Title 26 Insurance Code

26-31-103. Definitions.

(a) As used in this chapter: (i) "Association" means the Wyoming Insurance Guaranty Association created under W.S. 26-31-104; (ii) "Covered claim" means an unpaid claim which arises out of and is within the coverage and does not exceed the applicable limits of an insurance policy to which this chapter applies issued by an insurer, if the insurer is an insolvent insurer and the claimant or insured is a resident of this state at the time of the insured event or the property from which the claim arises is permanently located in this state, but "covered claim" does not include: (A) Any amount due any reinsurer, insurer, insurance pool or underwriting association as subrogation recoveries or otherwise; (B) Repealed by Laws 1990, ch. 96, § 3. (C) Any amount exceeding the applicable limits of liability provided by an insurance policy to which this chapter applies; (D) Supplementary payment obligations, including but not limited to adjustment fees and expenses, attorney fees and expenses, court costs, interest and bond premiums; (E) Any amount awarded as punitive or exemplary damages, unless those damages are specifically named as covered risks in the policy under which coverage is provided; or (F) Any amount claimed for incurred but not reported damages. (iii) "Insolvent insurer" means an insurer: (A) Licensed to transact insurance in this state either at the time the policy is issued or when the insured event occurs; (B) Against which a final order of liquidation, with a finding of insolvency, is entered by a court of competent jurisdiction in the insurer's state of domicile and; (C) With respect to which no order, decree or finding relating to the insurer's solvency, has been issued by a court of competent jurisdiction or by the insurance commissioner, prior to February 27, 1971. (iv) "Member insurer" means any person who: (A) Writes any kind of insurance to which this chapter applies, including the exchange of reciprocal or interinsurance contracts; and (B) Is licensed to transact insurance in this state. (v) "Net direct written premiums" means direct gross premiums written in this state on insurance policies to which this chapter applies, less return premiums thereon and dividends paid or credited to policyholders on that direct business but does not include premiums on contracts between insurers or reinsurers; (vi) "Person" means any individual, corporation, partnership, association or voluntary organization.