044-46 Wyo. Code R. §§ 46-4 - Deposit of Funds

(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.

Notes

044-46 Wyo. Code R. §§ 46-4

Amended, Eff. 7/13/2017.