§ 26-29-231 — Suspension, revocation or refusal of license of society

Wyoming § 26-29-231

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

Text

(a) The commissioner shall at once provide written
notification to a society when the commissioner upon
investigation finds that a society transacting or applying to
transact business in this state:
(i) Has exceeded its powers;
(ii) Has failed to comply with any of the provisions
of this chapter;
(iii) Has become insolvent;
(iv) Is not fulfilling its contracts in good faith;
or
(v) Is conducting its business fraudulently or in a
manner hazardous to its members or creditors or the public.
(b) The commissioner shall notify the society of the
deficiency as provided in subsection (a) of this section and
state in writing the reasons why he believes the deficiency
exists. The commissioner shall at once issue a written notice
to the society requiring that the deficiency be corrected.
After the notice the society has thirty (30) days in which to
comply with the commissioner's request for correction, and if
the society fails to comply, the commissioner shall notify the
society of findings of noncompliance and require the society to
show cause on a date named why its license should not be
suspended, revoked or refused. If on that date the society does
not present a good and sufficient reason why its authority to do
business in this state should not be suspended, revoked or
refused, the commissioner may suspend or refuse the license of
the society to do business in this state until satisfactory
evidence is furnished to the commissioner that the suspension or
refusal should be withdrawn or the commissioner may revoke the
authority of the society to do business in this state.
(c) Nothing contained in this section shall be taken or
construed as preventing any society from continuing in good
faith all contracts made in this state during the time such
society was legally authorized to transact business herein.
(d) In making the finding allowed by subsection (a) of
this section, the commissioner may consider the factors
specified in W.S. 26-3-116(c) and 26-3-132(a) and, upon finding
a deficiency, may issue an order consistent with W.S.
26-3-132(b) and pursuant to the procedure established in W.S.
26-3-132(c).