reglab/housing_qa huggingface dataset:
WY Stat § 26-3-316 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 3 - Annual Audited Financial Reports Law|Section 26-3-316 - Internal Audit Function Requirements.

26-3-316. Internal audit function requirements.| (a) An insurer is exempt from the requirements of this section if:  (i) The insurer has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums, but excluding premiums reinsured with the federal crop insurance corporation and federal flood program, less than five hundred million dollars ($500,000,000.00); and  (ii) If the insurer is a member of a group of insurers, the group has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums, but excluding premiums reinsured with the federal crop insurance corporation and federal flood program, less than one billion dollars ($1,000,000,000.00).  (b) Each insurer or group of insurers shall establish an internal audit function providing independent oversight regarding the insurer's governance, risk management and internal controls. This oversight shall be provided by performing general and specific audits, reviews and tests and by employing other techniques deemed necessary to protect assets, evaluate control effectiveness and efficiency and evaluate compliance with policies and regulations.  (c) The internal audit function shall be organizationally independent. Specifically, the internal audit function shall not defer ultimate judgment on audit matters to others and shall appoint an individual to head the internal audit function who shall have direct and unrestricted access to the board of directors. Organizational independence does not preclude dual reporting relationships.  (d) The head of the internal audit function shall report to the audit committee regularly, but not less than annually, on the periodic audit plan, factors that may adversely impact the internal audit function's independence or effectiveness, material findings from completed audits and the appropriateness of corrective actions implemented by management as a result of audit findings.  (e) If an insurer is a member of an insurance holding company system or included in a group of insurers, the insurer may satisfy the internal audit function requirements set forth in this section at the ultimate controlling parent level, an intermediate holding company level or the individual legal entity level.
WY Stat § 26-3-317 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 3 - Annual Audited Financial Reports Law|Section 26-3-317 - Conduct of Insurer in Connection With Preparation of Required Reports and Documents.

26-3-317. Conduct of insurer in connection with preparation of required reports and documents.| (a) No director or officer of an insurer shall, directly or indirectly:  (i) Make or cause to be made a materially false or misleading statement to an accountant in connection with any audit, review or communication required under this article; or  (ii) Omit to state or cause another person to omit to state any material fact necessary in order to make statements made, in light of the circumstances under which the statements were made, not misleading to an accountant in connection with any audit, review or communication required under this article.  (b) No officer or director of an insurer or any other person acting under the direction thereof shall directly or indirectly take any action to coerce, manipulate, mislead or fraudulently influence any accountant engaged in the performance of an audit pursuant to this article if that person knew or should have known that the action, if successful, could result in rendering the insurer's financial statements materially misleading. For purposes of this subsection, actions that, if successful, could result in rendering the insurer's financial statements materially misleading include, but are not limited to, actions taken at any time with respect to the professional engagement period to coerce, manipulate, mislead or fraudulently influence an accountant to:  (i) Issue or reissue a report on an insurer's financial statements that is not warranted in the circumstances due to material violations of statutory accounting principles prescribed by the commissioner, generally accepted auditing standards or other professional or regulatory standards;  (ii) Not perform any audit, review or other procedures required by generally accepted auditing standards or other professional standards;  (iii) Not withdraw an issued report; or  (iv) Not communicate matters to an insurer's audit committee.  (c) Violation of this section shall be punishable as provided in W.S. 26-1-107.
WY Stat § 26-3-401 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 4 - Disclosure of Material Transactions|Section 26-3-401 - Report of Material Transactions.

26-3-401. Report of material transactions.| (a) Every insurer domiciled in this state, and effective July 1, 1996, every authorized foreign insurer not subject to a substantially similar provision in its domicile, shall file a report with the commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements unless the acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements have been submitted to the commissioner for review, approval or information purposes pursuant to other provisions of the insurance code, department regulations or other requirements.  (b) The report required in subsection (a) of this section is due within fifteen (15) days after the end of the calendar month in which any of the transactions occur.  (c) One (1) complete copy of the report, including any exhibits or other attachments filed as part of the report, shall be filed with:  (i) The department; and  (ii) The National Association of Insurance Commissioners.  (d) All reports obtained by or disclosed to the commissioner pursuant to this article shall be given confidential treatment, and shall not be made public by the commissioner, the National Association of Insurance Commissioners, or any other person, except:  (i) To persons as authorized by and in accordance with the provisions of W.S. 26-2-113(d);  (ii) Upon the prior written consent of the insurer to which it pertains; or  (iii) If the commissioner, after giving the insurer who would be affected, notice and an opportunity to be heard, determines the interest of policyholders, shareholders or the public will be served by publication of the report, the commissioner may publish all or any part of the report he deems appropriate.
WY Stat § 26-3-402 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 4 - Disclosure of Material Transactions|Section 26-3-402 - Acquisitions and Dispositions of Assets.

