Wyoming Life Insurance-Related Bills in Effect

The Wyoming Trust Association is committed to working collaboratively with our state legislature and legal community to ensure the state’s position as a premier, robust trust jurisdiction.

On January 1, 2021, Senate File 0071 went into effect; this bill reduces Wyoming’s premium tax on life insurance premiums over $100K to 0.075% (previously 0.75%). This tax rate reduction increases the attractiveness of Wyoming as a situs for underwriting private placement life insurance (“PPLI”), as it is among the lowest in the country. The chart below compares leading insurance planning jurisdictions.

Further increasing Wyoming’s appeal is House Bill 0235, which extends the timeframe that insurers have to pay out death benefits on PPLI policies beyond 45 days for qualifying assets. This bill gives the PPLI issuer, with policyholder consent, flexibility in time and payout options for the payment of death benefits under PPLI.