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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) To qualify for authority to transact any kind of insurance as defined in chapter 5 or combination of kinds of insurance as specified in this subsection, a foreign insurer, or a domestic stock insurer applying for its original certificate of authority, shall possess and thereafter maintain unimpaired basic paid-in capital stock and surplus, if a stock insurer, or unimpaired basic surplus, if a foreign mutual insurer or foreign reciprocal insurer, in an amount not less than as follows:
|
Foreign |
Foreign |
|||
|---|---|---|---|---|
|
Mutual |
Reciprocal |
|||
|
Kind or kinds |
Stock Insurers |
Insurers |
Insurers |
|
|
of Insurance |
Capital Stock |
Surplus |
Surplus |
Surplus |
|
Life |
$1,000,000. |
$500,000. |
$1,500,000. |
|
|
Disability |
1,000,000. |
500,000. |
1,500,000. |
$1,500,000. |
|
Life & disability |
1,000,000. |
1,000,000. |
2,000,000. |
|
|
Property |
1,000,000. |
1,000,000. |
2,000,000. |
2,000,000. |
|
Casualty Excluding Surety |
1,000,000. |
1,000,000. |
2,000,000. |
2,000,000. |
|
Including Surety |
1,000,000. |
1,500,000. |
2,500,000. |
2,500,000. |
|
Marine & Transportation |
1,000,000. |
1,000,000. |
2,000,000. |
2,000,000. |
|
Multiple line (Property and any additional kind) |
2,000,000. |
2,000,000. |
4,000,000. |
4,000,000. |
|
Title |
500,000. |
250,000. |
(b) Capital and surplus requirements are based upon all the kinds of insurance the insurer transacts in any areas in which it operates or proposes to operate, whether or not only a portion of the kinds are to be transacted in Wyoming.
(c) As to surplus required for qualification to transact one (1) or more kinds of insurance and thereafter to be maintained, domestic mutual insurers are governed by chapter 24 of this code [title 26] and domestic reciprocal insurers are governed by chapter 27 of this code.
(d) The commissioner may require additional capital and surplus above the minimum capital and surplus requirements set forth in this section, or any other section of this code based upon the type, volume and nature of the insurance business transacted.
Cite this article: FindLaw.com - Wyoming Statutes Title 26. Insurance Code § 26-3-108. Capital and surplus requirements - last updated January 01, 2024 | https://codes.findlaw.com/wy/title-26-insurance-code/wy-st-sect-26-3-108/
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 before relying on it for your legal needs.
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