reglab/housing_qa huggingface dataset:
WY Stat § 26-44-106 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 44 - Insurance Holding Company System Regulatory Act|Section 26-44-106 - Dividends and Other Distributions.

26-44-106. Dividends and other distributions.| (a) A domestic insurer shall not pay any extraordinary dividend or make any other extraordinary distribution to its shareholders until thirty (30) days after the commissioner has received notice of the declaration of dividend and has not disapproved payment, or the commissioner has approved the payment whichever is shorter.  (b) For purposes of this section, an extraordinary dividend or distribution includes any dividend or distribution of cash or other property, whose fair market value together with that of other dividends or distributions made within the preceding twelve (12) months exceeds the lesser of:  (i) Ten percent (10%) of the insurer's surplus as regards policyholders as of December 31 of the year immediately preceding; or  (ii) The net gain from operations of the insurer, if the insurer is a life insurer, or the net income, if the insurer is not a life insurer, not including realized capital gains, for the twelve (12) month period ending December 31 of the year immediately preceding, nor pro rata distributions of the insurer's own securities.  (c) In determining whether a dividend or distribution is extraordinary, an insurer other than a life insurer may carry forward net income from the previous two (2) calendar years that has not already been paid out as dividends. This carry-forward shall be computed by taking the net income from the second and third preceding calendar years, not including realized capital gains, less dividends paid in the second and immediate preceding calendar years.  (d) Notwithstanding any other provision of law, an insurer may declare an extraordinary dividend or distribution which is conditional upon the commissioner's approval. This declaration shall confer no rights upon shareholders until the commissioner has approved the payment or the commissioner has not disapproved the payment within thirty (30) days, whichever is shorter.
WY Stat § 26-44-107 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 44 - Insurance Holding Company System Regulatory Act|Section 26-44-107 - Management of Domestic Insurers Subject to Registration.

26-44-107. Management of domestic insurers subject to registration.| (a) The officers and directors of the insurer are not relieved of any obligation or liability to which they would otherwise be subject by law because the control of the domestic insurer lies with any other person. The insurer shall be managed to assure its separate operating identity consistent with this title.  (b) Nothing in this act shall preclude a domestic insurer from having or sharing a common management or cooperative or joint use of personnel, property or services with one (1) or more other persons under arrangements meeting the standards of W.S. 26-44-105(a).
WY Stat § 26-44-108 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 44 - Insurance Holding Company System Regulatory Act|Section 26-44-108 - Adequacy of Surplus.

26-44-108. Adequacy of surplus.| (a) For purposes of this act, in determining whether an insurer's surplus as regards policyholders is reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs, the following factors, among others, shall be considered:  (i) The size of the insurer as measured by its assets, capital and surplus, reserves, premium writings, insurance in force and other appropriate criteria;  (ii) The extent to which the insurer's business is diversified among the several lines of insurance;  (iii) The number and size of risks insured in each line of business;  (iv) The extent of the geographical dispersion of the insurer's insured risks;  (v) The nature and extent of the insurer's reinsurance program;  (vi) The quality, diversification and liquidity of the insurer's investment portfolio;  (vii) The recent past and projected future trend in the size of the insurer's investment portfolio;  (viii) The surplus as regards policyholders maintained by other comparable insurers;  (ix) The adequacy of the insurer's reserves; and  (x) The quality and liquidity of investments in affiliates.  (b) The commissioner may treat any investment as a disallowed asset for purposes of determining the adequacy of surplus as regards policyholders whenever he deems that treatment necessary.
WY Stat § 26-44-109 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 44 - Insurance Holding Company System Regulatory Act|Section 26-44-109 - Examination.

