Insurance code revisions.

ORIGINAL
Senate
File No
.
SF0009

ENROLLED ACT NO. 16,

SENATE

SIXTY-FOURTH LEGISLATURE OF THE STATE OF WYOMING
2018 Budget Session

AN ACT relating to insurance; revising provisions relating to the qualification of foreign insurers; revising provisions relating to certificates of authority for insurers; removing the requirement that a director of a stock insurer must be a stockholder of the insurer; modifying requirements relating to service contracts; making conforming amendments; repealing provisions relating to farm mutual property insurers; and providing for an effective date.

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

Section
1
.

W.S. 26
‑
3
‑
105
(a)
(intro)
,
(i) and (iii)
, 26
‑
3
‑
112
(a)(vi)
, 26
‑
24
‑
121
(c)
,

26
‑
48
‑
101(a)(iii), (iv) and (xiv) and

26
‑
49
‑
103
(c)
are amended to read:

26
‑
3
‑
105
.

Qualification of new foreign insurers.

(a)

No foreign insurer is authorized to transact insurance in Wyoming if that insurer has not been issuing its own policies as an authorized insurer for at least two (2) years
,

in its state or country of domicile
,

unless the insurer is otherwise qualified for a certificate of authority under this code and is:

(i)

The wholly owned subsidiary
or affiliate

of an insurer which is already an authorized insurer in Wyoming

and
the subsidiary or affiliate
shares common management and
business
operations with the insurer
;

(iii)

An insurer
organized solely for the purpose of insuring against earthquake, flood, nuclear radiation, war or other special hazards to property or liability
seeking
authori
ty to write a line of insurance

for which, in the commissioner's opinion
:
,

(
A)

A
dequate provision is not made by insurers already authorized in this state
;
.

or

(B)

Adequate competition between insurers does not exist in this state.

26
‑
3
‑
112
.

Certificate of authority; application; contents of application.

(a)

An insurer shall apply to the commissioner for an original certificate of authority, stating under oath of the president, or vice
‑
president or other chief officer and the secretary of the insurer, or of the attorney
‑
in
‑
fact if the insurer is a reciprocal insurer, the insurer's name, location of its home office, or principal office in the United States if an alien insurer, the kinds of insurance to be transacted, date of organization or incorporation, form of organization, state or country of domicile and any additional information the commissioner reasonably requires. The application shall be accompanied by the applicable fees as provided in W.S. 26
‑
4
‑
101 together with the following documents, as applicable:

(vi)

A copy of the report of last examination made of the insurer as of a date within not more than the
thirty
‑
six (36)
sixty (60)
months immediately preceding, certified by the Wyoming insurance department or by the public insurance supervisory official of the insurer's state of domicile or state of entry into the United States if an alien insurer;

26
‑
24
‑
121
.

Boards of directors.

(c)

A director of a
stock insurer shall be a stockholder thereof, and a director of a
mutual insurer shall be a policyholder thereof.

26
‑
48
‑
101
.

Definitions.

(a)

As used in this article:

(iii)

"Domestic insurer" means any insurance company formed under the laws of Wyoming excluding title insurers, health maintenance organizations
, farm mutual insurers
and hospital or medical service insurers;

(iv)

"Foreign insurer" means any insurance company which is licensed to do business in this state but is not domiciled in this state excluding title insurers, health maintenance organizations
, farm mutual i
nsurers
and hospital or medical service insurers;

(xiv)

"Property and casualty insurer" means any insurance company licensed in the lines of property, casualty, surety, marine and transportation, or any combination of these lines, but shall not include monoline mortgage guaranty insurers, financial guaranty insurers
, farm mutual insurers
or title insurers.

26
‑
49
‑
103
.

Requirements for doing business.

(c)

Each provider of service contracts sold in this state shall file a registration with the commissioner on a form prescribed by the co
mmissioner. Each provider shall
:

(i)

P
ay
to the c
ommissioner a fee in the amount
of two hundred dollars ($200.00) annually
;
.

(ii
)

Verify
compliance
annually
with the
faithful performance requirements
specified
in
subsection (d) of this section on a form pr
escribed
by the commissioner.

Section 2
.

W.S.
26
‑
1
‑
104(a)(i),
26
‑
3
‑
112(a)(
x
i) and
26
‑
26
‑
101 through
26
‑
26
‑
131 are repealed.

Section 3
.

This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(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

1