26-3-402. Acquisitions and dispositions of assets.| (a) Subject to subsection (c) of this section, asset acquisitions subject to this article include every purchase, lease, exchange, merger, consolidation, succession or other acquisition other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for such purpose.  (b) Subject to subsection (c) of this section, asset dispositions subject to this article include every sale, lease, exchange, merger, consolidation, mortgage, assignment for the benefit of creditors or otherwise, abandonment, destruction or other disposition.  (c) No acquisition or disposition of assets shall be reported pursuant to W.S. 26-3-401 if the acquisition or disposition is not material. A material acquisition, disposition or the aggregate of any series of related acquisitions or dispositions during any thirty (30) day period, is one which is:  (i) Nonrecurring;  (ii) Not in the ordinary course of business; and  (iii) Involves more than five percent (5%) of the reporting insurer's total admitted assets as reported in its most recent statutory statement filed with the insurance department of the insurer's state of domicile.  (d) The following information is required to be disclosed in any report of a material acquisition or disposition of assets:  (i) Date of the transaction;  (ii) Manner of acquisition or disposition;  (iii) Description of the assets involved;  (iv) Nature and amount of the consideration given or received;  (v) Purpose of, or reason for, the transaction;  (vi) Manner by which the amount of consideration was determined;  (vii) Gain or loss recognized or realized as a result of the transaction; and  (viii) Name of the person from whom the assets were acquired or to whom they were disposed.  (e) Insurers are required to report material acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or one hundred percent (100%) reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if:  (i) The insurer has less than one million dollars ($1,000,000.00) total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement; and  (ii) The net income of the business not subject to the pooling arrangement represents less than five percent (5%) of the insurer's capital and surplus.
WY Stat § 26-3-501 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 5 - Electronic Delivery of Documents|Section 26-3-501 - Applicability.

26-3-501. Applicability.| (a) This article shall apply to property and casualty insurance, life insurance and disability insurance, including:  (i) Accident only insurance;  (ii) Accidental death or dismemberment insurance;  (iii) Credit insurance;  (iv) Dental or vision care insurance;  (v) Medicare supplemental insurance as defined by section 1882(g)(i) of the federal Social Security Act;  (vi) Long-term care insurance, including nursing home fixed indemnity insurance;  (vii) Disability income or a combination of accident only and disability income insurance;  (viii) Insurance issued as a supplement to liability insurance;  (ix) Specified disease insurance;  (x) Workers' compensation insurance;  (xi) Medical payment insurance coverage provided under a motor vehicle insurance policy;  (xii) Hospital confinement indemnity insurance;  (xiii) Limited benefit insurance that is offered and marketed as supplemental health insurance and not as a substitute for hospital or medical insurance or major medical expense insurance.
WY Stat § 26-3-503 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 3 - Authorization of Insurers and General Requirements|Article 5 - Electronic Delivery of Documents|Section 26-3-503 - Posting of Policies on the Internet.

26-3-503. Posting of policies on the internet.| (a) Notwithstanding any other provisions of W.S. 26-3-502, standard insurance policies and endorsements to which this article is applicable that do not contain personally identifiable information may be mailed, delivered or posted on the insurer's web site. If the insurer elects to post insurance policies and endorsements on its web site in lieu of mailing or delivering them to the insured, it shall comply with all of the following conditions:  (i) The policy and endorsements shall be accessible and remain that way for as long as the policy is in force;  (ii) After the expiration of the policy, the insurer shall archive its expired policies and endorsements for a period of ten (10) years, and make them available upon request;  (iii) The policies and endorsements shall be posted in a manner that enables the insured to print and save the policy and endorsements using programs or applications that are widely available on the internet and free to use;  (iv) The insurer provides the following information in, or simultaneous with each declarations page provided at the time of issuance of the initial policy and any renewals of that policy:  (A) A description of the exact policy and endorsement forms purchased by the insured;  (B) A method by which the insured may obtain, upon request and without charge, a paper copy of their policy;  (C) The internet address where their policy and endorsements are posted.  (v) The insurer provides notice, in the format preferred by the insured, of any changes to the forms or endorsements, the insured's right to obtain, upon request and without charge, a paper copy of such forms or endorsements, and the internet address where such forms or endorsements are posted.
WY Stat § 26-6-101 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 6 - Assets and Liabilities|Article 1 - Assets and Liabilities Generally|Section 26-6-101 - Assets Allowed.

