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Wyoming Statutes Title 26. Insurance Code § 26-24-139. Revocation of authority to issue policies without contingent liability

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

(a) The commissioner shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if:

(i) At any time the insurer's assets are less than the sum of its liabilities and the surplus required for authority; or

(ii) The insurer, by resolution of its board of directors approved by a majority of its members, requests that the authority be revoked.

(b) Without authority the insurer shall not:

(i) Issue any policy without providing therein for the policyholder's contingent liability; or

(ii) Renew any policy which is then in force without endorsing that policy to provide for contingent liability.

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Cite this article: FindLaw.com - Wyoming Statutes Title 26. Insurance Code § 26-24-139. Revocation of authority to issue policies without contingent liability - last updated January 01, 2024 | https://codes.findlaw.com/wy/title-26-insurance-code/wy-st-sect-26-24-139/

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