or appropriate to his own use from the insurer's funds, any monies or property to which he is not entitled under the power of attorney.
(c) The bond shall provide that it is not subject to cancellation unless thirty (30) days advance notice in writing of cancellation is given both the attorney and the commissioner.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-112 - Attorney's Bond; Deposit Instead of Bond.

26-27-112. Attorney's bond; deposit instead of bond.
Instead of the bond required under W.S. 26-27-111, the attorney may maintain on deposit through the office of the commissioner, a like amount in cash or in value of securities qualified under this code as insurers' investments and subject to the same conditions as the bond.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-113 - Attorney's Bond; Action on Bond; Deposit of Amounts Recovered; Total Aggregate Liability.

26-27-113. Attorney's bond; action on bond; deposit of amounts recovered; total aggregate liability.
Action on the attorney's bond or to recover against any deposit made instead of a bond may be brought at any time by one (1) or more subscribers suffering loss through a violation of its conditions, or by a receiver or liquidator of the insurer. Amounts recovered on the bond shall be deposited in and become part of the insurer's funds. The total aggregate liability of the surety is limited to the amount of the bond's penalty.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-114 - Service of Process; Judgments.

26-27-114. Service of process; judgments.
(a) Legal process shall be served upon a domestic reciprocal insurer by serving the insurer's attorney at his principal offices or by serving the commissioner as the insurer's process agent under W.S. 26-3-121 and 26-3-122.
(b) Any judgment based upon legal process so served is binding upon each of the insurer's subscribers as their individual interests may appear, but in an amount not exceeding their individual contingent liabilities, if any, the same as though personal service of process was had upon each subscriber.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-115 - Advances to Insurer.

26-27-115. Advances to insurer.
The attorney or other parties may advance to a domestic reciprocal insurer upon reasonable terms any funds it requires in its operations. Any advanced funds shall not be treated as a liability of the insurer, and, except upon liquidation of the insurer, shall not be withdrawn or repaid except out of the insurer's realized earned surplus in excess of its minimum required surplus. No withdrawal or repayment shall be made without the commissioner's advance approval. This section does not apply to bank loans or to other loans made upon security.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-117 - Determining Financial Condition of Reciprocal Insurer.

26-27-117. Determining financial condition of reciprocal insurer.
(a) In determining the financial condition of a reciprocal insurer the commissioner shall apply the rules set forth in the most recent National Association of Insurance Commissioners' accounting practices and procedures manual.
(i) Repealed By Laws 2001, Ch. 9, 2.
(ii) Repealed By Laws 2001, Ch. 9, 2.
(iii) Repealed By Laws 2001, Ch. 9, 2.
(iv) Repealed By Laws 2001, Ch. 9, 2.
(v) Repealed By Laws 2001, Ch. 9, 2.
(vi) Repealed By Laws 2001, Ch. 9, 2.
(vii) Repealed By Laws 2001, Ch. 9, 2.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-118 - Who May Be Subscribers.

26-27-118. Who may be subscribers.
(a) Individuals, partnerships and corporations of this state may apply, enter into agreement for and hold policies or contracts in or with and be a subscriber of any domestic, foreign or alien reciprocal insurer. Any corporation organized under the laws of this state, in addition to the rights, powers, and franchises specified in its articles of incorporation, may exchange insurance contracts through the reciprocal insurer. The right to exchange the contracts is incidental to the purposes for which the corporations are organized and is as fully granted as the rights and powers expressly conferred upon those corporations.
(b) Any governmental entity, board, association, estate, trustee or fiduciary is authorized to exchange nonassessable reciprocal interinsurance contracts with any other governmental entity, board, association, estate, trustee or fiduciary and with individuals, partnerships and corporations to the same extent that individuals, partnerships and corporations are authorized to exchange reciprocal interinsurance contracts. Any officer, representative, trustee, receiver, or legal representative of any subscriber specified in this subsection is recognized as acting for or on its behalf for the purpose of the contract but is not personally liable upon the contract by reason of acting in that representative capacity.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-119 - Subscribers' Advisory Committee.

