Title 26, Title 26 — Insurance Code

General qualifications for authority to transact business. (a) To transact insurance in this state an insurer shall be in compliance with this code, and its charter powers and shall be an incorporated stock insurer, an incorporated mutual insurer or a reciprocal insurer of the sa…

Insurers not qualified to transact business in state; credit and investigation reports. (a) No foreign insurer owned or controlled in any manner or degree by any government or governmental agency shall be authorized to transact insurance in Wyoming. Membership in a mutual insurer…

Qualification of new foreign insurers. (a) No foreign insurer is authorized to transact insurance in Wyoming if that insurer has not been issuing its own policies as an authorized insurer for at least two (2) years, unless the insurer is otherwise qualified for a certificate of a…

Conflict of names prohibited. (a) No insurer shall be formed or authorized to transact insurance in this state if that insurer has or uses a name which: (i) Is the same as or deceptively similar to that of another insurer already authorized; (ii) In the case of a life insurer is …

Insurer may be authorized to transact combination of kinds of insurance; exceptions. (a) A qualified insurer may be authorized to transact one (1) or more kinds of insurance as defined in chapter 5 of this code, except: (i) A life insurer may grant annuities and may be authorized…

Capital and surplus requirements. (a) To qualify for authority to transact any kind of insurance as defined in chapter 5 or combination of kinds of insurance as specified in this subsection, a foreign insurer, or a domestic stock insurer applying for its certificate of authority,…

Delayed compliance with capital and surplus requirements. (a) A domestic or foreign insurer holding a valid certificate of authority to transact insurance in this state as of April 1, 1985, may continue to transact the kinds of insurance permitted by the certificate of authority …

Additional kinds of insurance authorized for certain insurers. (a) Without additional capital or additional surplus, an authorized insurer is also authorized: (i) If a life insurer, to grant annuities; (ii) If a disability insurer, to insure against congenital defects as defined …

Deposit required of insurers. (a) The commissioner shall not authorize an insurer to transact insurance in this state unless it makes and thereafter continuously maintains in trust in this state through the commissioner, or in another state as provided in subsection (b) of this s…

Certificate of authority; application; contents of application. (a) An insurer shall apply to the commissioner for a certificate of authority, stating under oath of the president, or vice-president or other chief officer and the secretary of the insurer, or of the attorney-in-fac…

Certificate of authority; issuance; contents; delivery. (a) If the commissioner finds that the insurer meets the certificate requirements under this code, he shall issue to the insurer a proper certificate of authority. If he finds the insurer does not meet the certificate requir…

Certificate of authority; continuation; expiration; reinstatement. (a) A certificate of authority issued under this code continues in force until suspended or revoked by the commissioner or terminated at the insurer's request, subject to continuance by the insurer each year by: (…

Suspension, revocation of certificate of authority; mandatory grounds; hearing required. (a) The commissioner shall refuse to continue or shall suspend or revoke an insurer's certificate of authority if: (i) That action is required by any provision of this code; (ii) A foreign in…

Suspension and revocation of certificate of authority; discretionary and special grounds. (a) The commissioner may refuse to continue or may suspend or revoke an insurer's certificate of authority if he finds after a hearing that the insurer has: (i) Violated or failed to comply …

Suspension and revocation of certificate of authority; order and notice of suspension. (a) All suspensions or revocations of or refusals to continue an insurer's certificate of authority shall be by the commissioner's order given to the insurer. (b) Upon issuance of an order, the…

Suspension, revocation of certification of authority; duration of suspension; reinstatement. (a) Suspension of an insurer's certificate of authority shall be for the period the commissioner specifies in the order of suspension, but not to exceed one (1) year. During the suspensio…

General corporation laws not applicable to authorized foreign insurers. The general corporation laws of this state do not apply to foreign insurers holding certificates of authority to transact insurance in this state.

Property insurance under 1 additional title authorized. (a) A property insurer or multiple line insurer authorized to transact insurance in Wyoming may issue property insurance policies under its own name or under one (1) additional "title" registered with the commissioner. (b) U…

Service of process; commissioner as agent for service. (a) Before the commissioner issues a certificate of authority to any foreign, alien or domestic reciprocal insurer, each insurer shall appoint the commissioner, and his successors in office, as its attorney to receive service…

Service of process; service generally. (a) Service of process against an insurer for whom the commissioner is attorney shall be made by delivering to and leaving with the commissioner, his deputy or a person in apparent charge of his office during the commissioner's absence, two …

Annual and quarterly statement; required; form; verification; failure to file. (a) Each authorized insurer, annually, on or before March 1, or within any extended time the commissioner grants, not to exceed thirty (30) days, shall file with the commissioner a full and true statem…

Annual statement; reporting of claims against health care providers; confidentiality; abstract of statistics. (a) At the discretion of the commissioner and after notice provided under subsection (d) of this section, any insurer writing coverage for health care malpractice in this…

Annual statement; mandatory reporting of claims against governmental entity. (a) On or before March 15 of each year, each insurer providing insurance to a governmental entity, as defined in W.S. 1-39-103(a)(i), shall file with the commissioner of insurance a report of the claims …

