§ 26-24-112 — Deposit in trust of premiums collected by mutual insurer; release upon issuance of certificate of authority

(a) All sums collected by a domestic mutual corporation as
premiums or fees on qualifying applications for insurance
therein shall be deposited in trust in a bank or trust company
in this state under a written trust agreement consistent with
this section and with W.S. 26-24-111(c)(iii) and 26-24-113. The
corporation shall file an executed copy of the trust agreement
with the commissioner.
(b) Upon issuance to the corporation of a certificate of
authority as an insurer for the kind of insurance for which the
applications were solicited, all funds held in trust become the
insurer's funds, and the insurer shall thereafter in due course
issue and deliver its policies for which premiums were paid and
accepted. The insurance provided by the policies is effective as
of the date of the certificate of authority or thereafter as the
policies provide.