26-27-119. Subscribers' advisory committee.
(a) The advisory committee of a domestic reciprocal insurer exercising the subscribers' rights shall be selected under any rules the subscribers adopt.
(b) Not less than two-thirds (2/3) of the committee shall be subscribers other than the attorney, or any person employed by, representing or having a financial interest in the attorney.
(c) The committee shall:
(i) Supervise the insurer's finances;
(ii) Supervise the insurer's operations to the extent to assure conformity with the subscribers' agreement and power of attorney;
(iii) Procure the audit of the insurer's and the attorney's accounts and records at the insurer's expense; and
(iv) Have any additional powers and functions as the subscribers' agreement confers.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-120 - Subscribers' Liability; Generally.

26-27-120. Subscribers' liability; generally.
(a) Except as to a nonassessable policy, the liability of each subscriber for the reciprocal insurer's obligations is an individual, several and proportionate liability and not a joint liability.
(b) Except as to a nonassessable policy, each subscriber has a contingent assessment liability in the amount provided for in the power of attorney or in the subscribers' agreement, for payment of actual losses and expenses incurred while his policy is in force. The contingent liability may be at the rate of not less than one (1) nor more than ten (10) times the premium or premium deposit stated in the policy, and the maximum aggregate contingent liability shall be computed in the manner set forth in W.S. 26-27-124.
(c) Each assessable policy the insurer issues shall contain a statement of the contingent liability, set in type of the same prominence as the insuring clause.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-121 - Subscribers' Liability; Liability Upon Judgment.

26-27-121. Subscribers' liability; liability upon judgment.
(a) No action shall lie against any subscriber upon any obligation claimed against the insurer until a final judgment is obtained against the insurer and remains unsatisfied for thirty (30) days.
(b) Any judgment specified in this section is binding upon each subscriber only in the proportion as his interests appear and in an amount not exceeding his contingent liability, if any.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-122 - Assessment of Subscribers.

26-27-122. Assessment of subscribers.
(a) Upon advance approval by the subscribers' advisory committee and the commissioner, the attorney may levy assessments upon subscribers of a domestic reciprocal insurer liable therefor under the terms of their policies. The commissioner may also levy assessments upon subscribers in liquidation of the insurer.
(b) Each subscriber's share of a deficiency for which an assessment is made, but not exceeding in any case his aggregate contingent liability as computed in accordance with W.S. 26-27-124, shall be computed by applying to the premium earned on the subscriber's policy or policies during the period to be covered by the assessment, the ratio of the total deficiency to the total premiums earned during that period upon all policies subject to the assessment.
(c) In computing the earned premiums for the purposes of this section, the gross premium the insurer receives for the policy shall be used as a base, deducting therefrom solely charges not recurring upon the policy renewal or extension.
(d) No subscriber shall have an offset against any assessment for which he is liable, because of any claim for unearned premium or losses payable.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-123 - Time Limit for Assessments.

26-27-123. Time limit for assessments.
(a) Each subscriber of a domestic reciprocal insurer having contingent liability is liable for and shall pay his share of any assessment, as computed and limited in accordance with this chapter, if:
(i) While his policy is in force or within one (1) year after its termination, he is notified by either the attorney or the commissioner of his intentions to levy an assessment; or
(ii) An order to show cause why a receiver, conservator, rehabilitator or liquidator of the insurer should not be appointed is issued while his policy is in force or within one (1) year after its termination.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-124 - Aggregate Liability.

26-27-124. Aggregate liability.
No one (1) policy or subscriber as to that policy shall be assessed or charged with an aggregate of contingent liability, as to obligations incurred by a domestic reciprocal insurer in any one (1) calendar year, in excess of the amount provided for in the power of attorney or in the subscribers' agreement, computed solely upon premium earned on that policy during that year.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-125 - Nonassessable Policies.

26-27-125. Nonassessable policies.
(a) If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital stock and surplus required to be maintained by a domestic stock insurer authorized to transact like kinds of insurance, upon application of the attorney and as approved by the subscribers' advisory committee, the commissioner shall issue his certificate authorizing the insurer to extinguish the contingent liability of subscribers under its policies then in force in this state and to omit provisions imposing contingent liability in all policies delivered or issued for delivery in this state for as long as all the surplus remains unimpaired.
(b) If the surplus is impaired, the commissioner shall immediately revoke the certificate. The revocation does not render subject to contingent liability any policy then in force and for the remainder of the period for which the premium has been paid. After revocation no policy shall be issued or renewed without providing for the subscriber's contingent assessment liability.
(c) The commissioner shall not authorize a domestic reciprocal insurer to extinguish the contingent liability of any of its subscribers or in any of its policies to be issued, unless it qualifies to and does extinguish the liability of all its subscribers and in all the policies for all kinds of insurance it transacts. If required by the laws of another state in which the insurer is transacting insurance as an authorized insurer, the insurer may issue policies providing for the contingent liability of those of its subscribers as acquire the policies in that state, and need not extinguish the contingent liability applicable to policies previously in force in that state.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-126 - Distribution of Savings.

