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Wyoming Statutes Title 26. Insurance Code § 26-28-122. Power of commissioner to borrow on pledge of assets

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

(a) For the purpose of facilitating the rehabilitation, liquidation, conservation or dissolution of an insurer pursuant to this chapter, the commissioner, subject to court approval, may:

(i) Borrow money and execute, acknowledge and deliver notes or other evidences of indebtedness therefor and secure the repayment of the notes or other evidences of indebtedness by the mortgage, pledge, assignment, transfer in trust or hypothecation of any of the insurer's property; and

(ii) Take any other action necessary and proper to consummate any such loan and to provide for the repayment of that loan.

(b) The commissioner has no obligation personally or in his official capacity to repay any loan made pursuant to this section.

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Cite this article: FindLaw.com - Wyoming Statutes Title 26. Insurance Code § 26-28-122. Power of commissioner to borrow on pledge of assets - last updated January 01, 2024 | https://codes.findlaw.com/wy/title-26-insurance-code/wy-st-sect-26-28-122/

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