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2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 23 - Casualty Insurance, Surety Insurance and Title Insurance › Article 3 - Title Insurance › Section 26-23-332 - Filing by Rating Bureaus Permitted.

26-23-332. Filing by rating bureaus permitted.
(a) A title insurer may satisfy its obligation to make premium rate and form filings as required by this article by becoming a member of, or a subscriber to, a rating organization organized and licensed under this code, which organization makes such filings, and by authorizing the commissioner in writing to accept those filings on its behalf.
(b) Nothing in this article shall be construed as:
(i) Requiring any title insurer to become a member of, or a subscriber to, any rating organization; or
(ii) Prohibiting the filing of deviations from rating organization filings by any member or subscriber.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 23 - Casualty Insurance, Surety Insurance and Title Insurance › Article 3 - Title Insurance › Section 26-23-333 - Regulations.

26-23-333. Regulations.
(a) In addition to any other powers granted under this article, the commissioner may adopt rules or regulations to protect the interests of the public including but not limited to regulations governing:
(i) Sales practices;
(ii) Policy coverage standards;
(iii) Rebates and inducements;
(iv) Controlled business;
(v) Unfair trade practices and fraud;
(vi) Statistical plans for data collection;
(vii) Consumer education;
(viii) Any other consumer matters;
(ix) The business of title insurance; or
(x) Any regulations otherwise implementing or interpreting this article.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 23 - Casualty Insurance, Surety Insurance and Title Insurance › Article 3 - Title Insurance › Section 26-23-334 - Enforcement.

26-23-334. Enforcement.
(a) Except as otherwise specifically provided in this article, any person who violates this article in addition to or instead of suspension or revocation of the violator's license, is subject to a civil penalty of five hundred dollars ($500.00) per violation. For purposes of this article each individual transaction which is not in conformance with this article is considered a violation.
(b) This article is enforceable only by the commissioner and shall not create any private cause of action or other private legal recourse.
(c) The commissioner may invoke the aid of the courts in enforcing this article.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 23 - Casualty Insurance, Surety Insurance and Title Insurance › Article 3 - Title Insurance › Section 26-23-335 - Filing of Schedule of Risk Rates; Attaching Schedule of Rates and Charges to Policy.

26-23-335. Filing of schedule of risk rates; attaching schedule of rates and charges to policy.
Each title insurer shall file with the commissioner a complete schedule of rates for or in connection with title insurance as to property located in this state. The schedule shall set forth the entire premium to be charged to the public for each type of policy included within the schedule and shall include without separate statement the portion of the charge for risk assumption and the portion which is based on work performed in the search and examination of the title. There shall be no separate filing by an agent of the title insurer.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 23 - Casualty Insurance, Surety Insurance and Title Insurance › Article 3 - Title Insurance › Section 26-23-336 - Mortgagee Policies.

26-23-336. Mortgagee policies.
If a title insurance policy is issued insuring the title to real estate only as to a mortgagee, the insurer shall conspicuously show on the face of the policy and on any evidence thereof delivered to the mortgagor that coverage is limited to the interest of the mortgagee only.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 23 - Casualty Insurance, Surety Insurance and Title Insurance › Article 4 - Group or Master Policy Property and Casualty Insurance Act › Section 26-23-401 - Qualifications for Group or Master Personal and Commercial Lines Property and Casualty Insurance Policies.

26-23-401. Qualifications for group or master personal and commercial lines property and casualty insurance policies.
(a) Personal and commercial lines property and casualty insurance may be offered to a resident of this state under a group or master policy issued or delivered pursuant to this section.
(b) Group or master property and casualty personal lines policies shall be subject to the following requirements:
(i) The group or master personal lines property and casualty policy shall not be issued or delivered in this state unless the commissioner finds that:
(A) The issuance of the group or master policy is not contrary to the best interest of the public;
(B) The issuance of the group or master policy would result in economies of acquisition or administration; and
(C) The benefits are reasonable in relation to the premiums charged.
(ii) A group or master personal lines property and casualty insurance coverage shall not be offered in this state by an insurer under a policy issued or delivered in another state unless this state has made a determination that the requirements of subparagraph (b)(i)(C) have been met;
(iii) The premium for the group or master personal lines property and casualty policy shall be paid either from the policyholder's funds or from funds contributed by the covered persons, or from both.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 23 - Casualty Insurance, Surety Insurance and Title Insurance › Article 4 - Group or Master Policy Property and Casualty Insurance Act › Section 26-23-402 - Group or Master Policy.

