Wyoming Administrative Code
Agency 044 - Insurance Dept
Sub-Agency 0002 - General Agency, Board or Commission Rules
Chapter 52 - CREDIT LIFE AND DISABILITY INSURANCE
Section 52-6 - Rates
Current through September 21, 2024
Notwithstanding Section 5 of these rules, the following rates for credit life and credit disability insurance will be deemed to be acceptable without the submission of substantiating data:
(a) For decreasing term credit life insurance where the debt is repayable in substantially equal monthly installments, a single premium of $. 50 per year, per $100.00 of initial indebtedness.
(b) For decreasing term credit life insurance, on two lives, on a single indebtedness, repayable in substantially equal monthly installments, a single premium of $.80 per year, per $100.00 of initial indebtedness.
(c) For credit life insurance based upon the outstanding balance, a monthly premium of $.77 per $1,000.00 of the outstanding balance of indebtedness.
(d) For level term single premium credit life insurance, a premium of $.90, per $100.00 of the amount of insured indebtedness.
(e) Any insurer which owns, or controls, or is owned or controlled by a creditor shall be exempt from the provisions of Section 5 of these rules only if its rates are not greater than $.45 for decreasing term life; $.73 for joint life; $.69 for monthly outstanding balance and $.81 for level term.
(f) For accidental death and dismemberment insurance, a single premium of $.05 per year per $100.00 of initial insured indebtedness.
(g) For credit disability insurance, if premiums are paid for the entire duration of the indebtedness:
|
Non-Retroactive Benefits |
Retroactive Benefits |
||||
|
14-Day |
30-Day |
7-Day |
14-Day |
30-Day |
|
|
12 |
$1.40 |
$.80 |
$3.00 |
$2.20 |
$1.70 |
|
24 |
2.20 |
1.60 |
4.00 |
3.00 |
2.50 |
|
36 |
3.00 |
2.40 |
5.00 |
3.80 |
3.30 |
|
48 |
3.50 |
2.90 |
5.70 |
4.30 |
3.80 |
|
60 |
3.90 |
3.30 |
6.30 |
4.70 |
4.20 |
|
72 |
4.30 |
3.70 |
6.90 |
5.10 |
4.60 |
|
84 |
4.70 |
4.10 |
7.50 |
5.50 |
5.00 |
|
96 |
5.10 |
4.50 |
8.10 |
5.90 |
5.40 |
|
108 |
5.50 |
4.90 |
8.70 |
6.30 |
5.80 |
|
120 |
5.90 |
5.30 |
9.30 |
6.70 |
6.20 |
Premiums payable on other than a single premium basis, or for indebtedness of monthly durations not shown above, or for benefits on a basis different from those illustrated above, shall be actuarially consistent with the above rates. The above rates are premised upon a pre-existing condition exclusion in the policy not to exceed twelve (12) months.
(h) An insurer which owns or controls, or is owned or controlled by, a creditor, shall be exempt from the provisions of Section 5 of these rules only if its rates for credit disability coverages are at least ten (10) percent lower than those otherwise permitted by subsection f.
(i) For the purposes of this section, "control" means the possession, direct or indirect, of the power to direct or cause the direction of the management or the policies of an insurer or creditor whether through ownership or voting securities, by contract or otherwise. Control shall be rebuttably presumed for purposes of stock ownership if ten (10) percent or more of the voting securities of an insurer are constructively owned by a creditor or vice versa. All rate filings shall certify the status of the insurer in respect to its creditor affiliations.
