2014 Wyoming Statutes
TITLE 26 - INSURANCE CODE
CHAPTER 24 - ORGANIZATION AND CORPORATE PROCEDURES OF LEGALRESERVE STOCK AND MUTUAL INSURERS
26-24-132. Participating policies.
26-24-132. Participating policies.
(a) If provided for in its articles of incorporation or charter, a stock insurer or mutual insurer may:
(i) Issue any of its policies or contracts with or without participation in profits, savings, unabsorbed portions of premiums or surplus;
(ii) Classify policies issued and risks insured on a participating and nonparticipating basis; and
(iii) Subject to W.S. 26-16-503, determine the right to participate and the extent of participation of any classes of policies. Any such classification or determination shall be reasonable.
(b) A life insurer may issue both participating and nonparticipating policies or contracts only if the right or absence of right to participate is reasonably related to the premium charged.
(c) After the third policy year, no dividend, otherwise earned, is contingent upon the payment of renewal premium on any policy or contract.
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