§ 26-24-121 — Boards of directors

Wyoming § 26-24-121

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

Text

(a) The affairs of each domestic insurer shall be managed
by a board of directors consisting of not less than five (5) nor
more than twenty-one (21) directors.
(b) Directors, other than initial directors named in the
insurer's articles of incorporation, shall be elected by the
members or stockholders of a domestic insurer at the annual
meeting of stockholders or members. Directors may be elected for
terms of not more than five (5) years each and until their
successors are elected and have qualified. If the directors are
to be elected for terms of more than one (1) year, the insurer's
bylaws shall provide for a staggered term system under which the
terms of a proportionate part of the members of the board of
directors shall expire on the date of each annual meeting of
stockholders or members.
(c) A director of a mutual insurer shall be a policyholder
thereof.
(d) As to an insurer operating as an authorized insurer
only in the state of Wyoming, a majority of the members of the
insurer's board of directors shall be citizens of and shall
actually reside in this state.
(e) Any executive committee of a board of directors shall
consist of not less than three (3) directors, a majority of whom
shall reside in this state.