26-27-126. Distribution of savings.
A reciprocal insurer may return to its subscribers any unused premiums, savings or credits accruing to their accounts. Any such distribution shall not unfairly discriminate between classes of risks, or policies, or between subscribers, but this does not prevent retrospective rating, nor distribution on a retrospective plan.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-127 - Distribution of Subscribers' Share of Assets Upon Liquidation.

26-27-127. Distribution of subscribers' share of assets upon liquidation.
Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contributions of the attorney or other persons to its surplus made as provided in W.S. 26-27-115, and the return of any unused premium, savings or credits then standing on subscribers' accounts, shall be distributed to its subscribers who were subscribers within the twelve (12) months immediately prior to the last termination of its certificates of authority, according to any reasonable formula the commissioner approves.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-128 - Merger or Conversion.

26-27-128. Merger or conversion.
(a) A domestic reciprocal insurer may merge with another reciprocal insurer or be converted to a stock or mutual insurer, upon affirmative vote of not less than two-thirds (2/3) of its subscribers who vote on the question pursuant to proper notice and the commissioner's approval of the merger terms.
(b) Any stock or mutual insurer specified in subsection (a) of this section is subject to the same capital or surplus requirements and has the same rights as a like domestic insurer transacting like kinds of insurance.
(c) The commissioner shall not approve any plan for merger or conversion which is inequitable to subscribers, or which, if for conversion to a stock insurer, does not give each subscriber preferential right to acquire stock of the proposed insurer proportionate to his interest in the reciprocal insurer as determined in accordance with W.S. 26-27-127 and a reasonable length of time within which to exercise that right.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 27 - Reciprocal Insurers › Section 26-27-129 - Impaired Reciprocals; Liquidation.

26-27-129. Impaired reciprocals; liquidation.
(a) If a reciprocal insurer's assets are at any time insufficient to discharge its liabilities, other than any liability because of funds contributed by the attorney or others, and to maintain the required surplus, its attorney shall immediately make up the deficiency or levy an assessment upon the subscribers for the amount needed to make up the deficiency, subject to the limitation set forth in the power of attorney or policy.
(b) If the attorney fails to make up the deficiency or to make the assessment within thirty (30) days after the commissioner orders him to do so, or if the deficiency is not fully made up within sixty (60) days after the date the assessment is made, the insurer is deemed insolvent and shall be proceeded against as authorized by this code.
(c) If an insurer's liquidation is ordered, an assessment shall be levied upon the subscribers in an amount, subject to limits as provided by this chapter, the commissioner determines to be necessary to discharge all the insurer's liabilities, exclusive of any funds contributed by the attorney or other persons, but including the reasonable liquidation cost.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-102 - Delinquency Proceedings; Jurisdiction; Venue; Change of Venue; Exclusiveness of Remedy; Appeal.

26-28-102. Delinquency proceedings; jurisdiction; venue; change of venue; exclusiveness of remedy; appeal.
(a) The district court has original jurisdiction of any delinquency proceeding under this chapter and any court with jurisdiction may make any necessary or proper orders to carry out the purposes of this chapter.
(b) The venue of delinquency proceedings against a domestic insurer is in the county of the insurer's principal place of business. The venue of delinquency proceedings against foreign and alien insurers is in the district court for Laramie county.
(c) At any time after the commencement of a proceeding under this chapter, the commissioner may apply to the court for an order changing the venue of and removing the proceeding to Laramie county or to any other county of this state in which he deems that the proceeding may be most economically and efficiently conducted.
(d) Delinquency proceedings pursuant to this chapter constitute the sole and exclusive method of liquidating, rehabilitating, reorganizing or conserving an insurer, and no court shall entertain a petition for a commencement of such proceedings unless the petition is filed in the name of the state on the relation of the commissioner.
(e) An appeal shall lie to the supreme court from any order:
(i) Granting or refusing rehabilitation, liquidation or conservation; and
(ii) In delinquency proceedings having the character of a final order as to the particular portion of the proceedings embraced therein.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-103 - Delinquency Proceedings; Commencement.

