Title 26 — Title 26 — Insurance Code

(a) Definitions. As used in this article: (i) "Actuary" means a person who is a member in good standing of the American Academy of Actuaries; (ii) "Managing general agent" means any person, firm, association or corporation that: (A) Acts as an agent or broker for an insurer wheth…

License required. (a) No person shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless the person is a licensed agent or broker in this state. (b) No person shall act in the capacity of a mana…

Required contract provisions. (a) No person acting in the capacity of a managing general agent shall place business with an insurer unless there is in force a written contract between the parties which: (i) Sets forth the responsibilities of each party; (ii) Where both parties sh…

Duties of insurer. (a) The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each managing general agent with which it has done business. (b) If a managing general agent establishes loss reserves, the insurer shall, in a…

Examination authority. The acts of the managing general agent shall be considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer.

Penalties and liabilities. (a) If the commissioner finds after a hearing conducted in accordance with W.S. 26-2-125 that any person has violated any provision of this article, the commissioner may order: (i) For each separate violation, a civil penalty not to exceed five thousand…

Rules and regulations. The commissioner may adopt reasonable rules and regulations for the implementation and administration of this article.