(a) As used in this Chapter: - (i) "Annuity" is defined in W.S. 26-1-102, and includes any insurance or endowment policy or annuity contract under which an insurance company promises to pay money either in a lump sum or periodically for life or for some other specified period.
- (ii) "Appropriate banking regulatory authority" means
- (A) as to a federally-chartered depository institution, the appropriate Federal banking agency as defined in 12 U.S.C. 1813(q);
- (B) as to an out-of-state bank, the State banking supervisor, as defined in 12 U.S.C. 1813(r); or
- (C) as to banks, the Commissioner.
- (iii) "Bank-related sale of insurance" means and includes the sale of insurance or annuities by a covered agent occurring on or from bank premises, or any sale solicited on or from bank premises, or any sale resulting from referral of a bank customer for which the bank or a bank employee receives a benefit or compensation;
- (iv) "Bank-related sale of securities" means and includes the sale of any security directly by a bank employee, or by a dual employee, occurring on bank premises, or any sale solicited by mail from bank premises, or any sale resulting from referral of a bank customer for which the bank or a bank employee receives a benefit or compensation;
- (v) "Bank insurance agent" means a bank employee who is a properly licensed agent qualified to sell insurance in Wyoming and who sells insurance or annuities on or from bank premises on behalf of a bank serving as an insurance agent.
- (vi) "Broker" means a person or entity registered, licensed and qualified under the laws of the United States and of the State of Wyoming, and the regulations of the appropriate federal and state regulatory agencies, to act as a broker or a broker-dealer in the purchase and sale of securities;
- (vii) "Brokerage service" means providing investment advice and executing customer purchase and sale orders for securities, without recourse, solely upon the order of the customer and for the customers account;
- (viii) "Contract agent" means a person properly licensed and qualified to sell insurance and annuities in Wyoming that has entered into an agreement with a bank to sell insurance and/or annuities to bank customers on or from bank premises.
- (ix) "Covered agent" means a bank serving as an insurance agent, a bank insurance agent, a shared employee or a contract agent.
- (x) "Dual employee" means a person who engages in activities or performs services for customers for both a bank and a broker;
- (xi) "Insurance" is defined in W.S. W.S. W.S. 26-1-102.
- (xii) "Insurance Agent" means a person registered, licensed and qualified under the Wyoming Insurance Code, and the regulations of the appropriate state regulatory agencies, to act as an agent in the sale of insurance and/or annuities;
- (xiii) "Insurance laws" means the Wyoming Insurance Code, the Rules and Regulations of the Insurance Commissioner, and all other applicable state and federal laws, rules and regulations.
- (xiv) "Insurer" is defined in W.S. W.S. W.S. 26-1-102 and includes a provider or other underwriter of insurance and/or annuities and excludes bank insurance agents.
- (xv) "Insurance Commissioner" means the insurance commissioner appointed pursuant to W.S. W.S. 26-2-102(b) to serve as the chief officer of the state department of insurance, as created and existing under W.S. W.S. W.S. 26-2-101.
- (xvi) "Rules of Fair Practice" means the Rules of Fair Practice of the National Association of Securities Dealers, Inc.
- (xvii) "Securities" means and includes any mutual fund or other debt or equity instrument qualified for issuance and sale under the securities laws of the United States and the State of Wyoming, and authorized for purchase and sale for customer accounts by the appropriate banking regulatory authority.
- (xviii) "Shared employee" means a bank employee who is also an insurance agent engaged by a contract agent to make bank-related sales of insurance to bank customers.
021-14 Wyo. Code R. § 14-2