26-28-103. Delinquency proceedings; commencement.
The commissioner shall commence any delinquency proceedings by application to the court for an order directing the insurer to show cause why the commissioner should not have the relief prayed for. On the return of the order to show cause, and after a full hearing, the court shall either deny the application or grant the application, together with any other relief as the nature of the case and the interests of the policyholders, creditors, stockholders, members, subscribers or the public require.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-104 - Injunctions.

26-28-104. Injunctions.
(a) Upon application by the commissioner for an order to show cause, or at any time thereafter, the court, without notice, may issue an injunction restraining the insurer, its officers, directors, stockholders, members, subscribers, agents and all other persons from the transaction of its business or the waste or disposition of its property until further court order.
(b) The court, at any time during a proceeding under this chapter, may issue any other injunctions or orders deemed necessary to prevent interference with the:
(i) Commissioner or the proceeding;
(ii) Waste of the insurer's assets;
(iii) Commencement or prosecution of any actions;
(iv) Obtaining of preferences, judgments, attachments or other liens; or
(v) Making of any levy against the insurer or against its assets or any part thereof.
(c) Notwithstanding any other provision of law, no bond is required of the commissioner as a prerequisite for the issuance of any injunction or restraining order pursuant to this section.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-105 - Grounds for Receivership; Rehabilitation of Domestic Insurer.

26-28-105. Grounds for receivership; rehabilitation of domestic insurer.
(a) The commissioner may apply to the court for an order appointing him as receiver of and directing him to rehabilitate a domestic insurer if the insurer:
(i) Is impaired or insolvent or is in unsound or such other condition or using such methods and practices in the conduct of its business as to render its further transaction of insurance hazardous or injurious to its policyholders;
(ii) Refuses to submit any of its books, records, accounts or affairs to reasonable examination by the commissioner;
(iii) Conceals or removes records or assets or otherwise violates W.S. 26-24-129;
(iv) Fails to comply with the commissioner's order to make good an impairment of capital or surplus or both;
(v) Transfers or attempts to transfer substantially its entire property or business, or enters into any transaction the effect of which is to merge substantially its entire property or business in that of any other insurer without first obtaining the commissioner's written approval;
(vi) Willfully violates its charter or articles of incorporation or any law of this state;
(vii) Has an officer, director or manager who refuses to be examined under oath concerning its affairs, for which purposes the commissioner may conduct and enforce by all appropriate and available means any such examination under oath in any other state or territory of the United States in which the officer, director or manager may then presently be, to the full extent permitted by the laws of the other state or territory;
(viii) Is the subject of an application for the appointment of a receiver, trustee, custodian or sequestrator of the insurer or its property otherwise than pursuant to this code, but only if the appointment has been made or is imminent and its effect is or would be to oust the courts of this state of jurisdiction under this chapter;
(ix) Consents to a receivership order through a majority of its directors, stockholders, members or subscribers; or
(x) Fails to pay a final judgment rendered against it in this state upon any insurance contract issued or assumed by it, within thirty (30) days after the judgment is final, or within thirty (30) days after the time for taking an appeal expires or within thirty (30) days after dismissal of an appeal before final termination, whichever date is later.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-106 - Grounds for Receivership; Liquidation.

26-28-106. Grounds for receivership; liquidation.
(a) The commissioner may apply to the court for an order appointing him as receiver, if his appointment as receiver is not then in effect, and directing him to liquidate the business of a domestic insurer or of the United States branch of an alien insurer having trusteed assets in this state, regardless of whether or not there has been a prior order directing him to rehabilitate the insurer, upon any of the grounds specified in W.S. 26-28-105, or if the insurer:
(i) Does not transact business for a period of one (1) year; or
(ii) Is insolvent and has commenced voluntary liquidation or dissolution or attempts to:
(A) Commence or prosecute any action or proceeding to liquidate its business or affairs;
(B) Dissolve its corporate charter; or
(C) Procure the appointment of a receiver, trustee, custodian or sequestrator under any law except this code.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-107 - Grounds for Conservation; Foreign Insurers or Alien Insurers.

