Wyoming § 26-6-305 "Insolvency" and "impairment" defined

Wyoming Statutes

§ 26-6-305 — "Insolvency" and "impairment" defined

Wyoming·Title 26 Insurance Code·Ch. 6 ASSETS AND LIABILITIES

(a)An insurer is insolvent if its total assets, as in this chapter provided, are less than its total liabilities, excluding as a liability, as to a stock insurer, the aggregate par value of its outstanding capital stock.

(b)An insurer is impaired if:

(i)As to a stock insurer, the sum of its assets is less than the sum of:

(A)Its liabilities;

(B)The aggregate par value of its outstanding capital stock; and

(C)The amount of surplus the insurer is required to maintain for the kinds of insurance transacted.

(ii)As to a mutual or reciprocal insurer, the sum of its assets is less than the sum of its liabilities and the amount of surplus the insurer is required to maintain for the kinds of insurance transacted. ARTICLE 4 PROPERTY AND CASUALTY ACTUARIAL OPINIONS

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(a) An insurer is insolvent if its total assets, as in
this chapter provided, are less than its total liabilities,
excluding as a liability, as to a stock insurer, the aggregate
par value of its outstanding capital stock.
(b) An insurer is impaired if:
(i) As to a stock insurer, the sum of its assets is
less than the sum of:
(A) Its liabilities;
(B) The aggregate par value of its outstanding
capital stock; and
(C) The amount of surplus the insurer is
required to maintain for the kinds of insurance transacted.
(ii) As to a mutual or reciprocal insurer, the sum of
its assets is less than the sum of its liabilities and the
amount of surplus the insurer is required to maintain for the
kinds of insurance transacted.
ARTICLE 4
PROPERTY AND CASUALTY ACTUARIAL OPINIONS