044-2 Wyo. Code R. § 2-5

Current through April 27, 2019

Section 2-5 - License to Accept Funds, Application, Records, Annual Report, Investigation of Records

(a)

• (1) No contract seller or agent shall accept any funds without first securing from the commissioner a license to accept funds. Application for license shall be in writing, signed by the applicant and duly verified on forms furnished by the commissioner. Each application shall contain at least the following information:

• (2) The full name and address (both residence and place of business) of the applicant and every member, officer, and director thereof, if the applicant is a firm, partnership, association or corporation;

• (3) A detailed statement of the applicant's assets and liabilities.

(b) Upon receipt of application, the commissioner shall issue a license, unless he shall determine that the applicant has made false statements or representations in such application, or is insolvent, or is not fully authorized to transact business in the State of Wyoming, or has been convicted of fraud, or a crime involving misappropriation or misuse of funds; provided, that any applicant who was engaged in substantially the business described in this article on the effective date of this article may continue to do business, pending action by the commissioner, so long as an application has been filed pursuant to the provisions of the repealed regulation. Every license shall expire on March 31st of each year, but upon application and payment of the fee prescribed in this article may be renewed.

(c) The licensee shall keep accurate accounts, books, and records in this state of all transactions, copies of all contracts, dates and amounts of payments made and accepted thereon, the name and address of each contract buyer; the name of the decedent as to each contract, the name of the depository holding funds received under each contract, and shall make an annual report. Every application shall be accompanied by a fee of fifty dollars, and every annual report shall be accompanied by a fee often dollars.

(d)

• (1) The licensee shall make all books and records pertaining to depository funds available to the commissioner for examination. The commissioner, or a qualified person designated by him may from time to time, during ordinary business hours examine the books, records, and accounts of the licensee with respect to funds received by said licensee and for that purpose may require the attendance of and examine under oath all persons whose testimony he may require. Said examination shall be made in accordance with generally accepted insurance accounting standards.

• (2) The cost of the examination shall be borne by the licensee, according to the provisions of the Wyoming Insurance Code pertaining to the examination of insurers.

044-2 Wyo. Code R. § 2-5