26-23-402. Group or master policy.
(a) A group or master policy for personal or commercial lines property and casualty insurance coverage shall be issued to the policyholder. Eligible members or covered persons insured under a group or master policy shall be provided evidence of coverage setting forth a statement as to the insurance protection to which they are entitled.
(b) A group or master policy for personal or commercial lines property and casualty insurance coverage shall not be issued or delivered in this state unless the policy form, together with all forms for riders, certificates and endorsements to the policy form, meet the applicable filing requirements in this state. Subsequent amendments to the policy form or forms for riders, certificates and endorsements to the policy form shall not be issued or delivered until they meet the applicable filing requirements in this state.
(c) The group or master personal or commercial lines property and casualty policy shall set forth the coverages, exclusions and conditions of the insurance provided therein, together with the terms and conditions of the agreement between the policyholder and the insurer. The policy shall make express provisions for the following:
(i) Methods of premium collection;
(ii) Enrollment period, effective date provisions and eligibility standards for members or covered persons;
(iii) Termination or modification of the policy; and
(iv) Conversion privileges of the members or covered persons, if any.
(d) If the group or master personal or commercial lines property or casualty master policy provides for remittance of premium by the policyholder, failure of the policyholder to remit premiums when due shall not be regarded as nonpayment of premium by the member or covered person who has made his contribution on a timely basis.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 23 - Casualty Insurance, Surety Insurance and Title Insurance › Article 4 - Group or Master Policy Property and Casualty Insurance Act › Section 26-23-404 - Duties and Limitations of Insurers.

26-23-404. Duties and limitations of insurers.
(a) No insurer shall issue or deliver a group or master personal lines property and casualty insurance policy if it is a condition of membership in a group that any member purchase insurance pursuant to the policy, or if any member shall be subject to any penalty by reason of his nonparticipation.
(b) No insurer shall issue or deliver a group personal lines property and casualty insurance policy if:
(i) The purchase of insurance available under the policy is contingent upon the purchase of any other insurance; or
(ii) The purchase or price of any other insurance, product or service is contingent upon the purchase of insurance available under the group personal lines property and casualty insurance policy.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 23 - Casualty Insurance, Surety Insurance and Title Insurance › Article 4 - Group or Master Policy Property and Casualty Insurance Act › Section 26-23-405 - Regulatory Jurisdiction.

26-23-405. Regulatory jurisdiction.
(a) No master policy or certificate of insurance for group property and casualty insurance coverage shall be issued or delivered in this state unless issued or delivered by an insurer which is duly licensed in this state to write the lines of insurance covered by the master policy.
(b) This article shall not apply to the mass marketing or any other type of marketing of individual property and casualty insurance policies.
(c) This article shall not apply to policies of credit property or credit casualty insurance which insure the debtors of a creditor or creditors with respect to their indebtedness or to policies of lender placed insurance programs.
(d) Nothing in this article shall limit the authority of the insurance commissioner with respect to complaints or disputes involving residents of this state arising out of a master policy that has been issued or delivered in another state.
(e) The insurance commissioner is authorized to promulgate rules and regulations as may be necessary to carry out the provisions of this article.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 23 - Casualty Insurance, Surety Insurance and Title Insurance › Article 4 - Group or Master Policy Property and Casualty Insurance Act › Section 26-23-406 - Effective Date.

26-23-406. Effective date.
This article shall take effect July 1, 2013. No master policy or certificate of insurance for group property and casualty insurance coverage shall be issued or delivered in this state after the effective date unless issued or delivered in compliance with this article. A master policy or certificate that is lawfully in effect on July 1, 2013 shall comply with the provisions of this article within twenty-four (24) months of the effective date.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-101 - Scope and Applicability of Chapter.

26-24-101. Scope and applicability of chapter.
This chapter applies only to domestic stock insurers and domestic mutual insurers transacting or proposing to transact insurance on the cash premium or legal reserve plan, except that W.S. 26-24-115, 26-24-130 and 26-24-136 also apply to foreign and alien insurers.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-102 - Applicability of General Corporation Statutes; Exceptions.

26-24-102. Applicability of general corporation statutes; exceptions.
(a) The applicable provisions of the Wyoming Business Corporation Act apply to domestic stock and domestic mutual insurers, except as in conflict with the express provisions of this code and the reasonable implications thereof.
(b) Domestic stock insurers and domestic mutual insurers are exempt from the provisions of W.S. 17-16-1630 and 17-16-1720(e).
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-103 - Incorporation Generally.

