Wyoming Administrative Code
Agency 044 - Insurance Dept
Sub-Agency 0002 - General Agency, Board or Commission Rules
Chapter 46 - REGULATION GOVERNING PREMIUM TRUST ACCOUNTS
Section 46-4 - Deposit of Funds
Universal Citation: WY Code of Rules 46-4
Current through September 21, 2024
(a) Upon receipt of premium or return premium, licensee shall either:
(i) Remit
such funds to the appropriate payee;
(ii) Credit such funds to the account of the
appropriate payee; or
(iii) Deposit
such funds in the licensee's trust account by the close of the fifth (5th)
business day following their receipt.
(b) Subsequent transmittals of premiums and return premiums shall be made in accordance with the following:
(i) All premiums received, less commissions
if authorized, shall be remitted to the insurer or its entitled agent on or
before the contractual due date or within forty-five (45) days after receipt,
if there is no contractual due date.
(ii) All return premiums shall be paid to the
insured or credited to the insured's account by the close of the fifth (5th)
business day following receipt of the funds.
(iii) If the return premium is reflected as a
credit on the licensee's billing statement, the licensee shall pay the return
premium or credit the insured's account by the close of the fifth (5th)
business day subsequent to payment of the statement or the due date of the
statement, whichever is sooner.
(iv) If the return premium is to be credited
to the insured's account, the credit must be shown and applied to the next
billing statement sent to the insured.
(A) If
the credit results in a credit balance on the insured's account, the credit
shall be returned by the close of the fifth (5th) business day following the
billing statement unless the licensee receives written authorization from the
insured to retain the credit balance and other developed credit balances for a
period of no more than twelve (12) months from the date of authorization. Such
authorization must contain a notification to the insured that he has the right
to withdraw the authorization in writing and that the return premium will be
refunded within fifteen (15) days of the authorization withdrawal. A copy of
the authorization shall be maintained in the licensee's file and a copy shall
be given to the insured at the time that the authorization is obtained. If
authorization is obtained, the licensee shall send monthly written notification
to the insured which clearly reflects a credit owed to the insured.
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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