Section 26-31-103 – Definitions.
26-31-103. Definitions. (a) As used in this chapter: (i) “Association” means the Wyoming Insurance Guaranty Association created under W.S. 26-31-104; (ii) “Covered claim” means an unpaid claim which arises out of and is within the coverage and does not exceed the applicable limits of an insurance policy to which this chapter applies issued by an […]
Section 26-31-104 – Association Created; Members; Operation and Exercise of Powers.
26-31-104. Association created; members; operation and exercise of powers. (a) There is created a nonprofit unincorporated legal entity to be known as the Wyoming Insurance Guaranty Association. (b) All member insurers as defined in this chapter are members of the association as a condition of their authority to transact insurance in this state. (c) The […]
Section 26-31-105 – Board of Directors.
26-31-105. Board of directors. (a) The board of directors of the association shall consist of not less than five (5) nor more than nine (9) persons serving terms as established in the plan of operation. The board members shall be selected by member insurers subject to the commissioner’s approval. Vacancies on the board shall be […]
Section 26-31-106 – Duties and Powers of Association.
26-31-106. Duties and powers of association. (a) Except as provided in subsection (c) of this section, the association shall: (i) Be obligated to pay covered claims: (A) Existing prior to the determination of insolvency and arising within thirty (30) days after the determination of insolvency; or (B) Arising before the policy expiration date if the […]
Section 26-31-107 – Member Insurer Assessments.
26-31-107. Member insurer assessments. (a) The assessments of each member insurer shall be in the proportion that the net direct written premiums of the member insurer for the preceding calendar year bears to the net direct written premiums of all member insurers for the preceding calendar year. Each member insurer shall be notified of the […]
Section 26-31-101 – Short Title.
26-31-101. Short title. This chapter is known and may be cited as the “Wyoming Insurance Guaranty Association Act”.
Section 26-31-102 – Applicability.
26-31-102. Applicability. This chapter applies to all kinds of direct insurance, except life, title, surety, disability, credit, mortgage guaranty and ocean marine insurance.