§ 26-9-226 — "Controlled business" restrictions

Wyoming § 26-9-226

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 9: AGENCIES AND ADJUSTERS

Text

(a) The commissioner shall not grant, renew, continue or
permit to exist any license as an insurance producer if he finds
that the license has been or is being used principally for the
purpose of writing "controlled business" as follows:
(i) Insurance on his own interests or those of his
family or of his employer; or
(ii) Insurance or annuity contracts covering himself
or members of his family, or the officers, directors,
stockholders, partners or employees of a partnership,
association or corporation of which he or a member of his family
is an officer, director, stockholder, partner, associate or
employee.
(b) A license is deemed to have been or intended to be
used principally for the purpose of writing controlled business
if the commissioner finds that during any twelve (12) month
period the aggregate commissions earned from controlled business
as specified in this section have exceeded or probably will
exceed the aggregate commissions to be earned on other business
written by an applicant or licensee during the same period.
(c) If commissions on controlled business transacted by an
insurance producer payable in one (1) calendar year exceed the
commissions on other insurance business transacted by the
licensee and payable in the same year, the receipt of the excess
commissions is an unlawful rebate.
(d) This section does not apply to:
(i) Insurance of the interest of:
(A) A motor vehicle sales or financing agency in
a motor vehicle it sells or finances;
(B) A real property mortgagee in the mortgaged
property.
(ii) Credit life insurance and credit disability
insurance.