§ 26-29-233 — Licensing of agents

Wyoming § 26-29-233

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

Text

(a) Agents of societies shall be licensed in accordance
with the provisions of the laws regulating the licensing,
revocation, suspension or termination of license of resident and
nonresident agents, provided that no examination shall be
required of any agent licensed prior to the effective date of
this act.
(b) No examination or license shall be required of any
regular salaried officer, employee or member of a licensed
society who devotes substantially all of his services to
activities other than the solicitation of fraternal insurance
contracts from the public, and who receives for the solicitation
of those contracts no commission or other compensation directly
dependent upon the amount of business obtained.
(c) Any agent or representative of a society who devotes,
or intends to devote, less than fifty percent (50%) of his time
to solicitation and procurement of insurance contracts for the
society is exempt from the requirements of subsection (a) of
this section. Any person who in the immediately preceding
calendar year solicited and procured life insurance contracts on
behalf of any society in an amount of insurance in excess of
fifty thousand dollars ($50,000.00), or, in the case of any
other kinds of insurance which the society writes, on the
persons of more than ten (10) individuals and who received or
will receive a commission or other compensation therefor, is
presumed to be devoting or intending to devote, fifty percent
(50%) of his time to the solicitation or procurement of
insurance contracts for the society. The person shall report
sales of insurance under this subsection as required by the
commissioner.