§ 26-29-213 — Reinsurance

Wyoming § 26-29-213

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

Text

(a) A domestic society may, by a reinsurance agreement,
cede any individual risk or risks in whole or in part to an
insurer, other than another fraternal benefit society, having
the power to make reinsurance and authorized to do business in
this state, or if not so authorized, one which is approved by
the commissioner, but no domestic society may reinsure
substantially all of its insurance in force without the written
permission of the commissioner. It may take credit for the
reserves on ceded risks to the extent reinsured, but no credit
shall be allowed as an admitted asset or as a deduction from
liability, to a ceding society for reinsurance made, ceded,
renewed or otherwise becoming effective after the effective date
of this act, unless the reinsurance is payable by the assuming
insurer on the basis of the liability of the ceding society
under the contract or contracts reinsured without diminution
because of the insolvency of the ceding society.
(b) Notwithstanding the limitation in subsection (a) of
this section, a society may reinsure the risks of another
society in a consolidation or merger approved by the
commissioner under W.S. 26-29-214.