020-7 Wyo. Code R. §§ 7-6 - Surety Bonds

Surety bonds shall comply with the following requirements:

(a) A corporate surety company shall not be considered good and sufficient for purposes of W.S. § 35-11-504 unless:

(i) The company is licensed to do business in the state;

(ii) The bond is made payable to the Department;

(iii) The estimated bond amount does not exceed the limit of risk as provided for in W.S. § 26-5-110, nor raise the total of all bonds held by the applicant under that surety above three times the limit of risk; and

(iv) The surety company agrees to the following:

(A) Not to cancel the bond, except as provided for in W.S. § 35-11-504 or where the Director gives prior written approval of a replacement bond or financial assurance;

(B) To be jointly and severally liable with the operator; and

(C) To provide immediate written notice to the Director and operator once it becomes unable or may become unable due to any action filed against it to fulfill its obligations under the bond.

(b) The provisions applicable to cancellation of the surety's license in W.S. § 35-11-504 shall also apply if for any other reason the surety becomes unable to fulfill its obligations under the bond. Failure to comply with this provision shall result in suspension of the permit. Upon such occurrence it is the operator's responsibility to provide a substitution of financial assurance.

Notes

020-7 Wyo. Code R. §§ 7-6

Amended, Eff. 9/27/2021.