(a)If the benefits under the policy are payable because
of the death of the insured, settlement shall be made upon
receipt of proof of death and, at the insurer's option,
surrender of the policy or proof of the interest of the
claimant, or both. If an insurer shall specify a particular
period prior to the expiration of which settlement shall be
made, the period may not exceed the time requirements specified
in W.S. 26-15-124. For any private placement policy, settlement
may be made in cash or, if allowed under the policy, by
distributing assets of the separate account to the claimant with
the consent of the policyholder, as long as the fair market
value of the assets are independently verified at the time of
disbursement by the insurer. In any private placement policy,
the obligation of t
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(a) If the benefits under the policy are payable because
of the death of the insured, settlement shall be made upon
receipt of proof of death and, at the insurer's option,
surrender of the policy or proof of the interest of the
claimant, or both. If an insurer shall specify a particular
period prior to the expiration of which settlement shall be
made, the period may not exceed the time requirements specified
in W.S. 26-15-124. For any private placement policy, settlement
may be made in cash or, if allowed under the policy, by
distributing assets of the separate account to the claimant with
the consent of the policyholder, as long as the fair market
value of the assets are independently verified at the time of
disbursement by the insurer. In any private placement policy,
the obligation of the insurer to settle that portion of the
policy attributable to separate account assets is subject to the
liquidity of the assets and the insurer shall settle the portion
of the policy as and when the assets can be, by their respective
terms, either converted to cash, which may be later than the
time requirements specified in W.S. 26-15-124, or otherwise
dispersible by the insurer.
(b) Benefits shall be paid within the time requirements of
W.S. 26-15-124 and shall include interest accrued from the date
of death until date of payment. The interest rate shall be not
less than the rate of interest payable on death proceeds left on
deposit with the insurer. For any private placement policy, the
interest shall be computed commencing the latter of sixty (60)
days succeeding the date of death of the insured or the date
proof of death has been received by the insurer in good order,
until the date of payment. In any private placement policy, the
obligation of the insurer to pay interest on that portion of the
policy attributable to separate account assets may only be
computed as and when the assets are, by their respective terms,
either converted to cash or otherwise dispersible by the
insurer.
(c) For purposes of this section, date of payment shall
include the date of the postmark stamped on an envelope properly
addressed and postage prepaid, containing the payment.
(d) The provisions of this section requiring the payment
of interest shall not apply to variable contracts which provide
for insurance or annuity benefits which may vary according to
the investment experience of any separate account or accounts
maintained by the insurer as to such contract.
(e) As used in this chapter, "private placement policy" is
a variable life insurance policy that is:
(i) Issued exclusively to a person who is an
accredited investor or a qualified purchaser, as defined in the
Securities Act of 1933 or the Investment Company Act of 1940 or
in regulations promulgated under either statute; and
(ii) Offered for sale and sold in a transaction that
is exempt from registration under the Securities Act of 1933.