26-44-109. Examination.| (a) The commissioner may examine any insurer registered under W.S. 26-44-104 or any affiliate of the insurer in accordance with this section and the provisions of W.S. 26-2-116 through 26-2-124 to ascertain the financial condition of the insurer, including the enterprise risk to the insurer by the ultimate controlling party, or by any entity or combination of entities within the insurance holding company system, or by the insurance holding company system on a consolidated basis. The commissioner may retain at the insurer's expense any attorneys, actuaries, accountants and other experts not otherwise a part of the commissioner's staff reasonably necessary to conduct the examination. Any person so retained shall be under the direction and control of the commissioner and shall act in a purely advisory capacity.  (b) To determine compliance with this chapter, the commissioner may order any insurer registered under W.S. 26-44-104 to produce information not in the possession of the insurer if the insurer can obtain access to this information pursuant to contractual relationships, statutory obligations or other method. In the event the insurer cannot obtain the information requested by the commissioner, the insurer shall provide the commissioner a detailed explanation of the reason that the insurer cannot obtain the information and the identity of the holder of the information. Whenever it appears to the commissioner that the detailed explanation is without merit, the commissioner may, after notice and hearing, suspend or revoke the insurer's license or certificate.  (c) In the event the insurer fails to comply with an order, the commissioner shall have the power to examine the affiliates to obtain the information. The commissioner shall also have the power to issue subpoenas, to administer oaths and to examine under oath any person for purposes of determining compliance with this section. Upon the failure or refusal of any person to obey a subpoena, the commissioner may petition a court of competent jurisdiction, and upon proper showing, the court may enter an order compelling the witness to appear and testify or produce documentary evidence.
WY Stat § 26-44-111 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 44 - Insurance Holding Company System Regulatory Act|Section 26-44-111 - Rules and Regulations.

26-44-111. Rules and regulations.| The commissioner may promulgate reasonable rules and regulations and issue orders necessary to carry out the purposes of this act.
WY Stat § 26-44-112 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 44 - Insurance Holding Company System Regulatory Act|Section 26-44-112 - Injunctions; Prohibitions Against Voting Securities; Sequestration of Voting Securities.

26-44-112. Injunctions; prohibitions against voting securities; sequestration of voting securities.| (a) Whenever it appears to the commissioner that any insurer or any director, officer, employee or agent of the insurer has committed or is about to commit a violation of this act or of any rule, regulation or order issued by the commissioner pursuant to this act, the commissioner may apply to the district court for the county in which the principal office of the insurer is located or, if the insurer has no office in this state, then to the district court for Laramie county for an injunction.  (b) No security which is the subject of any agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in violation of this act or of any rule, regulation or order issued by the commissioner pursuant to this act may be voted at any shareholder's meeting, or may be counted for quorum purposes, and any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though the securities were not issued and outstanding. No action taken at any meeting shall be invalidated by the voting of the securities, unless the action would materially affect control of the insurer or unless the Wyoming courts have so ordered. If an insurer or the commissioner has reason to believe that any security of the insurer has been or is about to be acquired in violation of this act or of any rule, regulation or order issued by the commissioner pursuant to this act, the insurer or the commissioner may apply to the court for the county in which the insurer has its principle place of business to enjoin any action violating this act, to enjoin the voting of any security acquired in violation of this act, to void any vote of such a security already cast at any meeting of shareholders and for other equitable relief.  (c) In any case where a person has acquired or is proposing to acquire any voting securities in violation of this act or any rule, regulation or order issued by the commissioner, the commissioner or insurer may request the district court to seize or sequester any voting securities of the insurer owned directly or indirectly by the person, and issue an order appropriate to carry out the purposes of this act. Notwithstanding any other provisions of law, for the purposes of this act the sites of the ownership of the securities of domestic insurers shall be deemed to be in Wyoming.
WY Stat § 26-44-113 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 44 - Insurance Holding Company System Regulatory Act|Section 26-44-113 - Sanctions.

