Wyoming § 26-8-113 Duration and release of deposit

Wyoming Statutes

§ 26-8-113 — Duration and release of deposit

Wyoming § 26-8-113

Title 26Insurance Code

Ch. 8ADMINISTRATION OF ASSETS AND DEPOSITS

This text of Wyoming § 26-8-113 (Duration and release of deposit) 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.

Bluebook

Wyo. Stat. Ann. § 26-8-113 (2026).

Text

(a)Any deposit an insurer makes in this state pursuant to this code, including assets held in another state under custodial arrangements permitted by W.S. 26-8-105(b), shall be held as long as:

(i)There is outstanding any liability of the insurer as to which the deposit was so required; or

(ii)The basis of retaliation exists if the deposit was required under W.S. 26-3-130.

(b)Upon a domestic insurer's request, the commissioner shall return to the insurer the whole or any portion of its assets held on deposit if the commissioner is satisfied that the assets to be returned are not subject to liability and are not required to be longer held by any provision of law or purposes of the original deposit. If the insurer has reinsured all its outstanding risks in another insurer authorized to t

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(a) Any deposit an insurer makes in this state pursuant to
this code, including assets held in another state under
custodial arrangements permitted by W.S. 26-8-105(b), shall be
held as long as:
(i) There is outstanding any liability of the insurer
as to which the deposit was so required; or
(ii) The basis of retaliation exists if the deposit
was required under W.S. 26-3-130.
(b) Upon a domestic insurer's request, the commissioner
shall return to the insurer the whole or any portion of its
assets held on deposit if the commissioner is satisfied that the
assets to be returned are not subject to liability and are not
required to be longer held by any provision of law or purposes
of the original deposit. If the insurer has reinsured all its
outstanding risks in another insurer authorized to transact
insurance in this state, the commissioner shall deliver the
assets and securities to the insurer assuming the risks, upon
the domestic insurer's written notice that the assets have been
assigned and transferred to the reinsuring insurer. The notice
shall be accompanied by a verified copy of the assignment or
transfer.
(c) The commissioner shall return any deposit made in this
state by a foreign insurer, if that insurer ceases transacting
insurance in this state and is not subject to any liability in
this state for which the deposit was held.
(d) If the insurer is subject to delinquency proceedings
as defined in W.S. 26-28-101, upon the order of a court of
competent jurisdiction the commissioner shall yield the
insurer's assets held on deposit to the insurer's receiver,
conservator, rehabilitator or liquidator, or to any other
properly designated official who succeeds to the management and
control of the insurer's assets.
(e) No release of deposited assets shall be made except
upon application to and the written order of the commissioner.
The commissioner has no personal liability for any release of
any deposit or part thereof he makes in good faith.