Annual statement; correction and publication of statements. (a) As soon as reasonably possible after the insurer files its annual statement with the commissioner, the commissioner shall review the statement and require correction of any errors or omissions. (b) After any correcti…

Retaliatory provisions against other states and countries. (a) The commissioner shall impose upon any insurer, or upon the agent or representative of that insurer of any other state or any foreign country doing business in Wyoming the same taxes, licenses and other fees, in the a…

Disclosure of loss information; penalties. (a) Any insurer writing property or casualty insurance in this state as defined in W.S. 26-5-104 and 26-5-106, shall provide the following information to the named insured within thirty (30) days of receipt of the insured's written reque…

Commissioner's authority. (a) For the purposes of making a determination of an insurer's financial condition under this code, the commissioner may: (i) Disregard any credit or amount receivable resulting from transactions with a reinsurer which is insolvent, impaired or otherwise…

Judicial review. Any order or decision of the commissioner pursuant to this title shall be subject to review in accordance with the Wyoming Administrative Procedure Act, W.S. 16-3-101 through 16-3-115, at the instance of any party to the proceedings whose interests are substantia…

Short title. This article is known and may be cited as the "Insurance Regulatory Information System Act".

Immunity. Members of the National Association of Insurance Commissioners, their duly authorized committees, subcommittees, and task forces, their delegates, National Association of Insurance Commissioners employees, and all others charged with the responsibility of collecting, re…

Confidentiality. All financial analysis ratios and examination synopsis concerning insurance companies that are submitted to the department by the National Association of Insurance Commissioners' Insurance Regulatory Information System are confidential and shall not be disclosed …

Filing requirements; penalty. (a) Each domestic, foreign or alien insurer authorized to transact insurance in this state shall annually on or before March 1, file with the National Association of Insurance Commissioners a copy of its annual statement convention blank along with s…

Scope of article. (a) Every insurer as defined by W.S. 26-1-102(a)(xvi) shall be subject to this article. Insurers having direct premiums written in this state of less than one million dollars ($1,000,000.00) in any calendar year and less than one thousand (1,000) policyholders o…

Definitions. (a) As used in this article: (i) "Accountant" or "independent certified public accountant" means an independent certified public accountant or accounting firm in good standing with the American Institute of Certified Public Accountants and in all states in which they…

General requirements related to filing and extensions for filing of annual audited financial reports; audit committee appointment. (a) All insurers shall have an annual audit by an independent certified public accountant and shall file an audited financial report with the commiss…

Contents of annual audited financial report. (a) The annual audited financial report shall report the financial position of the insurer as of the end of the most recent calendar year and the results of its operations, cash flows and changes in capital and surplus for that year in…

Designation of independent certified public accountant. (a) Each insurer required by this article to file an annual audited financial report shall within sixty (60) days after becoming subject to the requirement, register with the commissioner in writing the name and address of t…

Qualifications of independent certified public accountant. (a) The commissioner shall not recognize any person or firm as a qualified independent certified public accountant if that person or firm: (i) Is not in good standing with the American Institute of Certified Public Accoun…

Consolidated or combined audits. (a) An insurer may make written application to the commissioner for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statements if the insurer is part of a group of insurance compa…

Scope of audit and report of independent certified public accountant. Financial statements furnished pursuant to W.S. 26-3-304 shall be examined by the independent certified public accountant. The audit of the insurer's financial statements shall be conducted in accordance with g…

Notification of adverse financial condition. (a) An insurer required to furnish an annual audited financial report shall require the independent certified public accountant to report, in writing, within five (5) business days to the board of directors or its audit committee any d…

Communication of internal control related matters noted in an audit. In addition to the annual audited financial report, each insurer shall furnish the commissioner with a written communication as to any unremediated material weakness, as defined in statement on auditing standard…

Accountant's letter of qualifications. (a) An accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating: (i) That the accountant is independent with respect to the insurer and conforms to the…

Definition, availability and maintenance of independent certified public accountants' workpapers. (a) Workpapers are the records kept by the independent certified public accountant of the procedures followed, the tests performed, the information obtained, and the conclusions reac…

Exemptions and effective dates. (a) Upon written application of any insurer, the commissioner may grant an exemption from compliance with any or all provisions of this article if the commissioner finds, upon review of the application, that compliance with this article would const…

Canadian and British companies. In the case of Canadian and British insurers, the annual audited financial report shall be defined as the annual statement of total business on the form filed by such companies with their supervision authority duly audited by an independent charter…

Requirements for audit committees. (a) An audit committee shall be directly responsible for the appointment, compensation and oversight of the work of any accountant, including resolution of disagreements between management and the accountant regarding financial reporting, employ…

Internal audit function requirements. (a) An insurer is exempt from the requirements of this section if: (i) The insurer has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums, but excluding premiums reinsured with the fed…

Conduct of insurer in connection with preparation of required reports and documents. (a) No director or officer of an insurer shall, directly or indirectly: (i) Make or cause to be made a materially false or misleading statement to an accountant in connection with any audit, revi…

Management's report of internal control over financial reporting. (a) Every insurer required to file an audited financial report pursuant to this article that has annual direct written and assumed premiums, excluding premiums reinsured with the federal crop insurance corporation …