26-44-113. Sanctions.| (a) Any insurer failing, without just cause, to file any registration statement as required in this act shall be required, after notice and hearing, to pay a penalty of five hundred dollars ($500.00) for each day's delay, to be recovered by the commissioner. The penalty recovered shall be paid into the general fund. The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.  (b) Any director or officer of an insurance holding company system who knowingly violates, participates in, or assents to, or who knowingly permits any of the officers or agents of the insurer to engage in transactions or make investments which violate this act is guilty of a misdemeanor punishable by a fine of not more than one thousand dollars ($1,000.00), imprisonment for not more than one (1) year, or both.  (c) Whenever it appears to the commissioner that any insurer subject to this act or any director, officer, employee or agent of the insurer has engaged in any transaction or entered into a contract which is subject to this act and which would not have been approved had approval been requested, the commissioner may order the insurer to cease and desist immediately any further activity under that transaction or contract. After notice and hearing the commissioner may also order the insurer to void any contracts and restore the status quo if the action is in the best interest of the policyholders, creditors or the public.  (d) Any officer, director or employee of an insurance holding company system who willfully and knowingly subscribes to or makes or causes to be made any false statements or false reports or false filings with the intent to deceive the commissioner in the performance of his duties under this article is guilty of a felony and shall be fined not more than two hundred fifty thousand dollars ($250,000.00), imprisoned for not more than ten (10) years, or both.  (e) Whenever it appears to the commissioner that any person has committed a violation of W.S. 26-44-103 which prevents the full understanding of the enterprise risk to the insurer by affiliates or by the insurance holding company system, the violation may serve as an independent basis for disapproving dividends or distributions and for placing the insurer under an order in accordance with chapter 28 of this title.
WY Stat § 26-44-114 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 44 - Insurance Holding Company System Regulatory Act|Section 26-44-114 - Receivership.

26-44-114. Receivership.| Whenever it appears to the commissioner that any person has committed a violation of this act which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by the person not in the best interest of the policyholders, creditors, shareholders or the public, then the commissioner may proceed as provided in chapter 28 of this title.
WY Stat § 26-44-115 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 44 - Insurance Holding Company System Regulatory Act|Section 26-44-115 - Recovery.

26-44-115. Recovery.| (a) Subject to subsections (b), (c) and (d) of this section, if an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer any distribution or payment made at any time during the one (1) year preceding the petition for liquidation, conservation or rehabilitation which is either:  (i) From any parent corporation or holding company or person or affiliate who otherwise controlled the insurer, the amount of distributions other than distributions of shares of the same class of stock paid by the insurer on its capital stock; or  (ii) Any payment in the form of a bonus, termination settlement or extraordinary lump sum salary adjustment made by the insurer or its subsidiary to a director, officer or employee.  (b) A distribution shall not be recoverable if the parent or affiliate shows that, when paid, the distribution was lawful and reasonable, and that the insurer did not know and could not reasonably have known that the distribution might adversely affect the ability of the insurer to fulfill its contractual obligations.  (c) Any person who was a parent corporation or holding company or a person who otherwise controlled the insurer or affiliate at the time the distributions were paid shall be liable up to the amount of distributions or payments the person received under subsection (a) of this section. Any person who otherwise controlled the insurer at the time the distributions were declared shall be liable up to the amount of distributions he would have received if they had been paid immediately.  (d) The maximum amount recoverable under this section shall be the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds.  (e) To the extent that any person liable under subsection (c) of this section is insolvent or otherwise fails to pay claims due from it pursuant to subsection (c) of this section, its parent corporation or holding company or person who otherwise controlled it at the time the distribution was paid, shall be liable for any resulting deficiency in the amount recovered from the parent corporation or holding company or person who otherwise controlled it.
WY Stat § 26-44-116 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 44 - Insurance Holding Company System Regulatory Act|Section 26-44-116 - Revocation, Suspension or Nonrenewal of Insurer's License.

26-44-116. Revocation, suspension or nonrenewal of insurer's license.| Whenever it appears to the commissioner that any person has committed a violation of this act which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner may, after giving notice and an opportunity for hearing, determine to suspend, revoke or refuse to renew the insurer's license or authority to do business in Wyoming for any period he finds is required for the protection of policyholders or the public. The determination shall be accompanied by specific findings of fact and conclusions of law.
WY Stat § 26-44-117 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 44 - Insurance Holding Company System Regulatory Act|Section 26-44-117 - Judicial Review.

