§ 26-24-103 — Incorporation generally

Wyoming § 26-24-103

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 24: ORGANIZATION AND CORPORATE PROCEDURES OF LEGAL

Text

(a) This section applies to stock and mutual insurers
incorporated in this state.
(b) Five (5) or more individuals may incorporate a stock
insurer. Ten (10) or more individuals may incorporate a mutual
insurer. At least a majority of the incorporators shall be
citizens of the United States. At least a majority of the
incorporators shall be residents of this state.
(c) The incorporators shall sign and verify in triplicate
articles of incorporation in accordance with the applicable
provisions of the Wyoming Business Corporation Act, but subject
to the following requirements:
(i) The name of the corporation shall comply with
W.S. 26-3-106. If a mutual insurer, "mutual" shall be included
in the name. An alternative name may be specified for use in
jurisdictions in which conflict of name with that of another
insurer or organization might otherwise prevent the insurer from
being authorized to transact insurance therein;
(ii) The purposes of the corporation shall be limited
to the transaction of one (1) or more kinds of insurance, as
defined in this code, and the corporation does not have power to
engage in any other or additional business, except that a title
insurer may engage in the title abstract business and escrow
business;
(iii) If a stock corporation, the capital stock must
consist entirely of common stock of one (1) uniform class, par
value not less than one dollar ($1.00) per share, each
outstanding share of which has equal rights in every respect
with every other share, and shares without par value shall not
be authorized;
(iv) If a mutual corporation, the articles of
incorporation shall state the maximum contingent liability of
members for payment of losses and expenses incurred, other than
as to nonassessable policies issued as permitted under W.S.
26-24-137, but the liability shall not be less than one (1) nor
more than six (6) annual premiums for the member's policy;
(v) The corporation's initial board of directors, as
provided for in the articles of incorporation, shall consist of
not less than five (5) members;
(vi) The articles of incorporation shall specify
which, if any, of the incorporators are not citizens of the
United States of America or are not residents of this state.