26-24-103. Incorporation generally.
(a) This section applies to stock and mutual insurers incorporated in this state.
(b) Five (5) or more individuals may incorporate a stock insurer. Ten (10) or more individuals may incorporate a mutual insurer. At least a majority of the incorporators shall be citizens of the United States. At least a majority of the incorporators shall be residents of this state.
(c) The incorporators shall sign and verify in triplicate articles of incorporation in accordance with the applicable provisions of the Wyoming Business Corporation Act, but subject to the following requirements:
(i) The name of the corporation shall comply with W.S. 26-3-106. If a mutual insurer, "mutual" shall be included in the name. An alternative name may be specified for use in jurisdictions in which conflict of name with that of another insurer or organization might otherwise prevent the insurer from being authorized to transact insurance therein;
(ii) The purposes of the corporation shall be limited to the transaction of one (1) or more kinds of insurance, as defined in this code, and the corporation does not have power to engage in any other or additional business, except that a title insurer may engage in the title abstract business and escrow business;
(iii) If a stock corporation, the capital stock must consist entirely of common stock of one (1) uniform class, par value not less than one dollar ($1.00) per share, each outstanding share of which has equal rights in every respect with every other share, and shares without par value shall not be authorized;
(iv) If a mutual corporation, the articles of incorporation shall state the maximum contingent liability of members for payment of losses and expenses incurred, other than as to nonassessable policies issued as permitted under W.S. 26-24-137, but the liability shall not be less than one (1) nor more than six (6) annual premiums for the member's policy;
(v) The corporation's initial board of directors, as provided for in the articles of incorporation, shall consist of not less than five (5) members;
(vi) The articles of incorporation shall specify which, if any, of the incorporators are not citizens of the United States of America or are not residents of this state.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-104 - Articles of Incorporation; Generally; Filing; Approval Procedure.

26-24-104. Articles of incorporation; generally; filing; approval procedure.
(a) The incorporators of a proposed domestic insurer shall deliver the triplicate originals of the articles of incorporation to the commissioner. The commissioner shall deliver one (1) of the originals to the attorney general of this state, and the attorney general shall examine the articles. If the attorney general finds that the articles comply with law, he shall so certify and return the certificate and the original articles of incorporation to the commissioner.
(b) If the attorney general approves the articles of incorporation, the commissioner shall also endorse his approval upon each set of the articles and return them, together with the attorney general's certificate, to the incorporators. The incorporators shall then file one (1) set of the articles of incorporation with the secretary of state, one (1) set with the commissioner bearing the certification of the secretary of state and shall retain the third set in the corporate records. For the filing of articles of incorporation of a mutual insurer, the secretary of state shall charge and collect a filing fee of twenty-five dollars ($25.00), which shall be credited to the general fund.
(c) If the attorney general finds that the proposed articles do not comply with the law, he shall refuse to approve them and shall return the set thereof to the commissioner, together with a written statement of the respects in which he finds the articles do not comply. The commissioner shall then return all sets of the proposed articles to the proposed incorporators together with the attorney general's written statement.
(d) The secretary of state shall not permit the filing in that office of any articles of incorporation unless they bear the commissioner's approval endorsed thereon as provided in subsection (b) of this section.
(e) The approval of the attorney general or commissioner relates only to the form and contents of the articles of incorporation and does not constitute approval or commitment as to any other aspect or operation of the proposed insurer.
(f) The attorney general and the commissioner shall perform all duties required of them under this section within a reasonable time after the articles of incorporation have been submitted to the commissioner as provided in subsection (a) of this section.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-105 - Articles of Incorporation; Amendment by Stock Insurers.

26-24-105. Articles of incorporation; amendment by stock insurers.
(a) A domestic stock insurer may amend its articles of incorporation for any lawful purpose through the same procedures prescribed in the Wyoming Business Corporation Act as for business corporations in general.
(b) Triplicate originals of articles of amendment shall be delivered to the commissioner and are subject to the same examination, certification, approval and filing procedures as provided under W.S. 26-24-104.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-106 - Articles of Incorporation; Amendment by Mutual Insurers.

