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Wyoming Statutes Title 26. Insurance Code § 26-15-133. Retention of proceeds of policy by company

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Any life insurer may hold the proceeds of any life or endowment insurance or annuity contract it issues:

(i) Upon the terms and restrictions as to revocation by the insured and control by beneficiaries;

(ii) With the exemptions from legal process and the claims of creditors of beneficiaries, other than the insured; and

(iii) Upon any other terms and conditions, regardless of the time and manner of payment of proceeds, agreed to in writing by the insurer and the insured or beneficiary.

(b) The insurer is not required to segregate funds held under subsection (a) of this section but may hold them as a part of its general corporate assets.

(c) The provisions of this section do not impair or affect any rights of creditors under W.S. 26-15-129 or 26-15-132.

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Cite this article: FindLaw.com - Wyoming Statutes Title 26. Insurance Code § 26-15-133. Retention of proceeds of policy by company - last updated January 01, 2024 | https://codes.findlaw.com/wy/title-26-insurance-code/wy-st-sect-26-15-133/

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