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2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 42 - Wyoming Life and Health Insurance Guaranty Association › Section 26-42-104 - Creation of the Association.

26-42-104. Creation of the association.
(a) There is created a nonprofit legal entity to be known as the Wyoming life and health insurance guaranty association. All member insurers are members of the association as a condition of their authority to transact insurance or health maintenance organization business in this state. The association shall perform its functions under the plan of operation established and approved under W.S. 26-42-108 and shall exercise its powers through a board of directors provided by W.S. 26-42-105. For purposes of administration and assessment the association shall maintain the three (3) following accounts:
(i) The life insurance account;
(ii) The health account; and
(iii) The annuity account.
(b) The association is under the supervision of the commissioner and is subject to the applicable provisions of the insurance laws of this state. Meetings or records of the association may be opened to the public upon majority vote of the board of directors of the association.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 42 - Wyoming Life and Health Insurance Guaranty Association › Section 26-42-105 - Board of Directors.

26-42-105. Board of directors.
(a) The board of directors of the association consists of not less than five (5) nor more than nine (9) member insurers serving terms as established in the plan of operation provided by W.S. 26-42-108. Membership on the board shall be subject to the following:
(i) The members of the board shall be selected by member insurers subject to the approval of the commissioner;
(ii) A majority of the members shall be domestic insurers. If there are not enough domestic insurers for a majority, then all domestic insurers shall be on the board. The domestic insurers shall hold the positions of chairman and at least one (1) other officer position on the board if possible;
(iii) Each member insurer selected shall identify the individual representing the member insurer on the board and shall provide the individual's name, address, biographical information and position in an affidavit to the commissioner for review and approval;
(iv) Vacancies on the board shall be filled for the remaining period of the term by a majority vote of the remaining board members subject to the approval of the commissioner.
(b) In approving selections or in appointing members to the board, the commissioner shall consider, among other factors, whether all member insurers are fairly represented.
(c) Members of the board shall be reimbursed from the assets of the association for expenses incurred by them as members of the board of directors. Members of the board shall not otherwise be compensated by the association for their services.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 42 - Wyoming Life and Health Insurance Guaranty Association › Section 26-42-108 - Plan of Operation.

26-42-108. Plan of operation.
(a) The association shall maintain a plan of operation to assure the fair, reasonable and equitable administration of the association. The plan of operation and any amendments to the plan of operation shall be submitted to the commissioner and are effective upon the commissioner's written approval or after thirty (30) days if he has not disapproved them.
(b) If the association fails to submit a suitable plan of operation or suitable amendments to the plan, the commissioner shall after notice and hearing adopt and promulgate reasonable rules as necessary or advisable to implement the provisions of this act. The rules shall continue in force until modified by the commissioner or superseded by a plan submitted by the association and approved by the commissioner.
(c) All member insurers shall comply with the plan of operation.
(d) The plan of operation shall, in addition to requirements enumerated in other provisions of this act:
(i) Establish procedures for handling the assets of the association;
(ii) Establish the amount and method of reimbursing members of the board of directors under W.S. 26-42-105;
(iii) Establish regular places and times for meetings including telephone conference calls of the board of directors;
(iv) Establish procedures for records to be kept of all financial transactions of the association, the association's agents and the board of directors;
(v) Establish the procedures for making selections for the board of directors and submitting them to the commissioner;
(vi) Establish any additional procedures for assessments under W.S. 26-42-107;
(vii) Contain additional provisions necessary or proper for the execution of the powers and duties of the association.
(e) The plan of operation may provide that any or all powers and duties of the association, except those under W.S. 26-42-106(p) and 26-42-107, are delegated to a corporation, association or other organization which performs or will perform functions similar to those of the association or its equivalent in two (2) or more states. The corporation, association or organization shall be reimbursed for any payments made on behalf of the association and shall be paid for its performance of any function of the association. A delegation under this subsection shall take effect only with the approval of both the board of directors and the commissioner and may be made only to a corporation, association or organization which extends protection similar to that provided by this act.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 42 - Wyoming Life and Health Insurance Guaranty Association › Section 26-42-109 - Duties and Powers of the Commissioner.

