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 […]
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 […]
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’ […]
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, […]
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.
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, […]
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 […]
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 […]
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 […]
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.