§ 26-29-210 — Organization

Wyoming § 26-29-210

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 29: FRATERNAL BENEFIT SOCIETIES

Text

(a) Ten (10) or more citizens of the United States, a
majority of whom are citizens of this state, who desire to form
a fraternal benefit society, may make, sign and acknowledge
before some officer competent to take acknowledgement of deeds,
articles of incorporation, in which shall be stated:
(i) The proposed corporate name of the society, which
shall not so closely resemble the name of any society or
insurance company as to be misleading or confusing;
(ii) The purposes for which it is being formed and
the mode in which its corporate powers are to be exercised. The
purposes shall not include more liberal powers than are granted
by this chapter;
(iii) The names and residences of the incorporators
and the names, residences and official titles of all the
officers, trustees, directors or other persons who are to have
and exercise the general control of the management of the
affairs and funds of the society for the first year or until the
ensuing election at which all officers shall be elected by the
supreme governing body, which election shall be held not later
than one (1) year from the date of issuance of the permanent
certificate of authority.
(b) The articles of incorporation, duly certified copies
of the society's bylaws and rules, copies of all proposed forms
of certificates, applications therefor, and circulars to be
issued by the society and a bond conditioned upon the return to
applicants of the advanced payments if the organization is not
completed within one (1) year shall be filed with the
commissioner, who may require further information as the
commissioner deems necessary. The bond with sureties approved
by the commissioner shall be in an amount, not less than three
hundred thousand dollars ($300,000.00) nor more than one million
five hundred thousand dollars ($1,500,000.00), as required by
the commissioner. All documents filed are to be in the English
language. If the purposes of the society conform to the
requirements of this chapter and all provisions of the law have
been complied with, the commissioner shall so certify, retain
and file the articles of incorporation and furnish the
incorporators a preliminary certificate of authority authorizing
the society to solicit members as hereinafter provided.
(c) No preliminary certificate of authority granted under
the provisions of this section shall be valid after one (1) year
from its date or after an additional period, not exceeding one
(1) year, as may be authorized by the commissioner upon cause
shown, unless the five hundred (500) applicants required in
subsection (d) of this section have been secured and the
organization has been completed as provided in this chapter.
The articles of incorporation and all other proceedings
thereunder shall become null and void in one (1) year from the
date of the preliminary certificate of authority, or at the
expiration of the extended period, unless the society has
completed its organization and received a certificate of
authority to do business as provided in this chapter.
(d) Upon receipt of a preliminary certificate of authority
from the commissioner, the society may solicit members for the
purpose of completing its organization, shall collect from each
applicant the amount of not less than one (1) regular monthly
premium in accordance with its table of rates, and shall issue
to each applicant a receipt for the amount so collected. No
society shall incur any liability other than for the return of
the advance premium, nor issue any certificate, nor pay, allow
or offer or promise to pay or allow, any benefit to any person
until:
(i) Actual bona fide applications for benefits have
been secured on not less than five hundred (500) applicants, and
any necessary evidence of insurability has been furnished to and
approved by the society;
(ii) At least ten (10) subordinate lodges have been
established into which the five hundred (500) applicants have
been admitted;
(iii) There has been submitted to the commissioner,
under oath of the president or secretary, or corresponding
officer of the society, a list of applicants, giving their
names, addresses, date each was admitted, name and number of the
subordinate lodge of which each applicant is a member, amount of
benefits to be granted and premiums therefor; and
(iv) The commissioner receives a sworn statement of
the treasurer, or corresponding officer of the society, that at
least five hundred (500) applicants have each paid in cash at
least one (1) regular monthly premium, which premiums in the
aggregate shall amount to at least one hundred fifty thousand
dollars ($150,000.00). The advance premiums shall be held in
trust during the period of organization and if the society has
not qualified for a certificate of authority within one (1)
year, the premiums shall be returned to the applicants.
(e) The commissioner may make an examination and require
further information as he deems advisable. Upon presentation of
satisfactory evidence that the society has complied with all the
provisions of law, the commissioner shall issue to the society a
certificate of authority to that effect and that the society is
authorized to transact business pursuant to the provisions of
this chapter. The certificate of authority shall be prima facie
evidence of the existence of the society at the date of the
certificate. The commissioner shall cause a record of the
certificate of authority to be made.
(f) Any incorporated society authorized to transact
business in this state at the time this act becomes effective
shall not be required to reincorporate.