Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 52 - CREDIT LIFE AND DISABILITY INSURANCE › Section 52-6 - Rates

Current through July 13, 2024
Notwithstanding Section 5 of these rules, the following rates
				  for credit life and credit disability insurance will be deemed to be acceptable
				  without the submission of substantiating data:
(a) For decreasing term credit life insurance
				where the debt is repayable in substantially equal monthly installments, a
				single premium of $. 50 per year, per $100.00 of initial
				indebtedness.
(b) For decreasing
				term credit life insurance, on two lives, on a single indebtedness, repayable
				in substantially equal monthly installments, a single premium of $.80 per year,
				per $100.00 of initial indebtedness.
(c) For credit life insurance based upon the
				outstanding balance, a monthly premium of $.77 per $1,000.00 of the outstanding
				balance of indebtedness.
(d) For
				level term single premium credit life insurance, a premium of $.90, per $100.00
				of the amount of insured indebtedness.
(e) Any insurer which owns, or controls, or
				is owned or controlled by a creditor shall be exempt from the provisions of
				Section 5 of these rules only if its rates are not greater than $.45 for
				decreasing term life; $.73 for joint life; $.69 for monthly outstanding balance
				and $.81 for level term.
(f) For
				accidental death and dismemberment insurance, a single premium of $.05 per year
				per $100.00 of initial insured indebtedness.
(g) For credit disability insurance, if
				premiums are paid for the entire duration of the indebtedness:
Non-Retroactive Benefits
Retroactive Benefits
14-Day
30-Day
7-Day
14-Day
30-Day
12
$1.40
$.80
$3.00
$2.20
$1.70
24
2.20
1.60
4.00
3.00
2.50
36
3.00
2.40
5.00
3.80
3.30
48
3.50
2.90
5.70
4.30
3.80
60
3.90
3.30
6.30
4.70
4.20
72
4.30
3.70
6.90
5.10
4.60
84
4.70
4.10
7.50
5.50
5.00
96
5.10
4.50
8.10
5.90
5.40
108
5.50
4.90
8.70
6.30
5.80
120
5.90
5.30
9.30
6.70
6.20
Premiums payable on other than a single premium basis, or for
				  indebtedness of monthly durations not shown above, or for benefits on a basis
				  different from those illustrated above, shall be actuarially consistent with
				  the above rates. The above rates are premised upon a pre-existing condition
				  exclusion in the policy not to exceed twelve (12) months.
(h) An insurer which owns or controls, or is
				owned or controlled by, a creditor, shall be exempt from the provisions of
				Section 5 of these rules only if its rates for credit disability coverages are
				at least ten (10) percent lower than those otherwise permitted by subsection
				f.
(i) For the purposes of this
				section, "control" means the possession, direct or indirect, of the power to
				direct or cause the direction of the management or the policies of an insurer
				or creditor whether through ownership or voting securities, by contract or
				otherwise. Control shall be rebuttably presumed for purposes of stock ownership
				if ten (10) percent or more of the voting securities of an insurer are
				constructively owned by a creditor or vice versa. All rate filings shall
				certify the status of the insurer in respect to its creditor
				affiliations.