26-24-106. Articles of incorporation; amendment by mutual insurers.
(a) A domestic mutual insurer may amend its articles of incorporation for any lawful purpose by affirmative vote of a majority of the members present or represented by proxy at any regular annual meeting of its members, or at any special meeting of members called for the purpose. Written notices of the proposed amendment shall be given members at least thirty (30) days prior to the meeting and may be given in the same manner and at the same time as notice of the meeting is given or in any other appropriate manner.
(b) Upon adoption of the amendment the insurer shall prepare articles of amendment in triplicate under its corporate seal, setting forth the amendment and the date and manner of the adoption thereof. The articles of amendment shall be executed by the insurer's president or vice-president and secretary or assistant secretary, and be acknowledged by them before an officer authorized by law to take acknowledgements of deeds.
(c) The triplicate originals of the articles of amendment shall be delivered to the commissioner and are subject to the same examination, certification, approval and filing procedures as provided for original articles of incorporation under W.S. 26-24-104. For filing articles of amendment of the articles of incorporation of a domestic mutual insurer the secretary of state shall charge and collect a fee of ten dollars ($10.00), which shall be credited to the general fund.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-107 - Stock of Domestic Insurer to Be Paid for in Cash; Exceptions.

26-24-107. Stock of domestic insurer to be paid for in cash; exceptions.
(a) Except where issued in exchange for other securities for purposes of merger, bulk reinsurance, acquisition of control of another insurer as provided for in this chapter or as stock dividend on a split of stock, no domestic stock insurer shall issue its shares except upon payment in full of the subscription price thereof, not less than par value, in cash.
(b) The value at which any such consideration, other than money, shall be carried in the insurer's financial statement shall be determined as provided in W.S. 26-6-301 through 26-6-304.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-108 - Domestic Insurers to Engage in Insurance Business Exclusively; Exception as to Title Insurers.

26-24-108. Domestic insurers to engage in insurance business exclusively; exception as to title insurers.
No domestic insurer shall engage in any business other than the insurance business and activities reasonably and necessarily incidental thereto, except that a title insurer may also engage in the title abstracting business and act as an escrow agent.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-110 - Bond or Deposit Required of Domestic Mutual Insurers.

26-24-110. Bond or deposit required of domestic mutual insurers.
(a) Before soliciting any applications for insurance required under W.S. 26-24-109 as qualifications for the original certificate of authority, the incorporators of the proposed insurer shall file with the commissioner a corporate surety bond in the penalty of fifteen thousand dollars ($15,000.00), in favor of the state and for the use and benefit of the state of the applicant members and creditors of the corporation. The bond shall be conditioned for:
(i) The prompt return to applicant members of all premiums collected in advance;
(ii) Payment of all indebtedness of the corporation; and
(iii) Payment of costs incurred by the state in case of any legal proceedings for liquidation or dissolution of the corporation, if the corporation fails to complete its organization and secure a certificate of authority within one (1) year from the date of its certificate of incorporation.
(b) Instead of the bond specified in subsection (a) of this section, the incorporators may deposit with the commissioner fifteen thousand dollars ($15,000.00) in cash or United States government bonds, negotiable and payable to the bearer, with a market value at all times of not less than fifteen thousand dollars ($15,000.00), to be held in trust upon the same conditions as required for the bond.
(c) Any bond filed or deposit or remaining portion thereof held under this section shall be released and discharged upon settlement and termination of all liabilities against it.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-111 - Applications for Domestic Mutual Insurance; Solicitation by Licensed Agents.

26-24-111. Applications for domestic mutual insurance; solicitation by licensed agents.
(a) Upon receipt of the commissioner's approval of the bond or deposit as provided in W.S. 26-24-110, the directors and officers of the proposed domestic mutual insurer may commence solicitation of the requisite applications for insurance policies and may receive deposits of premiums thereon.
(b) The applications shall be in writing signed by the applicant, covering subjects of insurance resident, located or to be performed in this state.
(c) All applications shall provide that:
(i) Issuance of the policy is contingent upon the insurer qualifying for and receiving a certificate of authority;
(ii) No insurance is in effect until the certificate of authority is issued; and
(iii) The prepaid premium or deposit, and membership or policy fee, if any, shall be refunded in full to the applicant if organization is not completed and the certificate of authority is not issued and received by the insurer before a specified date which shall be not later than one (1) year after the date of the certificate of incorporation.
(d) All qualifying premiums collected shall be in cash.
(e) Solicitation for qualifying applicants for insurance shall be by licensed agents of the corporation, and the commissioner, upon the corporation's application therefor, shall issue temporary agent's licenses expiring on the date specified pursuant to paragraph (c)(iii) of this section to individuals qualified as for a resident agent's license except as to the taking or passing of an examination. The commissioner may suspend or revoke any license for any of the causes and pursuant to the same procedures as are applicable to suspension or revocation of licenses of agents in general under chapter 9 of this code.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-112 - Deposit in Trust of Premiums Collected by Mutual Insurer; Release Upon Issuance of Certificate of Authority.

