HB0032

Official summary

Summary for LSO115 Bill No.: HB0032 Effective : Multiple dates , see below. LSO No.: 16LSO-0092 Enrolled Act No.: HEA No. 0013 Chapter No.: 24 Prime Sponsor: Joint Corporations, Elections & Political Subdivisions Interim Committee Catch Title: Insurance regulation parity. Subject: Parity in insurance regulation between different types of entities. Summary/Major Elements: This bill provides for identical insurance regulation between types of entities that are subject to insurance regulation. Specifically, t he bill makes statutory amendments necessary to provide regulatory parity between insurance companies, health maintenance organizations and fraternal benefit societies. The bill extends the annual audited financial reports law and the Wyoming Insurance Holding Company System Regulatory Act to domestic health maintenance organizations . The bill extends the annual audited financial reports law to fraternal benefit societies. The bill increases to $75 the threshold amount for distributions which require a voucher evidencing the distribution, and extends the voucher requirement to health maintenance organizations. Comments: Split effective dates: the amendment to W.S. 26-34-109 is effective January 1, 2017; the remainder of the act is effective immediately. The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill .