Section 26-42-101 – Short Title.
26-42-101. Short title. This chapter is known as the “Wyoming Life and Health Insurance Guaranty Association Act.”
Section 26-42-102 – Definitions.
26-42-102. Definitions. (a) As used in this act: (i) “Account” means any of the three (3) accounts created by W.S. 26-42-104(a); (ii) “Association” means the Wyoming life and health insurance guaranty association created by W.S. 26-42-104; (iii) “Authorized assessment” or the term “authorized” when used in the context of assessments means a resolution by the […]
Section 26-42-103 – Coverage and Limitations.
26-42-103. Coverage and limitations. (a) This act shall provide coverage for the policies and contracts specified in subsection (b) of this section and provide coverage as follows: (i) To persons who are owners, certificate holders or enrollees under the policies or contracts other than structured settlement annuities and in each case who: (A) Are residents; […]
Section 26-42-104 – Creation of the Association.
26-42-104. Creation of the association. (a) There is created a nonprofit legal entity to be known as the Wyoming life and health insurance guaranty association. All member insurers are members of the association as a condition of their authority to transact insurance or health maintenance organization business in this state. The association shall perform its […]
Section 26-42-105 – Board of Directors.
26-42-105. Board of directors. (a) The board of directors of the association consists of not less than five (5) nor more than nine (9) member insurers serving terms as established in the plan of operation provided by W.S. 26-42-108. Membership on the board shall be subject to the following: (i) The members of the board […]
Section 26-42-106 – Powers and Duties of the Association.
26-42-106. Powers and duties of the association. (a) If a member insurer is an impaired insurer, the association may in its discretion and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer, that are approved by the commissioner: (i) Guarantee, assume, reissue or reinsure or […]
Section 26-42-107 – Assessments.
26-42-107. Assessments. (a) For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board of directors shall assess the member insurers separately for each account and at a time and for amounts as the board finds necessary. Assessments are due not less than thirty (30) days […]
Section 26-42-108 – Plan of Operation.
26-42-108. Plan of operation. (a) The association shall maintain a plan of operation to assure the fair, reasonable and equitable administration of the association. The plan of operation and any amendments to the plan of operation shall be submitted to the commissioner and are effective upon the commissioner’s written approval or after thirty (30) days […]
Section 26-42-109 – Duties and Powers of the Commissioner.
26-42-109. Duties and powers of the commissioner. (a) In addition to the duties and powers enumerated in other provisions of this act, the commissioner shall: (i) Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate state for each member insurer; (ii) When […]
Section 26-42-110 – Prevention of Insolvencies.
26-42-110. Prevention of insolvencies. (a) To aid in the detection and prevention of member insurer insolvencies or impairments, the commissioner shall: (i) Notify the commissioners of all the other states, territories of the United States and the District of Columbia by mail within thirty (30) days of any of the following actions taken against a […]
Section 26-42-111 – Credits for Assessments Paid; Tax Offsets.
26-42-111. Credits for assessments paid; tax offsets. (a) A member insurer may offset against its premium tax liability to this state an assessment described in W.S. 26-42-107(k) to the extent of ten percent (10%) of the amount of the assessment for each of the ten (10) calendar years following the year in which the assessment […]
Section 26-42-112 – Assessment Liability; Records; Assets; Proceedings Against Impaired or Insolvent Insurer.
26-42-112. Assessment liability; records; assets; proceedings against impaired or insolvent insurer. (a) This act shall not be construed to reduce the liability for unpaid assessments of the insureds of an impaired or insolvent insurer operating under a plan with assessment liability. (b) Records shall be kept of all meetings in which the board of directors […]
Section 26-42-113 – Examination of the Association; Annual Report.
26-42-113. Examination of the association; annual report. The association is subject to examination and regulation by the commissioner. The board of directors shall submit to the commissioner each year not later than one hundred twenty (120) days after the association’s fiscal year, a financial report in a form approved by the commissioner and a report […]
Section 26-42-114 – Tax Exemptions.
26-42-114. Tax exemptions. The association is exempt from payment of all fees and all taxes levied by this state or any of its subdivisions except taxes levied on real property.
Section 26-42-115 – Stay of Proceedings; Reopening Default Judgments.
26-42-115. Stay of proceedings; reopening default judgments. All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed one hundred eighty (180) days from the date an order of liquidation, rehabilitation or conservation is final to permit proper legal action by the association on any matters germane […]
Section 26-42-116 – Prohibited Advertisement of Association Chapter in Insurance Sales; Notice.
26-42-116. Prohibited advertisement of association chapter in insurance sales; notice. (a) No person including a member insurer, agent or affiliate of an insurer shall make, publish, disseminate, circulate or place before the public, or cause directly or indirectly to be made, published, disseminated, circulated or placed before the public in any newspaper, magazine or other […]
Section 26-42-117 – Immunity.
26-42-117. Immunity. Except as provided by W.S. 26-42-106(r)(ii), 26-42-109(b) and 26-42-112, there shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer or its agents or employees, the association or its agents or employees, members of the board of directors or the commissioner […]
Section 26-42-118 – Prospective Application.
26-42-118. Prospective application. (a) Except as provided in subsection (b) of this section, this act shall apply to any member insurer which is placed under an order of liquidation with a finding of insolvency on or after July 1, 2014. (b) The amendments provided in the 2014 amendments to W.S. 26-24-103(a) and (d) shall not […]