Exams / Wyoming Property and Casualty Insurance License / Wyo. Stat. §26-33-105
Wyo. Stat. §26-33-105 — what it says, and how the exam tests it
This section is cited by 2 of our practice questions and is tested on the Wyoming Property and Casualty Insurance License.
The text
26-33-105. Medical liability compensation account. (a) There is created a medical liability compensation account, the monies of which shall be collected by the commissioner for exclusive use for the purposes stated in this chapter. The account and any investment income from it shall be held in trust and invested and reinvested by the state treasurer pursuant to W.S. 9-4-715(a), (d) and (e). (b) The commissioner may use account monies to purchase insurance for the account and its obligations. The commissioner shall be notified of a suit within thirty (30) days from the date the suit is filed. The commissioner may participate in a physician's defense if any claim is sufficient to be a potential liability against the account. Reasonable legal expenses the board approves and the commissioner incurs in defense against any malpractice claim are payable out of the account. (c) To create the account, all physicians qualified under W.S. 26-33-102, practicing in Wyoming and who elect to participate, shall pay an annual surcharge. The commissioner shall determine the surcharge based upon sound actuarial principles using data obtained from Wyoming experience. The surcharge shall not exceed one hundred fifty percent (150%) of the cost to each physician for a basic fifty thousand dollar ($50,000.00) malpractice insurance premium and shall be collected on the same basis as premiums by each insurer from the physician. (d) The surcharge is due and payable within thirty (30) days after the insurer receives the premiums for malpractice liability insurance from the practicing physician in Wyoming. The commissioner shall send to each insurer a statement explaining the provisions of this section together with any other information necessary for their compliance with this section. (e) If the insurer collects the annual premium surcharge but does not pay it to the state within the stated time limit, the commissioner may suspend the insurer's certificate of authority until the annual premium surcharge is paid. (f) All expenses of collecting, protecting and administering the account or related to the purchase of insurance for the account shall be paid from the account. The commissioner may employ financial, administrative or legal consultants to assist in the account management. (g) If the account balance exceeds four million dollars ($4,000,000.00) at the end of any calendar year…
Public record. Read the full, current section at the official source: wyoleg.gov
How it comes up on the exam
Practice questions written from this section — answers and explanations are in the drill.
- Under Wyoming's medical liability compensation account statute, the commissioner must be notified of a lawsuit within how many days from the date the suit is filed?
drill Wyoming Statutes and Rules Common to Property and Casualty Insurance → - Under Wyoming law, what happens if the medical liability compensation account balance exceeds four million dollars at the end of any calendar year after payment of all claims and expenses?
drill Wyoming Statutes and Rules Common to Property and Casualty Insurance →