This text of Wyoming § 26-24-129 (Home office records and assets; penalty for
removal; out-of-state branch operations) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(a)Any domestic insurer shall:
(i)Have and maintain its principal place of business
and home office in this state;
(ii)Keep in the principal place of business accurate
and complete accounts and records of its assets, transactions
and affairs in accordance with the usual and accepted principles
and practices of insurance accounting and record keeping as
applicable to the kinds of insurance the insurer transacts;
(iii)Have and maintain its assets in this state,
except as to:
(A)Real property and personal property
appurtenant thereto lawfully owned by the insurer and located
outside this state; and
(B)Any property of the insurer as may be
customary, necessary and convenient to enable and facilitate the
operation of its branch offices located outside this state as
referred to in subsecti
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(a) Any domestic insurer shall:
(i) Have and maintain its principal place of business
and home office in this state;
(ii) Keep in the principal place of business accurate
and complete accounts and records of its assets, transactions
and affairs in accordance with the usual and accepted principles
and practices of insurance accounting and record keeping as
applicable to the kinds of insurance the insurer transacts;
(iii) Have and maintain its assets in this state,
except as to:
(A) Real property and personal property
appurtenant thereto lawfully owned by the insurer and located
outside this state; and
(B) Any property of the insurer as may be
customary, necessary and convenient to enable and facilitate the
operation of its branch offices located outside this state as
referred to in subsection (d) of this section.
(b) No person shall:
(i) Remove all or a material part of the records or
assets of a domestic insurer from this state except:
(A) Pursuant to a plan of merger, consolidation
or bulk reinsurance which the commissioner approves under this
code; or
(B) For any reasonable purposes and periods of
time as the commissioner approves in writing in advance of the
removal; or
(ii) Conceal the records or assets or a material part
thereof from the commissioner;
(iii) Retain any records or assets or a material part
thereof outside this state beyond the period authorized in the
commissioner's approval under which the records were removed.
(c) Any person who violates any provision of subsection
(b) of this section is guilty of a felony and, upon conviction,
shall be punished by a fine of not more than ten thousand
dollars ($10,000.00), or by imprisonment in the penitentiary for
not more than five (5) years, or both. The commissioner may also
institute delinquency proceedings against the insurer pursuant
to chapter 28 of this code.
(d) This section does not prohibit an insurer from:
(i) Establishing and maintaining branch offices in
other states if necessary or convenient to the transaction of
its business and keeping in those branch offices the detailed
records and assets customary and necessary for the servicing of
its insurance in force and affairs in the territory served by
the branch office, as long as the records and assets are made
readily available at the branch office for examination by the
commissioner at his request;
(ii) Having, depositing or transmitting the insurer's
funds and assets in or to jurisdictions outside of this state
required by the law of that jurisdiction or as reasonably and
customarily required in the regular course of its business.
(e) An insurer may request an exemption, in writing, from
holding its invested assets at a financial institution that has
a physical location in this state if the insurer provides
sufficient documentation that the financial institutions in this
state do not have adequate technology to support the insurer's
required financial reporting requirements or the financial
institutions' fees are cost prohibitive for the insurer. The
commissioner shall issue an order approving or denying the
exemption request within thirty (30) days after all supporting
documentation for the request has been received. The
commissioner may vacate any previous exemption order upon the
determination that there are financial institutions with
physical locations in this state that provide adequate
technology and competitive fee structures or if the insurer is
experiencing material financial solvency concerns. The
commissioner shall provide any insurer that has had its previous
approval to use an out-of-state financial institution revoked at
least thirty (30) days to return its invested assets to this
state. Before moving any of its invested assets, the insurer
shall execute a custodial agreement with the financial
institution that has been approved by the commissioner.