2012 Wyoming Statutes
TITLE 26 - INSURANCE CODE
CHAPTER 11 - SURPLUS LINES AND INSURANCE IN UNAUTHORIZED INSURERS
26-11-108. Certificate as evidence of surplus line insurance.

(a) Upon placing a surplus line coverage, the broker shall promptly issue and deliver to the insured evidence of the insurance consisting either of the policy as issued by the insurer, or, if the policy is not then available, the surplus line broker's certificate. The certificate shall be executed by the broker and shall show the description and location of the subject of the insurance, coverage, conditions and term of the insurance, the premium and rate charged, taxes collected from the insured and the name and address of the insured and insurer. If more than one (1) insurer assumes the direct risk, the certificate shall state the name and address of each insurer and the proportion of the entire direct risk each assumes.

(b) No broker shall issue any certificate or any cover note or purport to insure or represent that insurance will be or has been granted by any unauthorized insurer, unless he has:

(i) The insurer's prior written authority for the insurance;

(ii) Received information from the insurer in the regular course of business that the insurance has been granted; or

(iii) Received an insurance policy specifying the insurer has actually issued the insurance and delivered it to the insured.

(c) If after the issuance and delivery of any certificate there is any change as to the insurer's identity, or the proportion of the direct risk an insurer assumes as stated in the broker's original certificate, or in any other material respect as to the insurance evidenced by the certificate, the broker shall promptly issue and deliver to the insured a substitute certificate accurately showing the current status of the coverage and the insurers responsible thereunder.

(d) If a policy issued by the insurer is not available upon placement of the insurance and the broker has issued and delivered his certificate as provided in this section, upon the insured's request therefor, the broker, as soon as reasonably possible, shall procure from the insurer its policy evidencing the insurance and deliver the policy to the insured in replacement of the broker's certificate.

(e) Any surplus line broker who knowingly or negligently issues a false certificate of insurance, or who fails promptly to notify the insured of any material change with respect to the insurance by delivery to the insured of a substitute certificate as provided in subsection (c) of this section, upon conviction, is subject to the penalty provided by W.S. 26-1-107 or to any greater applicable penalty otherwise provided by law.