Wyoming § 26-27-107 Organization; declaration

Wyoming Statutes

§ 26-27-107 — Organization; declaration

Wyoming·Title 26 Insurance Code·Ch. 27 RECIPROCAL INSURERS

(a)Twenty-five (25) or more persons domiciled in this state may organize a domestic reciprocal insurer and apply to the commissioner for a certificate of authority to transact insurance.

(b)The proposed attorney shall fulfill the requirements of and shall execute and file with the commissioner when applying for a certificate of authority, a declaration setting forth:

(i)The insurer's name;

(ii)The location of the insurer's principal office, which shall be the same as that of the attorney and shall be maintained within this state;

(iii)The kinds of insurance proposed to be transacted;

(iv)The names and addresses of the original subscribers;

(v)The designation and appointment of the proposed attorney and a copy of the power of attorney;

(vi)The names and addresses of the officers and

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(a) Twenty-five (25) or more persons domiciled in this
state may organize a domestic reciprocal insurer and apply to
the commissioner for a certificate of authority to transact
insurance.
(b) The proposed attorney shall fulfill the requirements
of and shall execute and file with the commissioner when
applying for a certificate of authority, a declaration setting
forth:
(i) The insurer's name;
(ii) The location of the insurer's principal office,
which shall be the same as that of the attorney and shall be
maintained within this state;
(iii) The kinds of insurance proposed to be
transacted;
(iv) The names and addresses of the original
subscribers;
(v) The designation and appointment of the proposed
attorney and a copy of the power of attorney;
(vi) The names and addresses of the officers and
directors of the attorney, if a corporation, or its members, if
a firm;
(vii) The powers of the subscribers' advisory
committee and the names and terms of office of the committee
members;
(viii) That all monies paid to the reciprocal, after
deducting therefrom any sum payable to the attorney, shall be
held in the insurer's name and for the purposes specified in the
subscribers' agreement;
(ix) A copy of the subscribers' agreement;
(x) A statement that each of the original subscribers
has in good faith applied for insurance of a kind proposed to be
transacted, and that the insurer has received from each such
subscriber the full premium or premium deposit required for the
policy applied for, for a term of not less than six (6) months
at an adequate rate previously filed with and approved by the
commissioner;
(xi) A statement of the insurer's financial
condition, a schedule of its assets and a statement that the
surplus required by W.S. 26-27-106 is on hand; and
(xii) A copy of each policy, endorsement and
application form it then proposes to issue or use.
(c) The declaration specified in subsection (b) of this
section shall be acknowledged by the attorney in the manner
required for the acknowledgment of deeds.