26-28-107. Grounds for conservation; foreign insurers or alien insurers.
(a) The commissioner may apply to the court for an order appointing him as receiver or ancillary receiver and directing him to conserve the assets within this state of a foreign or alien insurer upon:
(i) Any of the grounds specified in W.S. 26-28-105 or 26-28-106; or
(ii) The ground that the insurer's property has been sequestrated in its domiciliary sovereignty or in any other sovereignty; or
(iii) If an alien insurer, the ground that the insurer failed to comply, within the time the commissioner designated, with an order by the commissioner to make good an impairment of its trusteed funds.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-108 - Grounds for Ancillary Liquidation of Foreign Insurers.

26-28-108. Grounds for ancillary liquidation of foreign insurers.
The commissioner may apply to the court for an order appointing him as ancillary receiver of and directing him to liquidate the business of a foreign insurer having assets, business or claims in this state upon the appointment in the domiciliary state of that insurer of a receiver, liquidator, conservator, rehabilitator or other officer for the purpose of liquidating the business of that insurer.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-109 - Order of Rehabilitation.

26-28-109. Order of rehabilitation.
(a) An order to rehabilitate a domestic insurer shall direct the commissioner immediately to:
(i) Take possession of the insurer's property and conduct its business; and
(ii) Take any steps the court directs toward removal of the causes and conditions making rehabilitation necessary.
(b) If at any time the commissioner deems that further efforts to rehabilitate the insurer would be useless, he may apply to the court for an order of liquidation.
(c) The commissioner or any interested person, upon notice to the commissioner, may apply to the court for an order terminating the rehabilitation proceedings and permitting the insurer to resume possession of its property and the conduct of its business. No termination order shall be made or entered unless, after a hearing, the court determines that the purposes of the proceeding have been fully accomplished.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-110 - Order of Liquidation.

26-28-110. Order of liquidation.
(a) An order to liquidate the business of a domestic insurer shall direct the commissioner immediately to:
(i) Take possession of the insurer's property;
(ii) Liquidate the insurer's business;
(iii) Deal with the insurer's property and business in his own name as commissioner of insurance or in the insurer's name, as the court directs; and
(iv) Give notice to all creditors with claims against the insurer to present those claims.
(b) The commissioner may apply for and secure an order dissolving the corporate existence of a domestic insurer upon his application for an order of that insurer's liquidation or at any time after the order is granted.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-111 - Order of Conservation or Ancillary Liquidation of Foreign or Alien Insurer.

26-28-111. Order of conservation or ancillary liquidation of foreign or alien insurer.
(a) An order to conserve a foreign or alien insurer's assets requires the commissioner immediately to take possession of the insurer's property within this state and to conserve it, subject to the court's further direction.
(b) An order to liquidate a foreign insurer's assets in this state requires the commissioner immediately to take possession of the insurer's property within this state and to liquidate it subject to the court's orders and with due regard to the rights and powers of the domiciliary receiver as provided in this chapter.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-112 - Conduct of Delinquency Proceedings; Domestic and Alien Insurers.

26-28-112. Conduct of delinquency proceedings; domestic and alien insurers.
(a) If under this chapter a receiver is to be appointed in delinquency proceedings for a domestic or alien insurer, the court shall appoint the commissioner as the receiver. The court shall order the commissioner immediately to take possession of the insurer's assets and to administer those assets under the court's orders.
(b) As a domiciliary receiver, the commissioner is vested by operation of law with the title to all of the insurer's property, contracts and right of action and all of its books and records, wherever located, as of the date of entry of the order directing him to rehabilitate or liquidate a domestic insurer or to liquidate the United States branch of an alien insurer domiciled in this state. The commissioner may recover and take possession of the insurer's property, contracts and right of action and its books and records, except that ancillary receivers in reciprocal states, as to assets located in their states, have the rights and powers prescribed in this chapter for ancillary receivers appointed in this state as to assets located in this state.
(c) The filing or recording of the order directing possession to be taken, or a certified copy thereof, in any office where instruments affecting title to property are required to be filed or recorded, imparts the same notice as is imparted by a deed, bill of sale or other evidence of title duly filed or recorded.
(d) The commissioner as domiciliary receiver is responsible for the proper administration of all assets coming into his possession or control. The court may require a bond from the commissioner or his deputies if deemed desirable for the protection of the assets.
(e) Upon taking possession of the insurer's assets, the domiciliary receiver, subject to the court's direction, immediately shall proceed to conduct the insurer's business or to take any steps authorized by this chapter for rehabilitating, liquidating or conserving the insurer's affairs or assets.
(f) In connection with delinquency proceedings, the commissioner may appoint one (1) or more special deputy commissioners to act for him and he may employ such counsel, clerks and assistants as he deems necessary. The compensation of the special deputies, counsel, clerks or assistants and all expenses of taking possession of the insurer and of conducting the proceeding shall be fixed by the receiver, subject to the court's approval, and shall be paid out of the insurer's funds or assets. Within the limits of duties imposed upon them, special deputies have the powers of the receiver and, in the exercise of those powers, are subject to all of the duties imposed upon the receiver with respect to the proceedings.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-113 - Conduct of Delinquency Proceedings; Foreign Insurers.

