§ 26-11-103 — Definitions

Wyoming § 26-11-103

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 11: NONADMITTED INSURANCE

Text

(a) As used in this chapter:
(i) "Admitted insurer" means an insurer authorized to
transact the business of insurance in this state;
(ii) Repealed by Laws 2020, ch. 45, § 2.
(iii) "Export" means to place surplus lines insurance
with a nonadmitted insurer;
(iv) "Home state" means as follows:
(A) Except as provided in subparagraphs (B) and
(C) of this paragraph, "home state" means, with respect to an
insured:
(I) The state in which an insured maintains
its principal place of business or, in the case of an
individual, the individual's principal residence; or
(II) If one hundred percent (100%) of the
insured risk is located out of the state referred to in
subdivision (I) of this subparagraph, the state to which the
greatest percentage of the insured's taxable premium for that
insurance contract is allocated.
(B) If more than one (1) insured from an
affiliated group are named insureds on a single nonadmitted
insurance contract, the term "home state" means the home state,
as determined pursuant to subparagraph (A) of this paragraph, of
the member of the affiliated group that has the largest
percentage of premium attributed to it under the insurance
contract;
(C) When a group policyholder pays one hundred
percent (100%) of the premium from its own funds, the term "home
state" means the home state, as determined pursuant to
subparagraph (A) of this paragraph, of the group policyholder.
When a group policyholder does not pay one hundred percent
(100%) of the premium from its own funds, the term "home state"
means the home state, as determined pursuant to subparagraph (A)
of this paragraph, of the group member.
(v) "Nonadmitted insurance" means any property and
casualty, accident and health or sickness or disability
insurance permitted to be placed directly or through a surplus
lines broker with a nonadmitted insurer eligible to accept the
insurance;
(vi) "Reciprocal state" means a state that has:
(A) Entered into a nonadmitted insurance
compact; or
(B) Otherwise adopted the allocation schedule
and reporting forms prescribed by a multistate agreement for
nonadmitted insurance.
(vii) "Recognized financial institution" means an
institution that is organized or licensed under the laws of the
United States or any state and is insured by the federal deposit
insurance corporation;
(viii) "Affiliate" means with respect to an insured,
any entity that controls, is controlled by or is under common
control with the insured;
(ix) "Affiliated group" means any group of entities
that are all affiliated;
(x) "Business entity" means a corporation,
association, partnership, limited liability company, limited
liability partnership or any other legal entity;
(xi) "Control" means an entity has "control" over
another entity if:
(A) The entity directly or indirectly or acting
through one (1) or more other persons owns, controls or has the
power to vote twenty-five percent (25%) or more of any class of
voting securities of the entity; or
(B) The entity controls in any manner the
election of a majority of directors or trustees of the other
entity.
(xii) "Independently procured insurance" means
insurance procured directly by an insured from an eligible
nonadmitted insurer;
(xiii) "Kind of insurance" means one (1) of the types
of insurance required to be reported in the annual statement
which is filed with the commissioner by admitted insurers;
(xiv) "Nonadmitted insurer" means with respect to a
state, an insurer not authorized to transact the business of
insurance in the state, but does not include a health
maintenance organization or a risk retention group as that term
is defined in section 2(a)(4) of the Liability Risk Retention
Act of 1986, 15 U.S.C. 3901(a)(4);
(xv) "Premium tax" means with respect to surplus
lines or independently procured insurance coverage, any tax,
fee, assessment or other charge imposed by a government entity
directly or indirectly based on any payment made as
consideration for an insurance contract for such insurance,
including premium deposits, assessments, registration fees and
any other compensation given in consideration for a contract of
insurance;
(xvi) "Principal place of business" means with
respect to determining the home state of the insured:
(A) The state where the insured maintains its
headquarters and where the insured's high-level officers direct,
control and coordinate the business' activities;
(B) If the insured's high-level officers direct,
control and coordinate the business' activities in more than one
(1) state, the state in which the greatest percentage of the
insured's taxable premium for that insurance contract is
allocated; or
(C) If the insured maintains its headquarters or
the insured's high-level officers direct, control and coordinate
the business activities outside of any state, the state to which
the greatest percentage of the insured's taxable premium for
that insurance contract is allocated.
(xvii) "Principal place of residence" means with
respect to determining the home state of the insured:
(A) The state where the insured resides for the
greatest number of days during a calendar year; or
(B) If the insured's principal residence is
located outside any state, the state to which the greatest
percentage of the insured's taxable premium for that insurance
contract is allocated.
(xviii) "Qualified risk manager" means with respect
to a policyholder of commercial insurance, a person who meets
all of the requirements set forth by department rule and
regulation, which requirements shall be in compliance with the
Nonadmitted and Reinsurance Reform Act of 2010 or subsequent
similar federal enactment;
(xix) "Surplus lines broker" means an individual or
business entity which is licensed in a state to sell, solicit or
negotiate insurance with nonadmitted insurers;
(xx) "Type of insurance" means coverage afforded
under the particular policy that is being placed;
(xxi) "Wet marine and transportation insurance"
means:
(A) Insurance upon vessels, crafts, hulls and
other interests in them or with relation to them;
(B) Insurance of marine builder's risks, marine
war risks and contracts of marine protection and indemnity
insurance;
(C) Insurance of freight and disbursements
pertaining to a subject of insurance within the scope of this
subsection; and
(D) Insurance of personal property and interests
therein, in the course of exportation from or importation into
any country, or in the course of transportation coastwise or on
inland waters, including transportation by land, water or air
from point of origin to final destination, in connection with
any and all risks or perils of navigation, transit or
transportation, and while being prepared for and while awaiting
shipment, and during any incidental delays, transshipment or
reshipment, provided, however, that insurance of personal
property and interests therein shall not be considered wet
marine and transportation insurance if the property has:
(I) Been transported solely by land;
(II) Reached its final destination as
specified in the bill of lading or other shipping document; or
(III) The insured no longer has an
insurable interest in the property.