26-6-101. Assets allowed.| (a) In any determination of an insurer's financial condition, only the insurer owned assets set forth and allowed in the most recent National Association of Insurance Commissioners' accounting practices and procedures manual or authorized in accordance with this section shall be allowed as assets. Assets not inconsistent with this article shall be allowed at values the commissioner determines, if he deems them available for the payment of losses and claims.  (i) Repealed By Laws 2001, Ch. 9, § 2.  (ii) Repealed By Laws 2001, Ch. 9, § 2.  (iii) Repealed By Laws 2001, Ch. 9, § 2.  (iv) Repealed By Laws 2001, Ch. 9, § 2.  (v) Repealed By Laws 2001, Ch. 9, § 2.  (vi) Repealed By Laws 2001, Ch. 9, § 2.  (vii) Repealed By Laws 2001, Ch. 9, § 2.  (viii) Repealed By Laws 2001, Ch. 9, § 2.  (ix) Repealed By Laws 2001, Ch. 9, § 2.  (x) Repealed By Laws 2001, Ch. 9, § 2.  (xi) Repealed By Laws 2001, Ch. 9, § 2.  (xii) Repealed By Laws 2001, Ch. 9, § 2.  (xiii) Repealed By Laws 2001, Ch. 9, § 2.  (xiv) Repealed By Laws 2001, Ch. 9, § 2.
WY Stat § 26-6-102 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 6 - Assets and Liabilities|Article 1 - Assets and Liabilities Generally|Section 26-6-102 - Assets Not Allowed.

26-6-102. Assets not allowed.| (a) In addition to assets impliedly excluded by the most recent National Association of Insurance Commissioners' accounting practices and procedures manual pursuant to W.S. 26-6-101, the following are not allowed as assets in any determination of an insurer's financial condition:  (i) Goodwill, trade names and other similar intangible assets;  (ii) Repealed By Laws 2001, Ch. 9, § 2.  (iii) Repealed By Laws 2001, Ch. 9, § 2.  (iv) Repealed By Laws 2001, Ch. 9, § 2.  (v) Repealed By Laws 2001, Ch. 9, § 2.
WY Stat § 26-6-103 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 6 - Assets and Liabilities|Article 1 - Assets and Liabilities Generally|Section 26-6-103 - Liabilities Generally.

26-6-103. Liabilities generally.| (a) In any determination of an insurer's financial condition, capital stock and liabilities to be charged against its assets include the capital stock and liability items set forth in the most recent National Association of Insurance Commissioners' accounting practices and procedures manual and the following:  (i) The amount of its capital stock outstanding, if any;  (ii) The amount, estimated consistent with this code, necessary to pay all of its unpaid losses and claims incurred on or prior to the date of statement together with the expenses of adjustment or settlement thereof;  (iii) Concerning life insurance and annuity contracts and disability and accidental death benefits in or supplemental thereto:  (A) The amount of reserves on life insurance policies and annuity contracts in force, valued according to the mortality tables, rates of interest and methods adopted pursuant to this code which are applicable thereto;  (B) Reserves for disability benefits for both active and disabled lives;  (C) Reserves for accidental death benefits;  (D) Any additional reserves the commissioner requires consistent with applicable customary and general practice in insurance accounting.  (iv) Concerning disability insurance, the reserves required under W.S. 26-6-107;  (v) Concerning insurance other than specified in paragraphs (iii) and (iv) of this subsection, and other than title insurance, the amount of reserves equal to the unearned portions of the gross premiums charged on policies in force, computed in accordance with this chapter;  (vi) Taxes, expenses and other obligations due or accrued at the date of the statement.
WY Stat § 26-6-104 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 6 - Assets and Liabilities|Article 1 - Assets and Liabilities Generally|Section 26-6-104 - Disallowance of "Wash" Transactions.

