Title 26, Title 26 — Insurance Code

Rules and regulations. The commissioner may promulgate reasonable rules and regulations and issue orders necessary to carry out the purposes of this act.

Injunctions; prohibitions against voting securities; sequestration of voting securities. (a) Whenever it appears to the commissioner that any insurer or any director, officer, employee or agent of the insurer has committed or is about to commit a violation of this act or of any r…

Sanctions. (a) Any insurer failing, without just cause, to file any registration statement as required in this act shall be required, after notice and hearing, to pay a penalty of five hundred dollars ($500.00) for each day's delay, to be recovered by the commissioner. The penalt…

Receivership. Whenever it appears to the commissioner that any person has committed a violation of this act which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by the person not in the best interest …

Recovery. (a) Subject to subsections (b), (c) and (d) of this section, if an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer any distribution or payment m…

Revocation, suspension or nonrenewal of insurer's license. Whenever it appears to the commissioner that any person has committed a violation of this act which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner ma…

Judicial review. Any person aggrieved or adversely affected in fact by any final decision, order, ruling, finding or other act of the insurance commissioner made pursuant to this chapter may obtain judicial review in accordance with the Wyoming Administrative Procedure Act.

Supervisory colleges. (a) With respect to any insurer registered under W.S. 26-44-104, and in accordance with subsection (c) of this section, the commissioner shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance h…

Group wide supervision of internationally active insurance groups. (a) The commissioner is authorized to act as the group wide supervisor for any internationally active insurance group in accordance with this section. However, the commissioner may acknowledge a regulatory officia…

Authorized use of and prohibited statements regarding group capital calculations, liquidity stress tests and related information. (a) The group capital calculation, including the group capital ratio produced within the calculation, that is required to be reported under W.S. 26-44…

Short title. This article may be cited as the "Broker Controlled Insurer Act."

Definitions. (a) As used in this article: (i) "Accredited state" means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established by the National Association of Insurance Commissio…

Applicability. This article shall apply to licensed insurers either domiciled in this state or domiciled in a state that is not an accredited state having in effect a substantially similar law. All provisions of the Insurance Holding Company System Regulatory Act, to the extent t…

Minimum standards. (a) The provisions of this section shall apply if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer by a controlling broker is equal to or greater than five percent (5%) of the admitted assets of t…

Disclosure. The controlling broker, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the broker and the controlled insurer, except that, if the business is placed through a subproducer who is no…

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 any or all of the following: (i) For each separate violation, a civil penalty…

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

Compliance with this article. Controlled insurers and controlling brokers shall comply with W.S. 26-45-104 by September 1, 1992, and with W.S. 26-45-105 beginning with all policies written or renewed on or after September 1, 1992.

Definitions. (a) 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.

Short title. This article may be cited as the "Reinsurance Intermediary Act."

Definitions. (a) As used in this article: (i) "Actuary" means a person who is a member in good standing of the American Academy of Actuaries; (ii) "Controlling person" means any person who directly or indirectly has the power to direct or cause to be directed, the management, con…

License required. (a) No person shall act as a reinsurance intermediary broker in this state if he maintains an office either directly or as a member, officer, director or employee of a firm, association or corporation: (i) In this state, unless he is a licensed producer in this …

Required contract provisions for reinsurance intermediary brokers. (a) Transactions between a reinsurance intermediary broker and the insurer it represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each par…

Books and records; reinsurance intermediary brokers. (a) For at least ten (10) years after expiration of each contract of reinsurance transacted by the reinsurance intermediary broker, the reinsurance intermediary broker shall keep a complete record for each transaction showing: …

Duties of insurers utilizing the services of a reinsurance intermediary broker. (a) An insurer shall not engage the services of any person to act as a reinsurance intermediary broker on its behalf unless the person is licensed as required by W.S. 26-47-103(a). (b) An insurer shal…

Required contract provisions; reinsurance intermediary managers. (a) Transactions between a reinsurance intermediary manager and the reinsurer it represents in such capacity shall only be entered into pursuant to a written contract, specifying the responsibilities of each party, …

Books and records; reinsurance intermediary managers. (a) For at least ten (10) years after expiration of each contract of reinsurance transacted by the reinsurance intermediary manager, the reinsurance intermediary manager shall keep a complete record for each transaction showin…

Prohibited acts. (a) The reinsurance intermediary manager shall not: (i) Cede retrocessions on behalf of the reinsurer; (ii) Commit the reinsurer to participate in reinsurance syndicates; (iii) Appoint any producer without assuring that the producer is lawfully licensed to transa…

Duties of reinsurers utilizing the services of a reinsurance intermediary manager. (a) A reinsurer shall not engage the services of any person to act as a reinsurance intermediary manager on its behalf unless the person is licensed as required by W.S. 26-47-103(b). (b) The reinsu…

Examination authority. A reinsurance intermediary shall be subject to examination by the commissioner pursuant to chapter 2 of the Wyoming Insurance Code. The commissioner shall have access to all books, bank accounts and records of the reinsurance intermediary in a form usable t…

Penalties and liabilities. (a) A reinsurance intermediary, insurer or reinsurer found by the commissioner to be in violation of any provision of this article, after a hearing conducted in accordance with W.S. 26-2-125 shall: (i) For each separate violation, pay a penalty in an am…

Fees; rules and regulations. (a) The commissioner may impose a biennial fee not to exceed one hundred dollars ($100.00) upon any reinsurance intermediary subject to the provisions of this article. The fee shall be in addition to any other fees provided in this code. (b) The commi…

Definitions. (a) As used in this article: (i) "Adjusted RBC report" means an RBC report which has been adjusted by the commissioner in accordance with W.S. 26-48-102(d); (ii) "Corrective order" means an order issued by the commissioner specifying corrective actions which the comm…

Risk-based capital reports. (a) Every domestic insurer shall, annually on or prior to March 1, prepare and submit to the commissioner a report of its RBC levels as of the end of the calendar year just ended, in a form and containing information as required by the RBC instructions…

Company action level event. (a) "Company action level event" means any of the following events: (i) The filing of an RBC report by an insurer which indicates any of the following: (A) The insurer's total adjusted capital is greater than or equal to its regulatory action level RBC…

Regulatory action level event. (a) "Regulatory action level event" means, with respect to any insurer, any of the following events: (i) The filing of an RBC report by the insurer which indicates that the insurer's total adjusted capital is greater than or equal to its authorized …

Authorized control level event. (a) "Authorized control level event" means any of the following events: (i) The filing of an RBC report by the insurer which indicates that the insurer's total adjusted capital is greater than or equal to its mandatory control level RBC but less th…

Mandatory control level event. (a) "Mandatory control level event" means any of the following events: (i) The filing of an RBC report which indicates that the insurer's total adjusted capital is less than its mandatory control level RBC; (ii) Notification by the commissioner to t…

Hearings. (a) An insurer shall have the right to a departmental hearing, on a record, at which the insurer may challenge any of the following determinations or actions by the commissioner: (i) Notification to an insurer by the commissioner of an adjusted RBC report; (ii) Notifica…

Confidentiality and prohibition on announcements. (a) To the extent the information therein is not required to be set forth in a publicly available annual statement schedule, all RBC reports and RBC plans, including the results or report of any examination or analysis of an insur…