26-44-117. Judicial review.| Any person aggrieved or adversely affected in fact by any final decision, order, ruling, finding or other act of the insurance commissioner made pursuant to this chapter may obtain judicial review in accordance with the Wyoming Administrative Procedure Act.
WY Stat § 26-44-118 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 44 - Insurance Holding Company System Regulatory Act|Section 26-44-118 - Supervisory Colleges.

26-44-118. Supervisory colleges.| (a) With respect to any insurer registered under W.S. 26-44-104, and in accordance with subsection (c) of this section, the commissioner shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this chapter. The powers of the commissioner with respect to supervisory colleges include, but are not limited to, the following:  (i) Initiating the establishment of a supervisory college;  (ii) Clarifying the membership and participation of other supervisors in the supervisory college;  (iii) Clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor;  (iv) Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and  (v) Establishing a crisis management plan.  (b) Each registered insurer subject to this section shall be liable for and shall pay the reasonable expenses of the commissioner's participation in a supervisory college in accordance with subsection (c) of this section, including reasonable travel expenses. For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the commissioner may establish a regular assessment to the insurer for the payment of these expenses.  (c) In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management and governance processes, and as part of the examination of individual insurers in accordance with W.S. 26-44-109, the commissioner may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal and international regulatory agencies. The commissioner may enter into agreements providing the basis for cooperation between the commissioner and the other regulatory agencies, and the activities of the supervisory college. Nothing in this section shall delegate to the supervisory college the authority of the commissioner to regulate or supervise the insurer or its affiliates within his jurisdiction.
WY Stat § 26-45-101 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 45 - Broker Controlled Insurers|Section 26-45-101 - Short Title.

26-45-101. Short title.| This article may be cited as the "Broker Controlled Insurer Act."
WY Stat § 26-45-102 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 45 - Broker Controlled Insurers|Section 26-45-102 - Definitions.

26-45-102. Definitions.| (a) As used in this article:  (i) "Accredited state" means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established by the National Association of Insurance Commissioners;  (ii) "Broker" means an insurance broker as defined in W.S. 26-1-102(a)(vi) or any other person, firm, association or corporation, when, for any compensation, commission or other thing of value, the person, firm, association or corporation acts or aids in any manner in soliciting, negotiating or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association or corporation;  (iii) "Control" or "controlled" means as defined in W.S. 26-44-101(a)(iii);  (iv) "Controlled insurer" means a licensed insurer which is controlled, directly or indirectly, by a broker;  (v) "Controlling broker" means a broker who, directly or indirectly, controls an insurer;  (vi) "Independent casualty actuary" means a casualty actuary who is a member in good standing of the American Academy of Actuaries and who is not an employee, principal, or indirect owner of, or in any way controlled by or affiliated with the insurer or broker;  (vii) "Licensed insurer" means any person duly licensed to transact a property or casualty insurance business in this state. The following are not licensed insurers for the purposes of this article:  (A) Risk retention groups as defined in the Wyoming Risk Retention Act;  (B) Residual market pools and joint underwriting authorities or associations; and  (C) Captive insurers. For purposes of this article, captive insurers are insurance companies owned by another organization and whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks of member organizations or group members and their affiliates.
WY Stat § 26-45-103 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 45 - Broker Controlled Insurers|Section 26-45-103 - Applicability.

26-45-103. Applicability.| This article shall apply to licensed insurers either domiciled in this state or domiciled in a state that is not an accredited state having in effect a substantially similar law. All provisions of the Insurance Holding Company System Regulatory Act, to the extent they are not superseded by this article, shall continue to apply to all parties within holding company systems subject to this article.
WY Stat § 26-45-105 (2021)
2021 Wyoming Statutes|Title 26 - Insurance Code|Chapter 45 - Broker Controlled Insurers|Section 26-45-105 - Disclosure.

26-45-105. Disclosure.| The controlling broker, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the broker and the controlled insurer, except that, if the business is placed through a subproducer who is not a controlling broker, the controlling broker shall retain in his records a signed commitment from the subproducer that the subproducer is aware of the relationship between the insurer and the broker and that the subproducer has or will notify the insured.