(a)No life insurer shall deliver or issue for delivery in
this state:
(i)As part of or in combination with any life
insurance, endowment or annuity contract, any agreement or plan,
additional to the rights, dividends and benefits arising out of
the contract, which provides for the accumulation of profits
over a period of years and for payment of any of the accumulated
profits only to members or policyholders of a designated group
or class who continue as members or policyholders until the end
of a specified or ascertainable period of years;
(ii)Any policy purporting to be "registered" or
otherwise specially recorded with any agency of the state of
Wyoming, or of any other state, or with any bank, trust company,
escrow company or other institution other than the insurer or
purporting tha
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(a) No life insurer shall deliver or issue for delivery in
this state:
(i) As part of or in combination with any life
insurance, endowment or annuity contract, any agreement or plan,
additional to the rights, dividends and benefits arising out of
the contract, which provides for the accumulation of profits
over a period of years and for payment of any of the accumulated
profits only to members or policyholders of a designated group
or class who continue as members or policyholders until the end
of a specified or ascertainable period of years;
(ii) Any policy purporting to be "registered" or
otherwise specially recorded with any agency of the state of
Wyoming, or of any other state, or with any bank, trust company,
escrow company or other institution other than the insurer or
purporting that any reserves, assets or deposits are held for
the special benefit or protection of the holder of the policy by
or through the agency or institution;
(iii) Any policy or contract under which any part of
the premium or of funds or values arising from the policy or
contract or from investment of reserves, mortality savings,
lapses or surrenders, in excess of the normal reserves or
amounts required to pay death, endowment and nonforfeiture
benefits in amounts as specified in or pursuant to the policy or
contract, are on a basis not involving insurance or life
contingency features to be placed in special funds, segregated
accounts or specially designated places or to be invested in
specially designated investments or types thereof, and the funds
or earnings thereon to be divided among the holders of the
policies or contracts, or their beneficiaries or assignees;
(iv) Any policy providing for the segregation of
policyholders into mathematical groups and providing benefits
for a surviving policyholder arising out of the death of another
policyholder of the group, or under any other similar plan;
(v) Any policy providing benefits or values for
surviving or continuing policyholders contingent upon the lapse
or termination, for any reason, of the policies of other
policyholders;
(vi) Any policy containing or referring to:
(A) Investment returns or profit-sharing, other
than as a participation in the insurer's divisible surplus under
a regular participation provision as provided for in W.S.
26-16-107;
(B) Special treatment in the determination of
any dividend that may be paid as to the policy;
(C) Premiums as "deposits";
(D) Policyholder interest or returns to those of
stockholders;
(E) The policyholder as a member of a select
group who is entitled to extra benefits or extra dividends not
available to policyholders generally;
(F) Any label, name or description of the policy
as a "founders", "charter" or "coupon" policy, or name of
similar connotation.
(vii) Any policy which in addition to basic life
insurance benefits provides for or is combined with a series of
coupons, or with a passbook or other device generally associated
with securities investments, or with savings, banking or
investment institutions.
(b) This section does not prohibit the provision, payment,
allowance or apportionment of dividends or "savings" under
regular participating forms of policies or contracts.