018-7 Wyo. Code R. § 7-4
The group policy obtained by the Commission shall provide to each individual licensee, at a minimum, the following terms of coverage:
(a) Not less than one hundred thousand dollars single-limit liability coverage for each licensee per occurrence or claim made, not including costs for investigation or defense;
(b) An annual aggregate limit of not less than five hundred thousand dollars per licensee;
(c) A deductible amount for each occurrence of not more than one thousand dollars for single-limit liability coverage and one thousand dollars maximum additional deductible for defense and investigation;
(d) An extended reporting provision of ninety days and an option to purchase an additional three years extended reporting provision for a premium not to exceed two hundred percent of the premium charged for the last year of the terminating coverage;
(e) Coverage under this section for covered acts in any state, United States territory, or Canada in which a covered individual, domiciled in Wyoming, holds a license;
(f) A conformity endorsement allowing a Wyoming resident licensee to meet the errors and omissions insurance requirement for an active license in another group mandated state without the need to purchase separate coverage in that state;
(g) Stacking of benefits;
(h) Proration of premiums for coverage that is purchased during the course of a calendar year but with no provision for refunds of unearned premiums;
(j) The ability of a licensee, upon payment of an additional premium, to obtain higher or excess coverage or to purchase additional coverages from the group carrier as may be determined by the carrier;
(k) The coverage is individual and license-specific and will cover the licensee regardless of changes in employing Responsible Broker; and
(l) Prior acts coverage shall be offered to licensees with continuous past coverage.
018-7 Wyo. Code R. § 7-4
Amended, Eff. 5/12/2015.
Amended, Eff. 4/16/2018.