26-24-112. Deposit in trust of premiums collected by mutual insurer; release upon issuance of certificate of authority.
(a) All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance therein shall be deposited in trust in a bank or trust company in this state under a written trust agreement consistent with this section and with W.S. 26-24-111(c)(iii) and 26-24-113. The corporation shall file an executed copy of the trust agreement with the commissioner.
(b) Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which the applications were solicited, all funds held in trust become the insurer's funds, and the insurer shall thereafter in due course issue and deliver its policies for which premiums were paid and accepted. The insurance provided by the policies is effective as of the date of the certificate of authority or thereafter as the policies provide.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-113 - Failure of Domestic Mutual Insurer to Qualify.

26-24-113. Failure of domestic mutual insurer to qualify.
If the proposed domestic insurer fails to complete its organization and to secure its original certificate of authority within one (1) year from the date of its certificate of incorporation, its corporate powers cease, and the commissioner shall return or cause to be returned to the persons entitled thereto all advance deposits or payments of premiums held in trust under W.S. 26-24-112.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-114 - Additional Kinds of Insurance Mutuals.

26-24-114. Additional kinds of insurance mutuals.
After being authorized to transact one (1) kind of insurance, a mutual insurer may be authorized to transact any additional kinds of insurance as are permitted under W.S. 26-3-107, while otherwise in compliance with this code and while maintaining unimpaired surplus funds in an amount not less than the amount of paid-in capital stock and surplus required to be maintained by a domestic stock insurer transacting the same kinds of insurance.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-115 - Membership in Mutuals.

26-24-115. Membership in mutuals.
(a) Each policyholder of a domestic mutual insurer, other than a reinsurance contract, is a member of the insurer with all rights and obligations of the membership, and the policy shall so specify.
(b) Any person, government or governmental agency, state or political subdivision thereof, public or private corporation, board, association, firm, estate, trustee or fiduciary may be a member of a domestic, foreign or alien mutual insurer. Any officer, stockholder, trustee or legal representative of any such corporation, board, association or estate may be recognized as acting for or on its behalf for the purpose of the membership, and is not personally liable upon any contract of insurance for acting in that representative capacity.
(c) Any domestic corporation may participate as a member of a mutual insurer as an incidental purpose for which the corporation is organized, and as such is granted the rights and powers expressly conferred.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-116 - Bylaws of Mutuals.

26-24-116. Bylaws of mutuals.
(a) A domestic mutual insurer shall have bylaws for the government of its affairs. The insurer's initial board of directors shall adopt original bylaws, subject to the approval of the insurer's members at the next meeting of members.
(b) The bylaws shall contain provisions, consistent with this code, relating to:
(i) The voting rights of members;
(ii) Election of directors, and the number, qualifications, terms of office and powers of directors;
(iii) Annual and special meetings of members;
(iv) The number, designation, election, terms and powers and duties of the corporate officers;
(v) Deposit, custody, disbursement and accounting for corporate funds;
(vi) Fidelity bonds covering any officers and employees of the insurer handling its funds, to be issued by a corporate surety and to be in an amount as may be reasonable; and
(vii) Any other matters as may be customary, necessary or convenient for the management or regulation of corporate affairs.
(c) The insurer shall promptly file with the commissioner a copy, certified by the insurer's secretary, of its bylaws and of every modification thereof or addition thereto. The commissioner, after a hearing held thereon, shall disapprove any bylaw provision he deems unlawful, unreasonable, inadequate, unfair or detrimental to the proper interests or protection of the insurer's members or any class thereof. The insurer, after receiving written notice of disapproval and during the existence of that disapproval, shall not carry out any bylaw provision disapproved.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-117 - Meetings of Members of Domestic Mutual Insurers; Where Held; Annual Meeting.