26-28-113. Conduct of delinquency proceedings; foreign insurers.
(a) If under this chapter an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this state, the court shall appoint the commissioner as ancillary receiver. The commissioner shall file a petition requesting the appointment on the grounds set forth in W.S. 26-28-108 if:
(i) He finds the insurer has sufficient assets located in this state to justify the appointment of an ancillary receiver; or
(ii) Ten (10) or more persons resident in this state having claims against the insurer file a petition with the commissioner requesting the appointment of an ancillary receiver.
(b) The domiciliary receiver for the purpose of liquidating an insurer domiciled in a reciprocal state is vested by operation of law with the title to all of the insurer's property, contracts and rights of action and all of its books and records located in this state. The domiciliary receiver has the immediate right to recover balances due from local agents, to obtain possession of any of the insurer's books and records found in this state and to recover the insurer's other assets located in this state, except that upon the appointment of an ancillary receiver in this state, the ancillary receiver, during the ancillary receivership proceedings, has sole right to recover the other assets. The ancillary receiver, as soon as practicable, shall liquidate from the securities those special deposit claims and secured claims which are proved and allowed in the ancillary proceedings in this state and shall pay the necessary expenses of the proceedings. He shall promptly transfer all remaining assets to the domiciliary receiver. Subject to the provisions of this subsection, the ancillary receiver and his deputies have the same powers and are subject to the same duties with respect to the administration of the assets as a receiver of an insurer domiciled in this state.
(c) The domiciliary receiver of an insurer domiciled in the reciprocal state may sue in this state to recover any of the insurer's assets to which he is entitled under the laws of this state.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-114 - Claims of Nonresidents Against Domestic Insurers.

26-28-114. Claims of nonresidents against domestic insurers.
(a) In a delinquency proceeding begun in this state against a domestic insurer, claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their states or with the domiciliary receiver. The claims shall be filed on or before the last date fixed for the filing of claims in the domiciliary delinquency proceedings.
(b) Controverted claims belonging to claimants residing in reciprocal states may either:
(i) Be proved in this state; or
(ii) If ancillary proceedings have been commenced in the reciprocal states, be proved in those proceedings.
(c) If a claimant elects to prove his claim in ancillary proceedings and if notice of the claim and opportunity to appear and be heard is afforded the domiciliary receiver of this state, as provided in W.S. 26-28-115 with respect to ancillary proceedings in this state, the final allowance of the claim by the courts in the ancillary state shall be accepted in this state as conclusive as to its amount and shall also be accepted as conclusive as to its priority, if any, against special deposits or other security located within the ancillary state.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-115 - Claims Against Foreign Insurers.

26-28-115. Claims against foreign insurers.
(a) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside within this state may file claims either with the ancillary receiver, if any, appointed in this state, or with the domiciliary receiver. The claims shall be filed on or before the last date fixed for the filing of claims in the domiciliary delinquency proceedings.
(b) Controverted claims belonging to claimants residing in this state may either:
(i) Be proved in the domiciliary state as provided by the laws of that state; or
(ii) If ancillary proceedings have been commenced in this state, be proved in those proceedings.
(c) If any claimant elects to prove his claim in this state, he shall file his claim with the ancillary receiver and shall give notice in writing to the receiver in the domiciliary state, either by registered mail or by personal service at least forty (40) days prior to the date set for hearing. The notice shall contain a concise statement of the amount of the claim, the facts on which the claim is based and the priorities asserted, if any. If the domiciliary receiver within thirty (30) days after the giving of the notice gives notice in writing to the ancillary receiver and to the claimant, either by registered mail or by personal service, of his intention to contest the claim, he is entitled to appear or to be represented in any proceeding in this state involving the claim adjudication. The final allowance of the claim by the courts of this state shall be accepted as conclusive as to its amount and shall also be accepted as conclusive as to its priority, if any, against special deposits or other security located within this state.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-116 - Claims Generally.

