Wyoming Administrative Code
Agency 044 - Insurance Dept
Sub-Agency 0002 - General Agency, Board or Commission Rules
Chapter 52 - CREDIT LIFE AND DISABILITY INSURANCE
Section 52-8 - Prohibited Transactions
Current through September 21, 2024
The following practices, when engaged in by insurers or agents in connection with the sale or placement of credit life, disability insurance, or as an inducement thereto, shall be considered to constitute "unfair methods of competition" and "unfair trade practices" within the meaning of W.S. 26-13-101 et seq. and are prohibited:
(a) The offer or grant by an insurer to a creditor of any special favor or advantage not set out in the insurance contract other than the payment of agents' commissions.
(b) Agreement by an insurer to deposit with a bank or financial institution money or securities of the insurer with the design or intent that the same offset or take the place of a deposit of money or securities which otherwise would be required of the creditor by such bank or financial institution as a compensating balance or offsetting deposit for a loan or other advancement.
(c) Deposit by an insurer of money or securities without interest or a lesser rate of interest than is currently being paid other depositors with a creditor bank or financial institution. This prohibition shall not be construed to prohibit the maintenance by an insurer of such demand deposits as are reasonably necessary for use in the ordinary course of business of the insurer.
(d) Premiums received by a creditor or agent must be paid to the insurer within forty-five (45) days of the end of the month in which they are received.
