Section 26-7-115 - Prohibited Investments; Securities Underwriting Prohibited.

WY Stat § 26-7-115 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

26-7-115. Prohibited investments; securities underwriting prohibited.

(a) In addition to investments excluded pursuant to other provisions of this code, an insurer shall not invest in or lend its funds upon the security of:

(i) Issued shares of its own capital stock, except for the purpose of mutualization under W.S. 26-24-143;

(ii) Securities issued by any corporation or enterprise the controlling interest of which is or after the insurer's acquisition will be held by the insurer or any combination of the insurer and the insurer's directors, officers, parent corporation, subsidiaries or controlling stockholders and the spouses and children of any of them. Investments in controlled insurance corporations or subsidiaries under W.S. 26-7-107(a)(vi), (vii) or (xiv) are not subject to this provision;

(iii) Any note or other evidence of indebtedness of any director, officer, employee or controlling stockholder of the insurer or of the spouse or child of any of them, except as to policy loans authorized under W.S. 26-7-108.

(b) No insurer shall underwrite or participate in the underwriting of an offering of securities or property by any other person.

Previous Section

Section 26-7-114 - Disposal of Ineligible Investments; Failure to Dispose; Disposal of Ineligible Investments Unlawfully Acquired.

Next Section

Section 26-7-116 - Investments of Foreign Insurers.