26-24-117. Meetings of members of domestic mutual insurers; where held; annual meeting.
(a) Meetings of members of a domestic mutual insurer shall be held in the city or town of its registered office in this state, except as may otherwise be provided in the insurer's bylaws with the commissioner's approval.
(b) Each domestic mutual insurer, during each calendar year shall:
(i) Hold the annual meeting of its members to fill vacancies existing or occurring in the board of directors;
(ii) Receive and consider reports of the insurer's officers as to its affairs; and
(iii) Transact any other business as may properly be brought before it.
(c) Written notice of the time and place of the annual meeting of members shall be given members not less than thirty (30) days prior to the meeting. Notice may be given by imprinting the notice plainly on the policies issued by the insurer or in any other appropriate manner. Any change of the date or place of the annual meeting shall be made only by an annual meeting of members. Notice of any change, among other appropriate methods, may be given:
(i) By imprinting the new date or place on all policies which will be in effect as of the date of the changed meeting; or
(ii) Unless the commissioner otherwise orders, through policies issued after the date of the annual meeting at which the change was made and in premium notices and renewal certificates issued during the twenty-four (24) months immediately following the meeting.
(d) If the required annual meeting of members has not been held during the previous calendar year, the commissioner, upon written request of any officer, director or member of the insurer, shall cause written notice of the meeting to be given to the insurer's members, and the meeting shall be held as soon as reasonably possible thereafter.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-118 - Meetings of Members of Domestic Mutual Insurers; Special Meetings.

26-24-118. Meetings of members of domestic mutual insurers; special meetings.
(a) A special meeting of the members of a mutual insurer may be held for any lawful purpose. The meeting shall be called by the corporate secretary pursuant to request of the insurer's president or of its board of directors, or upon request in writing signed by not less than one-tenth (1/10) of the insurer's members. The meeting shall be held at such time as the secretary may fix, but not less than ten (10) nor more than thirty (30) days after receipt of the request. If the secretary fails to issue the call, the president, directors or members making the request may do so.
(b) Not less than ten (10) days written notice of the meeting shall be given. Notice addressed to the insurer's members at their post office addresses last of record with the insurer and deposited, postage prepaid, in a letter depository of the United States post office, is deemed to have been given when so mailed. Instead of a mailed notice the insurer may publish the notice in any publication as shall afford a majority of its members a reasonable opportunity to have actual advance notice of the meeting. The notice shall state the purposes of the meeting, and no business shall be transacted at the meeting of which notice was not so given.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-119 - Voting Rights of Members of Mutual Insurers.

26-24-119. Voting rights of members of mutual insurers.
(a) Each member of a mutual insurer is entitled to one (1) vote upon each matter coming to a vote at meetings of members.
(b) A member has the right to vote in person or by his written proxy filed with the corporate secretary not less than five (5) days prior to the meeting. No proxy shall be made irrevocable, nor be valid beyond the earlier of the following dates:
(i) The date of expiration set forth in the proxy; or
(ii) The date of termination of membership; or
(iii) Five (5) years from the date of execution of the proxy.
(c) No member's vote upon any proposal to divest the insurer of its business or assets, or the major part thereof, shall be registered or taken except in person or by proxy newly executed and specific as to the matter to be voted upon.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-121 - Boards of Directors.

26-24-121. Boards of directors.
(a) The affairs of each domestic insurer shall be managed by a board of directors consisting of not less than five (5) nor more than twenty-one (21) directors.
(b) Directors, other than initial directors named in the insurer's articles of incorporation, shall be elected by the members or stockholders of a domestic insurer at the annual meeting of stockholders or members. Directors may be elected for terms of not more than five (5) years each and until their successors are elected and have qualified. If the directors are to be elected for terms of more than one (1) year, the insurer's bylaws shall provide for a staggered term system under which the terms of a proportionate part of the members of the board of directors shall expire on the date of each annual meeting of stockholders or members.
(c) A director of a mutual insurer shall be a policyholder thereof.
(d) As to an insurer operating as an authorized insurer only in the state of Wyoming, a majority of the members of the insurer's board of directors shall be citizens of and shall actually reside in this state.
(e) Any executive committee of a board of directors shall consist of not less than three (3) directors, a majority of whom shall reside in this state.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-123 - Management in National Emergency; Purpose of Emergency Provisions.

