Wyoming § 26-24-132 Participating policies

Wyoming Statutes

§ 26-24-132 — Participating policies

Wyoming·Title 26 Insurance Code·Ch. 24 ORGANIZATION AND CORPORATE PROCEDURES OF LEGAL

(a)If provided for in its articles of incorporation or charter, a stock insurer or mutual insurer may:

(i)Issue any of its policies or contracts with or without participation in profits, savings, unabsorbed portions of premiums or surplus;

(ii)Classify policies issued and risks insured on a participating and nonparticipating basis; and

(iii)Subject to W.S. 26-16-503, determine the right to participate and the extent of participation of any classes of policies. Any such classification or determination shall be reasonable.

(b)A life insurer may issue both participating and nonparticipating policies or contracts only if the right or absence of right to participate is reasonably related to the premium charged.

(c)After the third policy year, no dividend, otherwise earned, is contingent u

Free access — add to your briefcase to read the full text and ask questions with AI

(a) If provided for in its articles of incorporation or
charter, a stock insurer or mutual insurer may:
(i) Issue any of its policies or contracts with or
without participation in profits, savings, unabsorbed portions
of premiums or surplus;
(ii) Classify policies issued and risks insured on a
participating and nonparticipating basis; and
(iii) Subject to W.S. 26-16-503, determine the right
to participate and the extent of participation of any classes of
policies. Any such classification or determination shall be
reasonable.
(b) A life insurer may issue both participating and
nonparticipating policies or contracts only if the right or
absence of right to participate is reasonably related to the
premium charged.
(c) After the third policy year, no dividend, otherwise
earned, is contingent upon the payment of renewal premium on any
policy or contract.