§ 26-2-129 — 26-31-110. Insured's rights and liabilities; settlements binding on receiver or liquidator; priority of claims; statements to be filed with receiver or liquidator

Wyoming § 26-2-129

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 31: WYOMING INSURANCE GUARANTY ASSOCIATION ACT

Text

(a) Any person recovering under this chapter assigns his
rights under the policy to the association to the extent of his
recovery from the association. Any insured or claimant seeking
the protection of this chapter shall cooperate with the
association to the same extent as that person would have been
required to cooperate with the insolvent insurer. The
association has no cause of action against the insolvent
insurer's insured for any sums it has paid out except the causes
of action as the insolvent insurer would have had if it had paid
those sums. If an insolvent insurer is operating on a plan with
assessment liability, payments of association claims do not
reduce the insureds' liability to the receiver, liquidator or
statutory successor for unpaid assessments.
(b) The receiver, liquidator or statutory successor of an
insolvent insurer is bound by settlements of covered claims by
the association or a similar organization in another state. The
court having jurisdiction shall grant those claims priority
equal to that which the claimant would have been entitled in the
absence of this chapter against the insolvent insurer's assets.
The expense of the association or similar organization in
handling claims shall be accorded the same priority as the
liquidator's expenses.
(c) The association shall periodically file with the
insolvent insurer's receiver or liquidator:
(i) Statements of the covered claims the association
pays; and
(ii) Estimates of anticipated claims on the
association which preserve the association's rights against the
insolvent insurer's assets.