26-28-116. Claims generally.
(a) All claims against an insurer against which delinquency proceedings are in progress shall set forth in reasonable detail the amount of the claim, or the basis upon which the amount can be ascertained, the facts upon which the claim is based and the priorities asserted, if any. All such claims shall be verified by the affidavit of the claimant, or someone authorized to act on his behalf and having knowledge of the facts, and shall be supported by documents material thereto.
(b) All claims filed in this state shall be filed with the receiver, whether domiciliary or ancillary, in this state, on or before the last date for filing as specified in this chapter.
(c) Within ten (10) days from the date of receipt of any claim, or within any further period as the court, for good cause shown, determines, the receiver shall report the claim to the court, specifying in the report his recommendation with respect to the action to be taken thereon. Upon receipt of the report, the court shall fix a time for hearing the claim and shall direct that the claimant or the receiver, as the court specifies, shall give notice as the court determines to those persons as appear to the court to be interested therein. The notices shall specify the time and place of the hearing and shall concisely state the amount and nature of the claim, the priorities asserted, if any, and the recommendation of the receiver with reference thereto.
(d) All interested persons may appear at the hearing, and the court shall enter an order allowing, allowing in part or disallowing the claim. The order is appealable.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-117 - Priority of Certain Claims.

26-28-117. Priority of certain claims.
(a) In a delinquency proceeding against an insurer domiciled in this state, claims owing to residents of ancillary states are preferred claims if like claims are preferred under the laws of this state. All claims owing to residents or nonresidents shall be given equal priority of payment from general assets regardless of where the assets are located.
(b) In a delinquency proceeding against an insurer domiciled in a reciprocal state, claims owing to residents of this state shall be preferred if like claims are preferred by the laws of that state.
(c) The owners of special deposit claims against an insurer for which a receiver is appointed in this or any other state shall be given priority against their special deposits in accordance with the provisions of the statutes governing the creation and maintenance of the deposits. If there is a deficiency in any deposit so that the claims secured thereby are not fully discharged, the claimants may share in the general assets, but that sharing shall be deferred until general creditors, and also claimants against other special deposits who have received smaller percentages from their special deposits, have been paid percentages of their claims equal to the percentage paid from the special deposit.
(d) The owner of a secured claim against an insurer for which a receiver has been appointed in this or any other state may surrender his security and file his claim as a general creditor, or the claim may be discharged by resort to the security, in which case the deficiency, if any, shall be treated as a claim against the insurer's general assets on the same basis as claims of unsecured creditors. If the amount of the deficiency is adjudicated in ancillary proceedings as provided in this chapter, or if it is adjudicated by a court of competent jurisdiction in proceedings in which the domiciliary receiver has had notice and opportunity to be heard, the amounts are conclusive. Otherwise the amount shall be determined in the delinquency proceeding in a domiciliary state.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-118 - Attachment, Garnishment or Execution During Pendency of Delinquency Proceedings.

26-28-118. Attachment, garnishment or execution during pendency of delinquency proceedings.
During the pendency of delinquency proceedings in this or any reciprocal state, no action or proceeding in the nature of an attachment, garnishment or execution shall be commenced or maintained in the courts of this state against the delinquent insurer or its assets. Any lien obtained by any such action or proceeding within four (4) months prior to the commencement of any delinquency proceeding or at any time thereafter is void as against any rights arising in the delinquency proceeding.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-119 - Sections Constituting Uniform Insurers Liquidation Act; Interpretation and Construction.

