§ 26-3-111 — Deposit required of insurers

Wyoming § 26-3-111

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 3: AUTHORIZATION OF INSURERS AND

Text

(a) The commissioner shall not authorize an insurer to
transact insurance in this state unless it makes and thereafter
continuously maintains in trust in this state through the
commissioner, or in another state as provided in subsection (b)
of this section, for the protection of all its policyholders and
creditors a deposit of cash or securities eligible for deposit
under W.S. 26-8-103 of a value not less than the amount
applicable to the kinds of insurance the insurer transacts as
follows:
Minimum
Kind(s) of insurance Amount of deposit
Life .........................................$200,000.00
Disability ....................................100,000.00
Life & disability .............................200,000.00
Property ......................................100,000.00
Casualty
Excluding surety ..............................100,000.00
Including surety ..............................150,000.00
Multiple line .................................200,000.00
Hail-crop .....................................100,000.00
Title
Domestic insurers ..............................50,000.00
Foreign insurers ..............................100,000.00
(b) As to foreign insurers, instead of the deposit or part
thereof in this state, the commissioner shall accept the
certificate in proper form of the public official having
supervision over insurers in any other state to the effect that
a like deposit or part thereof by the insurer is being
maintained in public custody or control pursuant to law in the
other state in trust for the protection of all its policyholders
wherever located, or of all its policyholders in the United
States, or all of its policyholders and creditors in the United
States. All such deposits shall be in cash or securities, or
both, of a quality not less than those eligible for deposit in
this state under W.S. 26-8-103.
(c) A property insurer also writing hail-crop coverages is
required to have only the deposit applicable to property
insurance. Instead of the hail-crop deposit, a domestic mutual
hail-crop insurer, upon the commissioner's approval, may file
with the commissioner and maintain reinsurance of all risk under
all of the insurer's hail-crop policies. The reinsurer shall be
qualified for a certificate of authority as a stock property
insurer under this code, and the reinsurance agreement shall
provide for payment by the reinsurer of one hundred percent
(100%) of all losses under hail-crop policies issued by the
ceding insurer without assessment of policyholders of the ceding
insurer.
(d) All deposits in this state are subject to the
applicable provisions of chapter 8 of this code.
(e) In addition to deposits required or maintained by
foreign insurers, the commissioner may require any foreign
insurer to make and maintain in trust in this state, through the
commissioner, a deposit of cash or securities eligible for
deposit under W.S. 26-8-103, of a value not less than an amount
which the commissioner specifies, for the sole protection of an
insurer's policyholders located in this state. All additional
deposits are subject to the applicable provisions of chapter 8
of this code.