Why they voted this way
The lawmaker notes that the bill is necessary to maintain state accreditation and acknowledges it will appear repeatedly if not passed now.
Public statementFloor statement at 1:27:48 Watch the statement
Wyoming2016Did Not Pass
HB0033
Insurance Internal Audit Requirements
Last scannedOct 19, 2026, 2:19 AM
In one sentence
This bill would require certain large insurance companies to establish an independent internal audit function and update related rules for audit committees.
What it does
- Creates a new law requiring insurers to establish an internal audit function that provides independent assurance regarding governance, risk management, and internal controls.
- Exempts insurers with annual direct written and unaffiliated assumed premium less than $500 million from this requirement.
- Exempts groups of insurers with annual direct written and unaffiliated assumed premium less than $1 billion from this requirement.
- Requires the head of the internal audit function to report to the audit committee at least once a year on the audit plan, independence issues, findings, and corrective actions.
- Allows insurers in a group to meet these requirements at the ultimate controlling parent level, an intermediate holding company level, or the individual legal entity level.
- Updates definitions for terms like 'audit committee' and 'internal audit function' and amends existing laws regarding audit committees and independent board members.
Who it affects
- Insurance companies with annual direct written and unaffiliated assumed premium of $500 million or more.
- Groups of insurers with total annual direct written and unaffiliated assumed premium of $1 billion or more.
- Audit committees and boards of directors of these insurance entities.
Limits and unknowns
- The bill did not pass in the 2016 session, so these rules were not adopted.
- The bill specifies that the requirements would be effective January 1, 2017, if passed, but provides no penalties for non-compliance in the provided text.
- The bill does not specify the exact frequency of audits beyond the requirement for the head of the internal audit function to report to the committee at least annually.
Plain language
Terms to know
- Internal audit function
- A person or team that provides independent, objective, and reasonable assurance to add value and improve an organization's operations by evaluating risk management, control, and governance processes.
- Audit committee
- A committee established by the board of directors to oversee accounting, financial reporting, the internal audit function, and external audits of financial statements.
- Direct written premium
- Premiums collected directly from customers for policies sold, excluding premiums reinsured with the federal crop insurance corporation and federal flood program.
Official record
Sources
Public statements
Why lawmakers voted
Last checked Aug 7, 1:00 AM
Why they voted this way
The lawmaker supports the bill because it is an accreditation standard required within three years to prevent Wyoming from losing its status.
Public statementFloor statement at 1:31:01 Watch the statement
If a lawmaker is not listed, we couldn't find a published reason.
Wyoming roll calls
Recorded votes
1 roll call
H Failed Introduction 27-31-2-0-02016-02-08 · House27 yes 31 no
- Yes
- 27
- No
- 31
- Absent
- 0
- Excused
- 2
- Conflict
- 0
Yes 27
Albert P Sommers Jr.H20Andrew W SchwartzH23Bob NicholasR · H08Catherine R ConnollyH13Clifford M JenningsH30Dan R KirkbrideH04Elaine HarveyH26Fred A BaldwinH18Hans HuntH02James W ByrdH44Jerry D PaxtonH47JoAnn R DaytonH17John C EklundH10Ken A EsquibelH41Mary A ThroneH11Michael K MaddenH40Norine A KasperikH32Rita CampbellH34Roy H EdwardsH53Ruth A PetroffH16Stanley L BlakeH39Theodore J BlackburnH42Thomas J WaltersH38Timothy M StubsonH56Tyler E LindholmH01ZWONITZER, DNZWONITZER, DV
No 31
Allen M JaggiH19BROWN SPEAKERCarl R LoucksH59Charles F PelkeyH45Cheri SteinmetzR · H05David E NorthrupH50David R MillerH55Donald E Burkhart JrH15Eric BarlowR · H03Garry C PiiparinenH49Glenn W MonizH46Harlan J EdmondsH12James R AllenH33John L FreemanH60Kendell R KroekerH35LARSEN LLOYDLAURSEN DANMark H BakerH48Mark S KinnerH29Martha D HalversonH22Michael D GreearH27Nathan A WintersH28Richard L CannadyH06Robert M McKimH21Rosie M BergerH51Samuel P KroneH24Scott M ClemH31Susan S WilsonH07Thomas A LockhartH57Thomas F ReederH58William H PownallH52
Excused 2
Official activity
Bill history
- H Failed Introduction 27-31-2-0-0House
- H Received for IntroductionHouse
- Bill Number AssignedLSO