Title 26 — Title 26 — Insurance Code

Short title. This chapter may be cited as the "Risk Retention Act".

Purpose. The purpose of this act is to regulate the formation and operation of risk retention groups in this state formed pursuant to the provisions of the federal Liability Risk Retention Act of 1986.

(a) Definitions. As used in this act: (i) "Commissioner" means the commissioner of insurance of this state or the commissioner, director or superintendent of insurance in any other state; (ii) "Completed operations liability" means liability arising out of the installation, maint…

"This act" means W.S. 26-36-101 through Risk retention groups chartered in this state. A risk retention group seeking to be chartered in this state must be chartered and licensed as a liability insurance company authorized by the insurance laws of this state and, except as provid…

state. Risk retention groups not chartered in this (a) Risk retention groups chartered in states other than this state and seeking to do business as a risk retention group in this state must observe and abide by the laws of this state. (b) Before offering insurance in this state,…

Compulsory associations. (a) No risk retention group shall be permitted to join or contribute financially to any insurance insolvency guaranty fund or similar mechanism in this state, nor shall any risk retention group or its insureds receive any benefit from any such fund for cl…

Repealed by Laws 2000, Ch. 19, § 2.

Purchasing groups; exemption from certain laws relating to the group purchase of insurance. Any purchasing group meeting the criteria established under the provisions of the federal Liability Risk Retention Act of 1986 shall be exempt from any law of this state relating to the cr…

Notice and registration requirements of purchasing groups. (a) A purchasing group which intends to do business in this state shall furnish notice to the commissioner which shall: (i) domiciled; Identify the state in which the group is (ii) Specify the lines and classifications of…

Restrictions on insurance purchased by purchasing groups. A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located unless the purchase is effect…

Administrative and procedural authority regarding risk retention groups and purchasing groups. The commissioner is authorized to make use of any of the powers established under the Insurance Code of this state to enforce the laws of this state so long as those powers are not spec…

Penalties. A risk retention group which violates any provision of this act will be subject to fines and penalties applicable to licensed insurers generally, including revocation of its license and the right to do business in this state.

Duty of agents or brokers to obtain license. Any person acting or offering to act as an agent or broker for a risk retention group or purchasing group which solicits members, sells insurance coverage, purchases coverage for its members located within the state or otherwise does b…

Binding effect of orders issued in United States district court. An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance or operating in any state or in all states or in any territory or possession of the Un…

Rules and regulations. The commissioner may establish and from time to time amend such rules relating to risk retention groups as may be necessary to implement the provisions of the act.

Registration fee. Each risk retention group or risk purchasing group seeking to do business in the state of Wyoming shall pay a registration fee of two hundred dollars ($200.00), which shall accompany the required registration application. Each risk retention group or risk purcha…