Current as of December 01, 2021 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(a) No foreign insurer is authorized to transact insurance in Wyoming if that insurer has not been issuing its own policies as an authorized insurer for at least two (2) years, unless the insurer is otherwise qualified for a certificate of authority under this code and is:
(i) The wholly owned subsidiary or affiliate of an insurer which is already an authorized insurer in Wyoming and the subsidiary or affiliate shares common management and business operations with the insurer;
(ii) The successor in interest through statutory merger or statutory consolidation, or through bulk reinsurance of substantially all of the insurance risks in this state, of an authorized insurer; or
(iii) An insurer seeking authority to write a line of insurance for which, in the commissioner's opinion:
(A) Adequate provision is not made by insurers already authorized in this state; or
(B) Adequate competition between insurers does not exist in this state.
(b) No foreign insurer shall continue to hold a certificate of authority under W.S. 26-3-114 if the insurer has reinsured substantially all of its insurance risks either prior to, contemporaneously with or after being acquired by another insurer not holding a subsisting certificate of authority in this state.
Cite this article: FindLaw.com - Wyoming Statutes Title 26. Insurance Code § 26-3-105. Qualification of new foreign insurers - last updated December 01, 2021 | https://codes.findlaw.com/wy/title-26-insurance-code/wy-st-sect-26-3-105/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.