§ 26-8-202 — Use of book-entry systems

Wyoming § 26-8-202

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 8: ADMINISTRATION OF ASSETS AND DEPOSITS

Text

(a) Notwithstanding any other provision of law, but
subject to W.S. 26-24-129, a domestic insurer may deposit or
arrange for the deposit of securities held in or purchased for
its general account and its separate accounts in a clearing
corporation. When securities are deposited with a clearing
corporation, certificates representing securities of the same
class of the same issuer may be merged and held in bulk in the
name of the nominee of the clearing corporation with any other
securities deposited with the clearing corporation by any
person, regardless of the ownership of the securities, and
certificates representing securities of small denominations may
be merged into one (1) or more certificates of larger
denominations. The records of any custodian through which an
insurer holds securities in a clearing corporation, shall at all
times show that the securities are held for the insurer and the
accounts in which they are held. Ownership of, and other
interests in, the securities may be transferred by bookkeeping
entry on the books of the clearing corporation without physical
delivery of certificates representing the securities.
(b) The commissioner is authorized to promulgate rules and
regulations governing the deposit by insurers of securities with
clearing corporations, including establishing standards for
national banks, state banks and trust companies to qualify as
custodians for insurance company securities.