Section 26-11-101 – Short Title.
26-11-101. Short title. This chapter constitutes and may be cited as the “Nonadmitted Insurance Law”.
Section 26-11-102 – Home State Regulation of Nonadmitted Insurance; Exemptions.
26-11-102. Home state regulation of nonadmitted insurance; exemptions. (a) This chapter does not apply to reinsurance or to the following insurances when placed by licensed insurance producers or surplus lines brokers of this state or when procured directly by an insured from a nonadmitted insurer: (i) Wet marine and transportation insurance; (ii) Repealed by Laws […]
Section 26-11-103 – Definitions.
26-11-103. Definitions. (a) As used in this chapter: (i) “Admitted insurer” means an insurer authorized to transact the business of insurance in this state; (ii) Repealed by Laws 2020, ch. 45, § 2. (iii) “Export” means to place surplus lines insurance with a nonadmitted insurer; (iv) “Home state” means as follows: (A) Except as provided […]
Section 26-11-104 – Conditions for Export.
26-11-104. Conditions for export. (a) If certain insurance coverages cannot be procured from admitted insurers, those coverages, designated in this chapter as “surplus lines”, may be procured from nonadmitted insurers, subject to the following conditions: (i) The insurance shall be procured through a licensed surplus lines broker; (ii) The full amount of insurance required is […]
Section 26-11-105 – Surplus Lines Transaction Report.
26-11-105. Surplus lines transaction report. (a) Within forty-five (45) days after placing any surplus line insurance for an insured whose home state is this state, each surplus lines broker shall execute and file a report regarding the insurance coverage which shall be kept confidential by the commissioner, including the following: (i) The name and address […]
Section 26-11-106 – Open Lines for Export.
26-11-106. Open lines for export. (a) The commissioner, by order, may declare eligible for export generally and without compliance with W.S. 26-11-104(a)(ii) and (iii), any type of insurance coverage or risk for which he finds, after notice and a hearing, that there is not a reasonable or adequate market among admitted insurers either as to […]
Section 26-11-107 – Requirements for Eligible Nonadmitted Insurers; Publication of Eligible Insurers.
26-11-107. Requirements for eligible nonadmitted insurers; publication of eligible insurers. (a) Repealed By Laws 2012, Ch. 37, § 3. (b) Repealed By Laws 2012, Ch. 37, § 3. (c) The commissioner may issue an order of ineligibility if he finds or has reason to believe that the insurer: (i) Does not meet the requirements of […]
Section 26-11-108 – Evidence of Surplus Lines Insurance.
26-11-108. Evidence of surplus lines insurance. (a) Upon placing surplus lines insurance coverage, the surplus lines broker shall promptly issue and deliver to the insured or the producer the policy, or if the policy is not then available, a certificate as described in subsection (f) of this section, cover note, binder or other evidence of […]
Section 26-11-109 – Required Information on Surplus Lines Contracts; Duty to Notify Insured.
26-11-109. Required information on surplus lines contracts; duty to notify insured. (a) Every new or renewed insurance contract, certificate, cover note or other confirmation of insurance that is procured and delivered as a surplus lines coverage pursuant to this chapter shall have stamped or printed upon it, in at least ten (10) point bold type […]
Section 26-11-110 – Enforceability and Validity of Nonadmitted Insurance.
26-11-110. Enforceability and validity of nonadmitted insurance. Insurance contracts procured from nonadmitted insurers in accordance with this chapter are fully valid and enforceable as to all parties and shall be given recognition in all matters and respects to the same effect as like contracts issued by admitted insurers.
Section 26-11-111 – Liability of Insurer as to Losses and Unearned Premiums; Applicability of Section to Insurers.
26-11-111. Liability of insurer as to losses and unearned premiums; applicability of section to insurers. (a) As to a surplus line risk which is assumed by a nonadmitted insurer pursuant to this chapter, and if the premium thereon is received by the surplus line broker who placed the insurance, in all questions thereafter arising under […]
Section 26-11-112 – Surplus Lines Broker’s License; Authority for Issuance; Application; Fee; Applicable Law.
26-11-112. Surplus lines broker’s license; authority for issuance; application; fee; applicable law. (a) Repealed By Laws 2012, Ch. 37, § 3. (b) Repealed By Laws 2012, Ch. 37, § 3. (c) Repealed By Laws 2012, Ch. 37, § 3. (d) Repealed By Laws 2012, Ch. 37, § 3. (e) For insureds whose home state is […]
Section 26-11-113 – Surplus Lines Broker’s License; Suspension or Revocation; Grounds; Procedure.
26-11-113. Surplus lines broker’s license; suspension or revocation; grounds; procedure. (a) The commissioner may, after appropriate notice and opportunity for hearing pursuant to the Wyoming Administrative Procedure Act and in accordance with W.S. 26-2-125 through 26-2-129, place on probation, suspend, revoke or refuse to issue or renew any surplus lines broker’s license or other license […]
Section 26-11-114 – Surplus Line Broker’s Bond.
26-11-114. Surplus line broker’s bond. Prior to issuance of a license as a surplus line broker, the applicant shall file with the commissioner and thereafter for as long as the license remains in effect shall keep in force a bond in favor of the state of Wyoming in the penal sum of ten thousand dollars […]
Section 26-11-115 – Surplus Lines Broker May Accept and Place Business From Producers.
26-11-115. Surplus lines broker may accept and place business from producers. A licensed surplus lines broker may accept and place surplus line business for any insurance producer licensed in this state for the kind of insurance involved and may compensate the producer therefor.
Section 26-11-116 – Records of Broker; Contents; Examination.
26-11-116. Records of broker; contents; examination. (a) Each surplus lines broker shall keep in his office a full and true record of each surplus lines insurance contract placed by or through the broker for which this state is the home state of the insured, including a copy of the policy, certificate, cover note or other […]
Section 26-11-117 – Surplus Lines Broker Affidavit Report.
26-11-117. Surplus lines broker affidavit report. (a) Each surplus lines broker, on or before February 15, May 15, August 15 and November 15 of each year, if applicable, shall file with the commissioner an affidavit report verifying that all surplus lines insurance transacted during the preceding calendar quarter has been submitted as required by the […]
Section 26-11-118 – Tax on Surplus Lines.
26-11-118. Tax on surplus lines. (a) Repealed By Laws 2011, Ch. 103, § 3. (b) Repealed By Laws 2011, Ch. 103, § 3. (c) In addition to the full amount of gross premiums charged by the insurer for the insurance, every surplus lines broker shall collect and pay to the commissioner a sum equal to […]
Section 26-11-119 – Failure to File Report or Pay Tax; Penalty.
26-11-119. Failure to file report or pay tax; penalty. Any licensed surplus lines broker or insured who independently procures insurance, who fails to file a report in the form and within the time required or provided for in W.S. 26-11-117 or 26-11-124 may be fined up to twenty-five dollars ($25.00) per day for each day […]
Section 26-11-120 – Service of Process Against Nonadmitted Insurer.
26-11-120. Service of process against nonadmitted insurer. (a) A nonadmitted insurer shall be sued, upon any cause of action arising in this state under any contract it issues as a nonadmitted insurance contract pursuant to this chapter, in the district court of the county in which the cause of action arises. (b) Legal process against […]