26-28-119. Sections constituting Uniform Insurers Liquidation Act; interpretation and construction.
(a) W.S. 26-28-101(a)(i) through (v) and (vii) through (xiii), 26-28-103, 26-28-104 and 26-28-112 through 26-28-119 constitute and may be referred to as the Uniform Insurers Liquidation Act.
(b) The Uniform Insurers Liquidation Act shall be so interpreted and construed as to carry out its general purpose to make uniform the law of those states that enact it. To the extent that its provisions when applicable conflict with other provisions of this chapter, the provisions of that act control.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-120 - Deposit of Monies Collected.

26-28-120. Deposit of monies collected.
The monies the commissioner collects in a proceeding under this chapter shall be deposited in one (1) or more state or national banks, savings banks or trust companies. In case of insolvency or voluntary or involuntary liquidation of any such depository which is an institution organized and supervised under the laws of this state, the deposits are entitled to priority of payment on an equality with any other priority given by the banking laws of this state. The commissioner may deposit the monies or any part thereof in a national bank or trust company as a trust fund.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-121 - Commissioner Exempt From Payment of Fees.

26-28-121. Commissioner exempt from payment of fees.
(a) The commissioner is not required to pay any fee to any public officer in this state for filing, recording, issuing a transcript or certificate or authenticating any paper or instrument pertaining to the commissioner's exercise of any of the powers or duties conferred upon him under this chapter, whether or not:
(i) The paper or instrument is executed by the commissioner or his deputies, employees or attorneys of record; and
(ii) It is connected with the commencement of any action or proceeding by or against the commissioner or with subsequent conduct of that action or proceeding.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-122 - Power of Commissioner to Borrow on Pledge of Assets.

26-28-122. Power of commissioner to borrow on pledge of assets.
(a) For the purpose of facilitating the rehabilitation, liquidation, conservation or dissolution of an insurer pursuant to this chapter, the commissioner, subject to court approval, may:
(i) Borrow money and execute, acknowledge and deliver notes or other evidences of indebtedness therefor and secure the repayment of the notes or other evidences of indebtedness by the mortgage, pledge, assignment, transfer in trust or hypothecation of any of the insurer's property; and
(ii) Take any other action necessary and proper to consummate any such loan and to provide for the repayment of that loan.
(b) The commissioner has no obligation personally or in his official capacity to repay any loan made pursuant to this section.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-123 - Date Rights Fixed on Liquidation.

26-28-123. Date rights fixed on liquidation.
The rights and liabilities of the insurer and of its creditors, policyholders, stockholders, members, subscribers and any other persons interested in its estate, unless the court otherwise directs, shall be fixed as of the date on which the order directing the insurer's liquidation is filed in the office of the clerk of the court which made the order, subject to the provisions of this chapter with respect to the rights of claimants holding contingent claims.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-124 - Voidable Transfers.

26-28-124. Voidable transfers.
(a) Any transfer of, or lien upon, an insurer's property is voidable if it is:
(i) Made or created within four (4) months prior to the granting of an order to show cause under this chapter, with the intent of giving to any creditor a preference or of enabling him to obtain a greater percentage of his debt than any other creditor of the same class; and
(ii) Accepted by the creditor having reasonable cause to believe that the preference will occur.
(b) Any director, officer, employee, stockholder, member, subscriber and any other person acting on the insurer's behalf who is involved in any such act or deed and any person receiving thereby any of the insurer's property or the benefit of that property is personally liable therefor and is accountable to the commissioner.
(c) The commissioner as a receiver in any proceeding under this chapter may avoid any transfer of or lien upon an insurer's property which any creditor, stockholder, subscriber or member of the insurer might have avoided and may recover the property so transferred unless the person is a bona fide holder for value prior to the date of the entering of an order to show cause under this chapter. The property or its value may be recovered from anyone who receives it except a bona fide holder for value as specified in this subsection.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 28 - Rehabilitation and Liquidation › Section 26-28-126 - Offsets.

26-28-126. Offsets.
(a) In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, the credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsection (b) of this section.
(b) No offset shall be allowed in favor of any person specified in subsection (a) of this section if:
(i) The insurer's obligation to that person, at the date of the entry of any liquidation order or otherwise, as provided in W.S. 26-28-123, does not entitle him to share as a claimant in the insurer's assets;
(ii) The insurer's obligation to that person is purchased by or transferred to that person with a view of its being used as an offset; or
(iii) The obligation of that person is to pay an assessment levied against the members of a mutual insurer, or against the subscribers of a reciprocal insurer, or is to pay a balance upon the subscription to the insurer's capital stock.