26-24-123. Management in national emergency; purpose of emergency provisions.
The specific purpose of W.S. 26-24-124 through 26-24-126 is to facilitate the continued operation of domestic insurers if a national emergency is caused by an attack on the United States or by a nuclear, atomic or other disaster which makes it impossible or impracticable for an insurer to conduct its business in strict accord with applicable provisions of law, its bylaws or its charter.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-124 - Emergency Bylaws.

26-24-124. Emergency bylaws.
The board of directors of any domestic insurer may at any time adopt emergency bylaws, subject to repeal or change by action of those having power to adopt regular bylaws for the insurer, which shall be operative during a national emergency and which may, notwithstanding any different provisions of the regular bylaws, or of the applicable statutes, or of the insurer's charter, make any provision that may be reasonably necessary for the insurer's operation during the period of the emergency.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-125 - Emergency Provisions in Lieu of Bylaws.

26-24-125. Emergency provisions in lieu of bylaws.
(a) If the board of directors of a domestic insurer does not adopt emergency bylaws, the following provisions are effective in case of a national emergency:
(i) Three (3) directors constitute a quorum for the transaction of business at all board meetings;
(ii) Any board vacancy may be filled by a majority of the remaining directors, though less than a quorum, or by a sole remaining director;
(iii) If there are no surviving directors, but at least three (3) vice-presidents of the insurer survive, the three (3) vice-presidents with the longest term of service are the directors and possess all of the powers of the previous board of directors and any other powers granted under this chapter or by subsequently enacted legislation. By majority vote the emergency board of directors may elect other directors. If there are not at least three (3) surviving vice-presidents, the commissioner or designated person exercising the powers of the insurance commissioner of this state shall appoint three (3) persons as directors who possess all of the powers of the previous board of directors and any other powers granted under this chapter or by subsequently enacted legislation, and these persons by majority vote may elect other directors.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-126 - Emergency Succession of Officers; Change of Home Office Location.

26-24-126. Emergency succession of officers; change of home office location.
(a) The board of directors of a domestic insurer, by resolution, may provide that:
(i) In case of a national emergency and in case of the death or incapacity of the president, the secretary or the treasurer of the insurer, that officer, or any of them, shall be succeeded in the office by the person named or described in a succession list adopted by the board of directors which:
(A) May be on the basis of named persons or position titles;
(B) Shall establish the order of priority; and
(C) May prescribe the conditions under which the powers of the office shall be exercised.
(ii) In case of a national emergency the insurer's home office or principal place of business shall be at a location specified in the resolution, except that the resolution may provide for alternate locations and establish an order of preference.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-127 - Pecuniary Interests of Officers or Directors Prohibited.

26-24-127. Pecuniary interests of officers or directors prohibited.
(a) Any officer or director, or any member of any committee or an employee of a domestic insurer, who is charged with the duty of investing or handling the insurer's funds shall not:
(i) Deposit or invest those funds except in the insurer's corporate name;
(ii) Borrow the insurer's funds;
(iii) Be pecuniarily interested in any loan, pledge or deposit, security, investment, sale, purchase, exchange, reinsurance or other similar transaction or property of the insurer except as a stockholder or member;
(iv) Take or receive to his own use any fee, brokerage, commission, gift or other consideration for or on account of any transaction made by or on behalf of the insurer.
(b) No insurer shall guarantee any financial obligation of any of its officers or directors.
(c) This section does not prohibit any director or officer, or member of a committee or employee from:
(i) Becoming a policyholder of the insurer and enjoying the usual rights provided for its policyholders;
(ii) Participating as beneficiary in any pension trust, deferred compensation plan, profit sharing plan or stock option plan authorized by the insurer and to which he may be eligible; or
(iii) Receiving a reasonable fee for lawful services actually rendered to the insurer.
(d) The commissioner, by regulation, may define and permit additional exceptions to the prohibition contained in subsection (a) of this section solely to enable payment:
(i) Of reasonable compensation to a director who is not otherwise an insurer's officer or employee; or
(ii) To a corporation or firm in which a director is interested, for necessary services performed or sales or purchases made to or for the insurer in the ordinary course of the insurer's business and in the usual private professional or business capacity of the director, corporation or firm.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-128 - Management and Exclusive Agency Contracts.

