Section 26-37-101 – Short Title.
26-37-101. Short title. This chapter is known and may be cited as the “Mechanical Breakdown Insurance Act”.
Section 26-37-102 – Definitions.
26-37-102. Definitions. (a) As used in this chapter: (i) “Agent” means a person licensed as a casualty insurance agent in this state and appointed by a mechanical breakdown insurer as its agent under this code; (ii) “Commissioner” means the state insurance commissioner; (iii) “Department” means the state department of insurance; (iv) “Mechanical breakdown insurance” means […]
Section 26-37-103 – Authorization Required.
26-37-103. Authorization required. Except as otherwise provided in this chapter, no person shall transact mechanical breakdown insurance in this state unless authorized by the commissioner.
Section 26-37-104 – Mechanical Breakdown Insurers; Authorization Required; Application; Fee; Issuance; Renewal; Revocation and Suspension.
26-37-104. Mechanical breakdown insurers; authorization required; application; fee; issuance; renewal; revocation and suspension. (a) Any person holding a subsisting certificate of authority to transact casualty insurance in this state may apply to the commissioner for authorization to transact mechanical breakdown insurance in this state as a mechanical breakdown insurer. (b) Application under subsection (a) of […]
Section 26-37-105 – Agents of Mechanical Breakdown Insurers.
26-37-105. Agents of mechanical breakdown insurers. (a) Upon issuance of a certificate of authority under W.S. 26-37-104, a licensed agent appointed to market the casualty insurance policies of the certified mechanical breakdown insurer within this state may market mechanical breakdown insurance policies of that insurer within this state without further licensing, testing or fees from […]
Section 26-37-106 – Mechanical Breakdown Insurance Organizations; Applications for Certificates of Authority; Fee; Issuance.
26-37-106. Mechanical breakdown insurance organizations; applications for certificates of authority; fee; issuance. (a) A mechanical breakdown insurance organization may file with the commissioner an application for a certificate of authority to transact mechanical breakdown insurance in this state upon a form to be furnished by the department which shall include the following: (i) The names, […]
Section 26-37-107 – Mechanical Breakdown Insurance Organizations; Revocation or Suspension of Certificate of Authority.
26-37-107. Mechanical breakdown insurance organizations; revocation or suspension of certificate of authority. (a) The commissioner shall revoke or suspend the certificate of authority issued to any mechanical breakdown insurance organization under W.S. 26-37-106 if after a hearing in accordance with W.S. 26-2-125 through 26-2-129, he finds the organization: (i) Violates any provision of this chapter […]
Section 26-37-108 – Mechanical Breakdown Insurance Organizations; Bond, Deposit or Contractual Liability Insurance Requirement; Amounts; Purpose; Release; Modification of Initial Order.
26-37-108. Mechanical breakdown insurance organizations; bond, deposit or contractual liability insurance requirement; amounts; purpose; release; modification of initial order. (a) To assure the faithful performance of obligations under insolvency, each mechanical breakdown insurance organization certified under W.S. 26-37-106 shall deposit and maintain with the commissioner, trust securities of the type eligible as investments by insurers […]
Section 26-37-109 – Appointment of Commissioner as Attorney for Mechanical Breakdown Insurance Organization; Service of Process.
26-37-109. Appointment of commissioner as attorney for mechanical breakdown insurance organization; service of process. Any mechanical breakdown insurance organization desiring to transact business in this state shall file with the commissioner a duly executed instrument whereby the organization shall appoint the commissioner as the attorney of the organization upon whom all lawful process in any […]
Section 26-37-110 – Examination of Mechanical Breakdown Insurance Organizations; Audited Financial Statement.
26-37-110. Examination of mechanical breakdown insurance organizations; audited financial statement. (a) Every mechanical breakdown insurance organization is subject to examination by the commissioner in the manner and under the conditions provided for examination of insurers pursuant to W.S. 26-2-116 through 26-2-122. In the examination, the assets of any organization are those assets determined by the […]
Section 26-37-111 – Mechanical Breakdown Insurance Organizations; Solicitations to Purchase.
