Wyoming § 26-24-139 Revocation of authority to issue policies
without contingent liability

Wyoming Statutes

§ 26-24-139 — Revocation of authority to issue policies without contingent liability

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

(a)The commissioner shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if:

(i)At any time the insurer's assets are less than the sum of its liabilities and the surplus required for authority; or

(ii)The insurer, by resolution of its board of directors approved by a majority of its members, requests that the authority be revoked.

(b)Without authority the insurer shall not:

(i)Issue any policy without providing therein for the policyholder's contingent liability; or

(ii)Renew any policy which is then in force without endorsing that policy to provide for contingent liability.

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

(a) The commissioner shall revoke the authority of a
domestic mutual insurer to issue policies without contingent
liability if:
(i) At any time the insurer's assets are less than
the sum of its liabilities and the surplus required for
authority; or
(ii) The insurer, by resolution of its board of
directors approved by a majority of its members, requests that
the authority be revoked.
(b) Without authority the insurer shall not:
(i) Issue any policy without providing therein for
the policyholder's contingent liability; or
(ii) Renew any policy which is then in force without
endorsing that policy to provide for contingent liability.

Wyoming § 26-24-139 (Revocation of authority to issue policies without contingent liability) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.