§ 26-11-108 — Evidence of surplus lines insurance

Wyoming § 26-11-108

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

Text

(a) Upon placing surplus lines insurance coverage, the
surplus lines broker shall promptly issue and deliver to the
insured or the producer the policy, or if the policy is not then
available, a certificate as described in subsection (f) of this
section, cover note, binder or other evidence of the insurance.
The certificate described in subsection (f) of this section,
cover note, binder or other evidence of insurance shall be
executed by the broker and shall show the description and
location of the subject of the insurance, coverages including
any material limitations other than those in standard forms, a
general description of the coverages of the insurance, the
premium and rate charged, taxes to be collected from the
insured, the name and address of the insured and surplus lines
insurer or insurers and the proportion of the entire risk
assumed by each and the name and license number of the surplus
lines broker.
(b) No broker shall issue or deliver any evidence of
insurance or purport to insure or represent that insurance will
be or has been written by any nonadmitted insurer, unless the
broker has:
(i) The insurer's prior written authority for the
insurance;
(ii) Received information from the insurer in the
regular course of business that the insurance has been granted;
or
(iii) Received an insurance policy specifying the
insurer has actually issued the insurance and delivered it to
the insured.
(c) If after the issuance and delivery of any evidence of
insurance there is any change as to the insurer's identity, or
the proportion of the risk assumed by any insurer or any other
material change in coverage as stated in the surplus lines
broker's original evidence of insurance or in any other material
as to the insurance coverage so evidenced, the surplus lines
broker shall promptly issue and deliver to the insured or the
original producer an appropriate substitute for, or endorsement
of the original document, accurately showing the current status
of the coverage and the insurers responsible for the coverage.
(d) Repealed By Laws 2012, Ch. 37, § 3.
(e) Any surplus lines broker who knowingly or negligently
issues a false certificate or other evidence of insurance, or
who fails promptly to notify the insured of any material change
with respect to the insurance by delivery to the insured of a
substitute certificate, cover note, binder or other evidence of
insurance as provided in subsection (c) of this section, upon
conviction, is subject to the penalty provided by W.S. 26-1-107
or to any greater applicable penalty otherwise provided by law.
(f) As soon as reasonably possible after the placement of
the insurance, the surplus lines broker shall deliver a copy of
the policy or, if not available, a certificate of insurance to
the insured or producer to replace any evidence of insurance
previously issued. Each certificate or policy of insurance
shall contain or have attached a complete record of all policy
insuring agreements, conditions, exclusions, clauses,
endorsements or any other material facts that would regularly be
included in the policy.