26-37-111. Mechanical breakdown insurance organizations; solicitations to purchase. No person shall solicit or aid in the solicitation of another person to purchase a policy issued by a mechanical breakdown insurance organization not having a certificate of authority procured pursuant to this act.
Section 26-37-112 – Mechanical Breakdown Insurance Organizations; Misrepresentations as to Service Contracts.
26-37-112. Mechanical breakdown insurance organizations; misrepresentations as to service contracts. No mechanical breakdown insurance organization, dealer, representative or other person shall in any manner misrepresent the terms, benefits or privileges of any policy issued by the organization.
Section 26-37-113 – Mechanical Breakdown Insurance Organizations; Validity of Policy.
26-37-113. Mechanical breakdown insurance organizations; validity of policy. Any policy made, issued or delivered contrary to this chapter shall be valid and binding on the mechanical breakdown insurance organization.
Section 26-37-114 – Mechanical Breakdown Insurance Organizations; Required Dealer’s License.
26-37-114. Mechanical breakdown insurance organizations; required dealer’s license. No person shall act as a mechanical breakdown insurance organization dealer in this state without first procuring a license from the commissioner in accordance with W.S. 26-37-115 through 26-37-119.
Section 26-37-115 – Mechanical Breakdown Insurance Organizations; Application for Dealer’s License.
26-37-115. Mechanical breakdown insurance organizations; application for dealer’s license. (a) Application for a license as a mechanical breakdown insurance dealer shall be made to the commissioner upon forms prescribed and furnished by the commissioner. As a part of or in connection with any application, the applicant shall furnish information concerning his identity, personal history, experience, […]
Section 26-37-116 – Mechanical Breakdown Insurance Organizations; General Conditions for Issuance or Renewal of Dealer’s License.
26-37-116. Mechanical breakdown insurance organizations; general conditions for issuance or renewal of dealer’s license. (a) For the protection of the people of this state, the commissioner shall not issue or renew any mechanical breakdown insurance dealer’s license: (i) Unless the applicant is in compliance with this chapter; (ii) To any person found untrustworthy or incompetent […]
Section 26-37-117 – Mechanical Breakdown Insurance Organizations; Qualifications for Dealer’s License.
26-37-117. Mechanical breakdown insurance organizations; qualifications for dealer’s license. (a) In addition to conditions specified under W.S. 26-37-116, the commissioner shall issue a mechanical breakdown insurance dealer’s license only to an individual otherwise complying with this chapter furnishing evidence satisfactory to the commissioner that he: (i) Is an adult; (ii) Has been a bona fide […]
Section 26-37-118 – Mechanical Breakdown Insurance Organizations; Form and Content of Dealer’s License.
26-37-118. Mechanical breakdown insurance organizations; form and content of dealer’s license. (a) The commissioner shall prescribe the form of the mechanical breakdown insurance dealer’s license which shall contain the: (i) Name of the licensee and his business address; (ii) Date of issuance and the date of expiration; and (iii) Name of the represented mechanical breakdown […]
Section 26-37-119 – Mechanical Breakdown Insurance Organizations; Annual Renewal of Dealer’s License; Fee.
26-37-119. Mechanical breakdown insurance organizations; annual renewal of dealer’s license; fee. (a) Mechanical breakdown insurance dealers’ licenses are renewable on July 1 of each year. (b) The license fee is twenty dollars ($20.00) per year.
Section 26-37-120 – Mechanical Breakdown Insurance Organizations; Grounds for Suspension, Revocation or Refusal to Renew Dealer’s License Generally.
26-37-120. Mechanical breakdown insurance organizations; grounds for suspension, revocation or refusal to renew dealer’s license generally. (a) The commissioner may suspend, revoke or refuse to renew any mechanical breakdown insurance dealer’s license issued under this chapter for any cause specified by this chapter including the following: (i) A violation or willful participation in a violation […]