SF0014

Official summary

Bill Summary - 21LSO-0037 Bill No.: SF0014 Effective: 7/1/2021 12:00:00 AM LSO No.: 21LSO-0037 Enrolled Act No.: SEA No. 0007 Chapter No.: 25 Prime Sponsor: Joint Corporations, Elections & Political Subdivisions Interim Committee Catch Title: Credit for reinsurance. Subject: Ceding insurance to assuming insurers in reciprocal jurisdictions. Summary/Major Elements: This act amends statutes governing credit for reinsurance, which allow insurers to cede insurance to reinsurers. The act authorizes insurers to cede insurance to a reinsurer in a reciprocal jurisdiction, provided the reinsurer meets certain requirements. The requirements include: maintaining minimum capital and surplus, or its equivalent, as determined by rules adopted by the Insurance Commissioner; maintaining a minimum solvency or capital ratio, as specified by rules adopted by the Insurance Commissioner; providing certain assurances to the Insurance Commissioner; providing any documentation required by rules adopted by the Insurance Commissioner; and paying claims promptly. The act defines "reciprocal jurisdiction" as: Jurisdictions outside of the United States that are subject to certain agreements with the United States authorized under the Dodd‑Frank Wall Street Reform and Consumer Protection Act; A United States jurisdiction that meets certain requirements; or A jurisdiction that otherwise meets requirements of rules adopted by the Insurance Commissioner. The act requires the Insurance Commissioner to publish a list of approved reciprocal jurisdictions and to also publish a list of assuming insurers that meet applicable requirements. The act provides a process for the Insurance Commissioner to revoke or suspend the status of an assuming insurer. 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.