Wyoming Administrative Code
Agency 044 - Insurance Dept
Sub-Agency 0002 - General Agency, Board or Commission Rules
Chapter 46 - REGULATION GOVERNING PREMIUM TRUST ACCOUNTS
Section 46-3 - Establishment of Trust Account

Universal Citation: WY Code of Rules 46-3

Current through September 21, 2024

(a) The trust account shall be:

(i) Established and maintained in a qualified financial institution located within Wyoming;

(ii) Separate and distinct from the licensee's operating and personal accounts; and

(iii) Shall have a separate account number, a separate check register, and different checks. The checks, check register and bank records for the account shall be clearly identified with the wording "Premium Trust Account."

(b) The licensee may establish the trust account with an initial deposit of the licensee's own funds only if such deposit is required to open the account, or to avoid bank charges or fees for maintaining the account. The deposit of the licensee's own funds shall not exceed the amount required to open the account or to avoid bank charges or fees.

(c) Upon the first deposit of any premiums or return premiums to the account, the licensee shall:

(i) Immediately withdraw all of the funds described in subsection (b); or

(ii) Maintain all funds described in subsection (b) within the account and separately account for those funds in the licensee's books and records.

(d) No bank charges or fees shall be paid from funds deposited in the trust account. Such charges or fees shall be paid from the licensee's own funds. If the qualified financial institution deducts any bank charges or fees from the trust account balance, the licensee shall reimburse the trust account those amounts within ten (10) business days following receipt of written notice of the deduction.

Disclaimer: These regulations may not be the most recent version. Wyoming may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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