(a)Beginning January 1, 2008, an applicant for a real
estate license pursuant to W.S. 33-28-106, a licensee renewing a
license or an inactive licensee activating a license pursuant to
W.S. 33-28-118, shall submit proof of insurance coverage through
the group program provided pursuant to this section or through
certification of individual coverage. All licensees shall
obtain and maintain errors and omissions insurance coverage
under the group program or individual coverage.
(b)The commission shall make errors and omissions
insurance available to all licensees by contracting with an
insurer for a group program after competitive bidding. Any
group program obtained by the commission shall be available to
all licensees and shall prevent the insurer from canceling any
licensee. Licensees may o
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(a) Beginning January 1, 2008, an applicant for a real
estate license pursuant to W.S. 33-28-106, a licensee renewing a
license or an inactive licensee activating a license pursuant to
W.S. 33-28-118, shall submit proof of insurance coverage through
the group program provided pursuant to this section or through
certification of individual coverage. All licensees shall
obtain and maintain errors and omissions insurance coverage
under the group program or individual coverage.
(b) The commission shall make errors and omissions
insurance available to all licensees by contracting with an
insurer for a group program after competitive bidding. Any
group program obtained by the commission shall be available to
all licensees and shall prevent the insurer from canceling any
licensee. Licensees may obtain errors and omissions insurance
independently if the coverage complies with the minimum
requirements established by the commission.
(c) The commission shall promulgate rules and regulations
necessary to specify the terms and conditions of coverage
required under this section, including the minimum limits and
terms of the coverage, the permissible deductible and
permissible exemptions. Each licensee shall be notified of the
required terms and conditions at least thirty (30) days prior to
the license renewal date. Each licensee who elects not to
participate in the group program administered by the commission
shall file a certificate of coverage showing compliance with the
required terms and conditions with the commission by the license
renewal date.
(d) If the commission is unable to obtain errors and
omissions insurance coverage to insure all licensees who elect
to participate in the group program, at a reasonable annual
premium not to exceed three hundred dollars ($300.00) per
licensee, the errors and omissions insurance requirement of this
section shall not apply during the year for which the commission
cannot obtain the errors and omissions insurance coverage. The
maximum premium amount shall be adjusted annually by the annual
rate of inflation in this state for the preceding twelve (12)
month period as calculated by the department of administration
and information.
(e) The commission shall charge and collect an
administrative fee in addition to the premium paid from each
licensee who obtains errors and omissions insurance through the
group program. This administrative fee shall be of an amount
sufficient to cover the administration of this section and shall
not exceed ten percent (10%) of the premium. The maximum premium
specified in subsection (d) of this section applies only to
premium cost and not to any administrative fee charged.
(f) Repealed By Laws 2011, Ch. 104, § 2.