Wyoming § 26-28-117 Priority of certain claims

Wyoming Statutes

§ 26-28-117 — Priority of certain claims

Wyoming·Title 26 Insurance Code·Ch. 28 REHABILITATION AND LIQUIDATION

(a)In a delinquency proceeding against an insurer domiciled in this state, claims owing to residents of ancillary states are preferred claims if like claims are preferred under the laws of this state. All claims owing to residents or nonresidents shall be given equal priority of payment from general assets regardless of where the assets are located.

(b)In a delinquency proceeding against an insurer domiciled in a reciprocal state, claims owing to residents of this state shall be preferred if like claims are preferred by the laws of that state.

(c)The owners of special deposit claims against an insurer for which a receiver is appointed in this or any other state shall be given priority against their special deposits in accordance with the provisions of the statutes governing the creation

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(a) In a delinquency proceeding against an insurer
domiciled in this state, claims owing to residents of ancillary
states are preferred claims if like claims are preferred under
the laws of this state. All claims owing to residents or
nonresidents shall be given equal priority of payment from
general assets regardless of where the assets are located.
(b) In a delinquency proceeding against an insurer
domiciled in a reciprocal state, claims owing to residents of
this state shall be preferred if like claims are preferred by
the laws of that state.
(c) The owners of special deposit claims against an
insurer for which a receiver is appointed in this or any other
state shall be given priority against their special deposits in
accordance with the provisions of the statutes governing the
creation and maintenance of the deposits. If there is a
deficiency in any deposit so that the claims secured thereby are
not fully discharged, the claimants may share in the general
assets, but that sharing shall be deferred until general
creditors, and also claimants against other special deposits who
have received smaller percentages from their special deposits,
have been paid percentages of their claims equal to the
percentage paid from the special deposit.
(d) The owner of a secured claim against an insurer for
which a receiver has been appointed in this or any other state
may surrender his security and file his claim as a general
creditor, or the claim may be discharged by resort to the
security, in which case the deficiency, if any, shall be treated
as a claim against the insurer's general assets on the same
basis as claims of unsecured creditors. If the amount of the
deficiency is adjudicated in ancillary proceedings as provided
in this chapter, or if it is adjudicated by a court of competent
jurisdiction in proceedings in which the domiciliary receiver
has had notice and opportunity to be heard, the amounts are
conclusive. Otherwise the amount shall be determined in the
delinquency proceeding in a domiciliary state.