26-24-128. Management and exclusive agency contracts.
(a) No domestic insurer shall make any contract in which any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors, or to have the controlling or preemptive right to produce substantially all insurance business for the insurer, or, if an officer, director or otherwise part of the insurer's management, is to receive any commission, bonus or compensation based upon the volume of the insurer's business or transactions, unless the contract is filed with and approved by the commissioner. The contract is approved unless disapproved by the commissioner within twenty (20) days from the date of filing, subject to any reasonable time extension the commissioner requires by notice given within the twenty (20) days. Any disapproval shall be delivered to the insurer in writing, stating the grounds for the disapproval.
(b) Any contract specified in subsection (a) of this section shall provide that any manager or producer of its business, within ninety (90) days after expiration of each calendar year, shall furnish the insurer's board of directors a written statement of amounts received under or on account of the contract and amounts expended thereunder during the calendar year, including the emoluments received therefrom by the directors, officers and other principal management personnel of the manager or producer, and with any classification of items and further detail as the insurer's board of directors reasonably requires.
(c) The commissioner shall disapprove any contract specified in this section if he finds that it:
(i) Subjects the insured to excessive charges;
(ii) Is to extend for an unreasonable length of time;
(iii) Does not contain fair and adequate standards of performance; or
(iv) Contains other inequitable provisions or provisions which impair the proper interests of stockholders or policyholders of the insurer.
(d) The commissioner, after a hearing held thereon, may withdraw his approval of any contract he approved, if he finds that the basis of his original approval no longer exists, or that the contract, in actual operation, is subject to disapproval on any of the grounds referred to in subsection (c) of this section.
(e) This section does not apply to contracts entered into prior to January 1, 1968, nor to extensions or amendments to those contracts.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-130 - Voucher Required for Disbursements.

26-24-130. Voucher required for disbursements.
(a) No insurer shall make any disbursement of seventy-five dollars ($75.00) or more, unless evidenced by a voucher or other document correctly describing the consideration for the payment and supported by a check or receipt endorsed or signed by or on behalf of the person receiving the money.
(b) If the disbursement is for services and reimbursement, the voucher or other document, or some other provision referred to in the voucher or other document, shall describe the services and itemize the expenditures.
(c) If the disbursement is in connection with any matter pending before any public body or public official, the voucher or other document shall also correctly describe the nature of the matter and of the insurer's interest therein.
(d) If a voucher cannot be obtained, the expenditure shall be supported by an affidavit executed by an officer of the insurer stating the reasons for the inability to obtain a voucher and the particulars of the expenditure as otherwise required by this section.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 24 - Organization and Corporate Procedures of Legal Reserve Stock and Mutual Insurers › Section 26-24-131 - Borrowing by Insurers.

26-24-131. Borrowing by insurers.
(a) A domestic stock or mutual insurer may borrow money to defray the expenses of its organization, provide it with surplus funds or for any other purpose of its business, upon a written agreement that the money is required to be repaid only out of the insurer's surplus in excess of that stipulated in the agreement. The agreement may provide for interest not exceeding six percent (6%) per annum, which interest shall or shall not constitute a liability of the insurer as to its funds other than the excess of surplus, as stipulated in the agreement. No commission or promotion expense shall be paid in connection with any such loan, except that if public offering and sale is made of the loan securities, the insurer may pay the reasonable costs thereof the commissioner approves.
(b) Any money borrowed as provided in subsection (a) of this section, together with the interest thereon if stipulated in the agreement, shall not form a part of the insurer's legal liabilities except as to its surplus in excess of the amount stipulated in the agreement, or be the basis of any setoff. Until the money is repaid financial statements filed or published by the insurer shall show as a footnote thereto the amount then unpaid together with any interest thereon accrued but unpaid.
(c) Any loan under this section is subject to the commissioner's approval. The insurer, in advance of the loan, shall file with the commissioner a statement of the purpose of the loan and a copy of the proposed loan agreement. The loan and agreement are deemed approved unless within fifteen (15) days from the date of filing, the insurer is notified of the commissioner's disapproval and the reasons therefor. The commissioner shall disapprove any proposed loan or agreement if he finds the loan is unnecessary or excessive for the purpose intended, or that the terms of the loan agreement are not fair and equitable to the parties and to other similar lenders, if any, to the insurer, or that the information filed by the insurer is inadequate.
(d) Any loan, under this section, or substantial portion thereof, to a mutual insurer shall be repaid by the insurer when no longer reasonably necessary for the purpose originally intended. No repayment of a loan shall be made by a mutual insurer unless the commissioner approves it in advance.
(e) This section does not apply to other kinds of loans obtained by the insurer in ordinary course of business, nor to loans secured by pledge or mortgage of assets.