§ 26-24-111 — Applications for domestic mutual insurance; solicitation by licensed agents

Wyoming § 26-24-111

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

Text

(a) Upon receipt of the commissioner's approval of the
bond or deposit as provided in W.S. 26-24-110, the directors and
officers of the proposed domestic mutual insurer may commence
solicitation of the requisite applications for insurance
policies and may receive deposits of premiums thereon.
(b) The applications shall be in writing signed by the
applicant, covering subjects of insurance resident, located or
to be performed in this state.
(c) All applications shall provide that:
(i) Issuance of the policy is contingent upon the
insurer qualifying for and receiving a certificate of authority;
(ii) No insurance is in effect until the certificate
of authority is issued; and
(iii) The prepaid premium or deposit, and membership
or policy fee, if any, shall be refunded in full to the
applicant if organization is not completed and the certificate
of authority is not issued and received by the insurer before a
specified date which shall be not later than one (1) year after
the date of the certificate of incorporation.
(d) All qualifying premiums collected shall be in cash.
(e) Solicitation for qualifying applicants for insurance
shall be by licensed agents of the corporation, and the
commissioner, upon the corporation's application therefor, shall
issue temporary agent's licenses expiring on the date specified
pursuant to paragraph (c)(iii) of this section to individuals
qualified as for a resident agent's license except as to the
taking or passing of an examination. The commissioner may
suspend or revoke any license for any of the causes and pursuant
to the same procedures as are applicable to suspension or
revocation of licenses of agents in general under chapter 9 of
this code.