SF0113 • 2013

Insurance Guaranty Association Act-amendments.

AN ACT relating to insurance; expanding coverage under the Insurance Guaranty Association Act; amending time limits for filing claims under the Insurance Guaranty Association Act; and providing for an effective date.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Senator Johnson
Last action: 2013-03-04
Official status: enrolled
Effective date: 7/1/2013

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

2013-03-04 LSO
Assigned Chapter Number
2013-02-28 Governor
Governor Signed SEA0062
2013-02-25 House
H Speaker Signed SEA No. 0062
2013-02-25 Senate
S President Signed SEA No. 0062
2013-02-22 LSO
Assigned Number SEA0062
2013-02-22 House
H Passed 3rd Reading
2013-02-21 House
H Passed 2nd Reading
2013-02-20 House
H Passed CoW
2013-02-07 House
H Placed on General File
2013-02-07 House
H07 Recommended Do Pass
2013-02-05 House
H Introduced and Referred to H07
2013-02-01 House
H Received for Introduction
2013-02-01 Senate
S Passed 3rd Reading
2013-01-31 Senate
S Passed 2nd Reading
2013-01-30 Senate
S Passed CoW
2013-01-29 Senate
S Placed on General File
2013-01-29 Senate
S07 Recommended Do Pass
2013-01-15 Senate
S Introduced and Referred to S07
2013-01-15 Senate
S Received for Introduction
2013-01-14 LSO
Bill Number Assigned

Official Summary Text

Bill No.: <billno> Drafter: <drafterinit>

Bill No.:
SF0113
Drafter:

LGC

LSO No.:
13LSO-0443
Effective Date:

7/1/2013

Enrolled Act No.:
SEA0062

Chapter No.:
CH0108

Prime Sponsor:
Senator Johnson

Catch Title:
Insurance Guaranty Association Act-amendments.

Subject:
Amending coverage under the Insurance Guaranty
Association Act.

Summary/Major
Elements:

The Insurance Guaranty Association Act is a program to
protect insurance product consumers in the case of an insurance providers
insolvency.

This act amends covered claims to exclude any amount
awarded as punitive or exemplary damages unless those damages are specifically
named as covered risks in the policy in question.

The act also amends covered claims to exclude any amount
claimed for incurred but not reported damages.

This act increases coverage amounts from $150,000 to
$300,000 for each covered claim other than workers compensation and return of
unearned premium claims.

The act also removes minimum claims that will be
covered.

The act limits coverage to claims filed after the
earlier of the final date set by a court for the filing of claims or 25 months
after the date of the order of liquidation.

Comments:

Creates/amends
major program: Insurance Guaranty Association Act.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL SENATE
FILE

NO.
0113

ENROLLED ACT NO. 62, SENATE

SIXTY-SECOND LEGISLATURE OF THE STATE OF WYOMING
2013 GENERAL SESSION

AN ACT relating to
insurance; expanding coverage under the
Insurance Guaranty Association Act
; amending time limits for filing claims under the
Insurance Guaranty Association Act
;
and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.

W.S. 26
‑
31
‑
103(a)(ii)(C), (D)
and
by creating new subparagraphs (E) and (F), 26
‑
31
‑
106(c)(ii) and (iii) and 26
‑
31
‑
111(c) are amended to read:

26
‑
31
‑
103.

Definitions.

(a)

As used in this chapter:

(ii)

"Covered claim" means an unpaid claim which arises out of and is within the coverage and does not exceed the applicable limits of an insurance policy to which this chapter applies issued by an insurer, if the insurer is an insolvent insurer and the claimant or insured is a resident of this state at the time of the insured event or the property from which the claim arises is permanently located in this state, but "covered claim" does not include:

(C)

Any amount exceeding the applicable limits of liability provided by an insurance policy to which this chapter applies;

or

(D)

Supplementary payment
obligation

obligations,
including but not limited to adjustment fees and expenses, attorney fees and expenses, court costs, interest and bond premiums
;
.

(E)

Any amount awarded as punitive or exemplary damages, unless those damages are specifically named as covered risks in the policy under which coverage is provided; or

(F)

Any amount claimed for incurred but not reported damages.

26
‑
31
‑
106.

Duties and powers of association.

(c)

Notwithstanding subsection (a) of this section, the association:

(ii)

Shall pay not more than seven thousand five hundred dollars ($7,500.00) per policy for a covered claim for return of each unearned premium
;

which exceeds two hundred fifty dollars ($250.00);

(iii)

Shall pay not more than
one hundred fifty thousand dollars ($150,000.00)

per claimant

three hundred thousand dollars ($300,000.00)
for each
covered
claim
,

which exceeds two hundred fifty dollars ($250.00)
other than worker's compensation and return of unearned premium claims;

26
‑
31
‑
111.

Exhaustion of remedies under policy; claims recoverable from more than one association; claim limitation.

(c)

Notwithstanding any provision in this chapter, a covered claim shall not include any claim filed with the association after
the earlier of:

(i)

T
he final date set by the court for the filing of claims against the liquidator or receiver of an insolvent insurer
;
.

or

(ii)

Twenty-five (25) months after the date of the order of liquidation.

Section 2.
This act is effective July 1, 2013.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the Senate.

Chief Clerk

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