§ 26-35-202 — Mid-term cancellation; grounds; notice; exception

Wyoming § 26-35-202

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 35: CANCELLATION, RENEWAL AND NONRENEWAL OF POLICIES

Text

(a) An insurance policy or renewal shall not be cancelled
by an insurer prior to the expiration of the term stated in the
policy, except for any one (1) of the following reasons:
(i) Failure to pay a premium when due;
(ii) Material misrepresentation of fact which if
known to the company would have caused the company not to issue
the policy;
(iii) Substantial change in the risk assumed, except
to the extent that the insurer should reasonably have foreseen
the change or contemplated the risk in writing the policy; or
(iv) Substantial breaches of contractual duties,
conditions or warranties.
(b) Cancellation under paragraph (a)(i), (iii) or (iv) of
this section shall not be effective unless written notice
stating the precise reason for cancellation has been made as
provided in W.S. 26-35-101:
(i) Not less than ten (10) days prior to the proposed
effective date of cancellation if cancellation is for the reason
stated in paragraph (a)(i) of this section; or
(ii) Not less than forty-five (45) days prior to the
proposed effective date of cancellation in all other cases
except paragraph (a)(ii) of this section.
(c) Subsections (a) and (b) of this section do not apply
to any insurance policy which has been in effect for less than
sixty (60) days and is not a renewal of a previously existing
policy for a term longer than sixty (60) days.
(d) If an insurance company loses its reinsurance and the
loss threatens the solvency of the company, the company shall:
(i) Continue coverage to the extent of its retention
as to each policyholder;
(ii) Notify each policyholder of the amount of
coverage still present; and
(iii) Refund the unearned premium.