§ 26-17-129 — Notice of compensation

Wyoming § 26-17-129

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 17: GROUP LIFE INSURANCE

Text

(a) The insurer shall distribute to prospective insureds a
written notice that compensation shall or may be paid for a
program of insurance which if issued on a group basis would
qualify under W.S. 26-17-127 or 26-17-128, if compensation of
any kind shall or may be paid to:
(i) A policyholder or sponsoring or endorsing entity
in the case of a group policy; or
(ii) A sponsoring or endorsing entity in the case of
individual, blanket or franchise policies marketed by means of
direct response solicitation.
(b) Notice required by this section shall be distributed:
(i) Whether compensation is direct or indirect; and
(ii) Whether compensation is:
(A) Paid to or retained by the policyholder or
sponsoring or endorsing entity; or
(B) Paid to or retained by a third party at the
direction of the policyholder, sponsoring or endorsing entity or
any entity affiliated by way of ownership, contract or
employment.
(c) The notice required by this section shall be placed on
or accompany any application or enrollment form provided to
prospective insureds.
(d) As used in this section:
(i) "Direct response solicitation" means a
solicitation through a sponsoring or endorsing entity by the
mails, telephone or other mass communications media; and
(ii) "Sponsoring or endorsing entity" means an
organization which has arranged for the offering of a program of
insurance in a manner which communicates that eligibility for
participation in the program is dependent upon affiliation with
the organization or that it encourages participation in the
program.