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.
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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.
26-24-109. Initial requirements of domestic mutual insurers; authorized transactions. (a) If newly organized, a domestic mutual insurer may be authorized to transact any one (1) of the kinds of insurance listed in the schedule in subsection (b) of this section. (b) When applying for an original certificate of authority, the insurer shall: (i) Be otherwise […]
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 […]
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) […]
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 […]
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 […]
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 […]
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, […]
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) […]
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, […]
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 […]
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 […]
26-24-120. Information to stockholders of domestic stock insurers; proxy regulations. (a) This section applies to all domestic stock insurers except: (i) A domestic stock insurer having less than one hundred (100) stockholders, except that if ninety-five percent (95%) or more of the insurer’s stock is owned or controlled by a parent or affiliated insurer, this […]
