Wyoming § 26-27-129 Impaired reciprocals; liquidation

Wyoming Statutes

§ 26-27-129 — Impaired reciprocals; liquidation

Wyoming § 26-27-129

Title 26Insurance Code

Ch. 27RECIPROCAL INSURERS

This text of Wyoming § 26-27-129 (Impaired reciprocals; liquidation) 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. § 26-27-129 (2026).

Text

(a)If a reciprocal insurer's assets are at any time insufficient to discharge its liabilities, other than any liability because of funds contributed by the attorney or others, and to maintain the required surplus, its attorney shall immediately make up the deficiency or levy an assessment upon the subscribers for the amount needed to make up the deficiency, subject to the limitation set forth in the power of attorney or policy.

(b)If the attorney fails to make up the deficiency or to make the assessment within thirty (30) days after the commissioner orders him to do so, or if the deficiency is not fully made up within sixty (60) days after the date the assessment is made, the insurer is deemed insolvent and shall be proceeded against as authorized by this code.

(c)If an insurer's liquid

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(a) If a reciprocal insurer's assets are at any time
insufficient to discharge its liabilities, other than any
liability because of funds contributed by the attorney or
others, and to maintain the required surplus, its attorney shall
immediately make up the deficiency or levy an assessment upon
the subscribers for the amount needed to make up the deficiency,
subject to the limitation set forth in the power of attorney or
policy.
(b) If the attorney fails to make up the deficiency or to
make the assessment within thirty (30) days after the
commissioner orders him to do so, or if the deficiency is not
fully made up within sixty (60) days after the date the
assessment is made, the insurer is deemed insolvent and shall be
proceeded against as authorized by this code.
(c) If an insurer's liquidation is ordered, an assessment
shall be levied upon the subscribers in an amount, subject to
limits as provided by this chapter, the commissioner determines
to be necessary to discharge all the insurer's liabilities,
exclusive of any funds contributed by the attorney or other
persons, but including the reasonable liquidation cost.