This text of Wyoming § 26-37-106 (Mechanical breakdown insurance organizations;
applications for certificates of authority; fee; issuance) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(a)A mechanical breakdown insurance organization may file
with the commissioner an application for a certificate of
authority to transact mechanical breakdown insurance in this
state upon a form to be furnished by the department which shall
include the following:
(i)The names, addresses and all occupations of any
current and anticipated principal, partner, officer and director
for the preceding ten (10) years;
(ii)A certified copy of any corporate articles and
bylaws, partnership agreements and other organizational
agreements reasonably required by the commissioner and if
previously incorporated, the corporate annual statements and
reports for the three (3) most recent years;
(iii)A statement of the amount and sources of the
funds available for organization expenses and the proposed
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(a) A mechanical breakdown insurance organization may file
with the commissioner an application for a certificate of
authority to transact mechanical breakdown insurance in this
state upon a form to be furnished by the department which shall
include the following:
(i) The names, addresses and all occupations of any
current and anticipated principal, partner, officer and director
for the preceding ten (10) years;
(ii) A certified copy of any corporate articles and
bylaws, partnership agreements and other organizational
agreements reasonably required by the commissioner and if
previously incorporated, the corporate annual statements and
reports for the three (3) most recent years;
(iii) A statement of the amount and sources of the
funds available for organization expenses and the proposed
arrangements for reimbursement and compensation of incorporators
or other persons;
(iv) A statement of compensation of current and
anticipated principals, partners, directors and officers;
(v) The forms to be used for any proposed contracts
between the organization and providers of mechanical breakdown
services and any corporations which perform administrative,
marketing or management services concerning the provision of
services to insureds;
(vi) The plan for conducting the insurance business,
including the following:
(A) The geographical area in which the business
is to be transacted in the first five (5) years;
(B) The types of insurance to be written in the
first five (5) years including whether and to what extent
repayment rather than service benefits are to be provided;
(C) The proposed marketing methods;
(D) Actuarial data or other similar statistical
data, documented and verified in the manner the department may
reasonably require, affirmatively demonstrating the anticipated
income and expenses in the first five (5) years including
without limitation, the projected expenditure for mechanical
breakdown services and projected source of funds for any
anticipated deficit;
(E) A complete statement concerning claims
procedures.
(vii) A current statement of the assets and
liabilities of the applicant;
(viii) Forms of all mechanical breakdown insurance
contracts the applicant proposes to offer specifying the rates
to be charged for each form of contract;
(ix) Any other documents or information the
department reasonably requires.
(b) A fee of two hundred fifty dollars ($250.00) shall
accompany the application filed under subsection (a) of this
section.
(c) The commissioner shall issue a certificate of
authority if he is satisfied that:
(i) All requirements of law are met;
(ii) All current and anticipated principals,
partners, incorporators, directors and principal officers are
trustworthy and competent and collectively have the competence
and experience to engage in the proposed insurance business; and
(iii) The business plan is consistent with the
interests of the potential insureds of the corporation and the
public.