Wyoming Administrative Code
Agency 044 - Insurance Dept
Sub-Agency 0002 - General Agency, Board or Commission Rules
Chapter 21 - Rules Governing Advertisements of Accident and Sickness Insurance
Section 21-7 - Necessity for Disclosing Policy Provisions Relating to Renewability, Cancellability, and Termination
Current through September 21, 2024
(a) An advertisement that is an invitation to contract shall disclose provisions relating to renewability, cancellability, and termination and any modification of benefits, losses covered, or premiums because of age or for other reasons, in a manner which shall not minimize or render obscure the qualifying conditions.
(b) Advertisements of non-renewable accident and sickness insurance policies shall state renewability of the contract at the company's option in language substantially similar to the following: "This policy is renewable at the option of the company," or "The company has the right to refuse renewal of this policy," or "Renewable at the option of the insurer."
(c) Advertisements of insurance policies that are guaranteed renewable, or renewable at the option of the company, shall disclose that the insurer has the right to increase premium rates if the policy so states.
(d) Qualifying conditions constituting limitations on the permanent nature of coverage shall be disclosed in advertisements of policies which are guaranteed renewable, or renewable at the option of the company. Examples of qualifying conditions include (1) age limits, (2) reservation of a right to increase premiums, and (3) establishment of lifetime maximum limits.
