2015 Wyoming Code
SECTION 26-26-112. - Bylaws; contents.

WY Stat § 26-26-112. (2015) What's This?

26-26-112. Bylaws; contents.

(a) The bylaws of a farm mutual insurer shall specify:

(i) The liability of each member for payment of the insurer's expenses and losses and what obligation shall be given therefor with the application for insurance;

(ii) The time when obligations of members for losses and expenses are due;

(iii) The limitation of liability of members for payment of the insurer's expenses and losses;

(iv) The terms of office, not to exceed three (3) years, of the directors, at least part of whom shall be elected at each annual meeting of members;

(v) The date and place of the annual meeting of the members, at which vacancies existing or occurring on the board of directors are to be filled by election by the members;

(vi) That each member is permitted to cast at least one (1) vote, either in person or, if authorized by the bylaws, by proxy upon each matter coming to a vote and for each director to be elected;

(vii) How directors are to be elected in case no election occurs at the annual meeting, or in case of the resignation, disability or death of a director;

(viii) The manner and time of giving notice of annual and special meetings of members.

(b) The bylaws may provide:

(i) The character of property to be insured, and under what restrictions and limitations, within the categories and limits allowable under this chapter;

(ii) Restrictions and limitations as to membership;

(iii) The powers, duties and obligations of the members other than as to obligations specified under paragraph (a)(i) of this section;

(iv) For a designation of the counties of this state within which the insurer shall operate;

(v) The manner of making and collecting assessments;

(vi) The manner of the suspension and expulsion of members;

(vii) The form of both application and policy;

(viii) The manner of making proof, adjustment and payment of losses;

(ix) Who is authorized to adjust losses for the insurer;

(x) For arbitration as provided in W.S. 26-26-126, if the insurer's adjuster and any claimant cannot agree as to the amount of any insured damage or loss;

(xi) The duties and compensation of the officers, and the bonds to be required of them;

(xii) The books and records to be kept by the insurer, reports required of officers and the manner of examining and auditing their accounts;

(xiii) For the design of the corporate seal, and when the seal is required to be used;

(xiv) Any other lawful matters deemed necessary or convenient for the management of the insurer's affairs.

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