Wyoming § 26-31-107 Member insurer assessments

Wyoming Statutes

§ 26-31-107 — Member insurer assessments

Wyoming § 26-31-107

Title 26Insurance Code

Ch. 31WYOMING INSURANCE GUARANTY ASSOCIATION ACT

This text of Wyoming § 26-31-107 (Member insurer assessments) 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.

Bluebook

Wyo. Stat. Ann. § 26-31-107 (2026).

Text

(a)The assessments of each member insurer shall be in the proportion that the net direct written premiums of the member insurer for the preceding calendar year bears to the net direct written premiums of all member insurers for the preceding calendar year. Each member insurer shall be notified of the assessment not later than thirty (30) days before it is due. No member insurer shall be assessed in any year an amount greater than one percent (1%) of that member insurer's net direct written premiums for the preceding calendar year. If the maximum assessment, together with the other association assets, do not provide in any one (1) year an amount sufficient to make all necessary payments, the funds available shall be prorated and the unpaid portions shall be paid as soon thereafter as funds

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(a) The assessments of each member insurer shall be in the
proportion that the net direct written premiums of the member
insurer for the preceding calendar year bears to the net direct
written premiums of all member insurers for the preceding
calendar year. Each member insurer shall be notified of the
assessment not later than thirty (30) days before it is due. No
member insurer shall be assessed in any year an amount greater
than one percent (1%) of that member insurer's net direct
written premiums for the preceding calendar year. If the maximum
assessment, together with the other association assets, do not
provide in any one (1) year an amount sufficient to make all
necessary payments, the funds available shall be prorated and
the unpaid portions shall be paid as soon thereafter as funds
become available.
(b) The association may exempt or defer, in whole or in
part, the assessment of any member insurer if the assessment
would cause the member insurer's financial statement to reflect
amounts of capital or surplus less than the minimum amounts
required for a certificate of authority by any jurisdiction in
which the member insurer is authorized to transact insurance.
During the period of deferment, no dividends shall be paid to
shareholders or policyholders. Deferred assessments shall be
paid when the payment will not reduce capital or surplus below
required minimums. The payments shall be refunded to those
companies receiving larger assessments because of the deferment,
or, if the company elects, credited against future assessments.