26-6-104. Disallowance of "wash" transactions.| (a) The commissioner, after a hearing thereon, shall disallow as an asset or as a credit against liabilities any reinsurance he finds to have been arranged principally for the purpose of deception as to the ceding insurer's financial condition on the date of an insurer's financial statement. Without limiting the general purport of this provision, reinsurance of any substantial part of the insurer's outstanding risks contracted for in fact within four (4) months prior to the date of a financial statement and cancelled after the date of that statement, or reinsurance under which the reinsurer bears no substantial insurance risk or chance of net loss to itself, is prima facie evidence of an arrangement principally for the purpose of deception.  (b) The commissioner, after a hearing thereon, shall disallow as an insurer's asset any deposit, funds or other assets he finds:  (i) Not to be in good faith the insurer's property;  (ii) Not freely subject to the insurer's withdrawal or liquidation at any time for the payment or discharge of claims or other obligations arising under its policies; and  (iii) To be resulting from arrangements made principally for the purpose of deception as to the insurer's financial condition on the date of any financial statement of the insurer.  (c) The commissioner may suspend or revoke the certificate of authority of any insurer which has knowingly been a party to any actual or attempted deception.
WY Stat § 26-6-105 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 6 - Assets and Liabilities|Article 1 - Assets and Liabilities Generally|Section 26-6-105 - Unearned Premium Reserve; Generally.

26-6-105. Unearned premium reserve; generally.| (a) As to property, casualty and surety insurances the insurer shall maintain an unearned premium reserve on all policies in force as required under regulations adopted by the commissioner. In promulgating regulations under this subsection, the commissioner shall take into consideration standards recommended by the National Association of Insurance Commissioners Accounting Practices and Procedures Manual.  (b) Repealed By Laws 2000, Ch. 57, § 2.
WY Stat § 26-6-106 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 6 - Assets and Liabilities|Article 1 - Assets and Liabilities Generally|Section 26-6-106 - Unearned Premium Reserve; Marine and Transportation Insurance.

26-6-106. Unearned premium reserve; marine and transportation insurance.| As to marine and transportation insurance, the unearned premium reserve shall be determined pursuant to the most recent National Association of Insurance Commissioners' accounting practices and procedures manual.
WY Stat § 26-6-107 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 6 - Assets and Liabilities|Article 1 - Assets and Liabilities Generally|Section 26-6-107 - Unearned Premium Reserve; Reserve for Disability Insurance.

26-6-107. Unearned premium reserve; reserve for disability insurance.| For all disability insurance policies the insurer shall maintain an active life reserve which shall place a sound value on its liabilities under those policies and be not less than the reserve according to appropriate standards set forth in regulations the commissioner issues, but not less in the aggregate than the pro rata gross unearned premiums for the policies.
WY Stat § 26-6-108 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 6 - Assets and Liabilities|Article 1 - Assets and Liabilities Generally|Section 26-6-108 - Unearned Premium Reserve; Increase of Inadequate Reserves.

26-6-108. Unearned premium reserve; increase of inadequate reserves.| If an insurer's loss experience shows or the commissioner determines that its loss reserves are inadequate, the insurer shall maintain loss reserves in an increased amount as is needed to make them adequate.
WY Stat § 26-6-203 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 6 - Assets and Liabilities|Article 2 - Standard Valuation Law Policies and Contracts|Section 26-6-203 - Reserve Calculation; Valuation Net Premium Exceeding Gross Premium Charged.

26-6-203. Reserve calculation; valuation net premium exceeding gross premium charged.| (a) If in any contract year the gross premium charged by any insurer on any policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve thereon but using the minimum valuation standards of mortality and rate of interest, the minimum reserve for the policy or contract shall be the greater of either the reserve calculated according to:  (i) The mortality table, rate of interest and method actually used for the policy or contract; or  (ii) The method actually used for the policy or contract but using the minimum valuation standards of mortality and rate of interest and replacing the valuation net premium with the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium. The minimum valuation standards of mortality and rate of interest referred to in this section are the standards stated in W.S. 26-6-205(b) and 26-6-206(b). However, for any life insurance policy issued on or after January 1, 1998 for which the gross premium in the first policy year exceeds that of the second year and for which no comparable additional benefit is provided in the first year for such excess and which provides an endowment benefit or a cash surrender value or a combination thereof in an amount greater than such excess premium, the foregoing provisions of this subsection shall be applied as if the method actually used in calculating the reserve for such policy were the method described in W.S. 26-6-205(c)(i). The minimum reserve at each policy anniversary of such a policy shall be the greater of the minimum reserve calculated in accordance with W.S. 26-6-205(c) and (d), and the minimum reserve calculated in accordance with this subsection.
WY Stat § 26-6-207 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 6 - Assets and Liabilities|Article 2 - Standard Valuation Law Policies and Contracts|Section 26-6-207 - Minimum Standards for Accident and Health Insurance Contracts Including Disability Plans.

26-6-207. Minimum standards for accident and health insurance contracts including disability plans.| The commissioner shall promulgate regulations containing the minimum standards applicable to the valuation of accident and health contracts, including disability plans, issued prior to the operative date of the valuation manual. For accident and health insurance contracts issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under W.S. 26-6-202(e).