26-42-109. Duties and powers of the commissioner.
(a) In addition to the duties and powers enumerated in other provisions of this act, the commissioner shall:
(i) Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate state for each member insurer;
(ii) When an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to eliminate the impairment within a reasonable time. Notice to the impaired insurer shall constitute notice to its shareholders, if any. The failure of the impaired insurer to promptly comply with the demand shall not excuse the association from the performance of its powers and duties under this act;
(iii) In any liquidation or rehabilitation proceeding involving a domestic insurer, be appointed as the liquidator, rehabilitator or conservator.
(b) The commissioner may suspend or revoke after notice and hearing the certificate of authority to transact business in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative the commissioner may levy a forfeiture on any member insurer which fails to pay an assessment when due. Such forfeiture shall not exceed five percent (5%) of the unpaid assessment per month, but no forfeiture shall be less than one hundred dollars ($100.00) per month.
(c) Any action of the board of directors or the association may be appealed to the commissioner by any member insurer if an appeal is taken within sixty (60) days of the final action being appealed. Any final action or order of the commissioner is subject to judicial review in a court of competent jurisdiction.
(d) The liquidator, rehabilitator or conservator of any impaired insurer may notify all interested persons of the effect of this act.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 42 - Wyoming Life and Health Insurance Guaranty Association › Section 26-42-111 - Credits for Assessments Paid; Tax Offsets.

26-42-111. Credits for assessments paid; tax offsets.
(a) A member insurer may offset against its premium tax liability to this state an assessment described in W.S. 26-42-107(k) to the extent of ten percent (10%) of the amount of the assessment for each of the ten (10) calendar years following the year in which the assessment was paid. If a member insurer ceases doing business, all uncredited assessments may be credited against its premium tax liability for the year it ceases doing business.
(b) Any sums which are acquired by refund pursuant to W.S. 26-42-107(h) from the association by member insurers and which have been offset against premium taxes as provided in subsection (a) of this section, shall be paid by the member insurers to this state as required by the commissioner. The association shall notify the commissioner that the refunds have been made.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 42 - Wyoming Life and Health Insurance Guaranty Association › Section 26-42-113 - Examination of the Association; Annual Report.

26-42-113. Examination of the association; annual report.
The association is subject to examination and regulation by the commissioner. The board of directors shall submit to the commissioner each year not later than one hundred twenty (120) days after the association's fiscal year, a financial report in a form approved by the commissioner and a report of its activities during the preceding fiscal year.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 42 - Wyoming Life and Health Insurance Guaranty Association › Section 26-42-115 - Stay of Proceedings; Reopening Default Judgments.

26-42-115. Stay of proceedings; reopening default judgments.
All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed one hundred eighty (180) days from the date an order of liquidation, rehabilitation or conservation is final to permit proper legal action by the association on any matters germane to its powers or duties. As to judgment under any decision, order, verdict or finding based on default the association may apply to have the judgment set aside by the same court that made the judgment and shall be permitted to defend against the suit on the merits.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 42 - Wyoming Life and Health Insurance Guaranty Association › Section 26-42-117 - Immunity.

26-42-117. Immunity.
Except as provided by W.S. 26-42-106(r)(ii), 26-42-109(b) and 26-42-112, there shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer or its agents or employees, the association or its agents or employees, members of the board of directors or the commissioner or his representatives, for any action or omission by them in the performance of their powers and duties under this act. Immunity shall extend to the participation in any organization of one (1) or more other state associations of similar purposes and to any such organization and its agents or employees.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 42 - Wyoming Life and Health Insurance Guaranty Association › Section 26-42-118 - Prospective Application.

26-42-118. Prospective application.
(a) Except as provided in subsection (b) of this section, this act shall apply to any member insurer which is placed under an order of liquidation with a finding of insolvency on or after July 1, 2014.
(b) The amendments provided in the 2014 amendments to W.S. 26-24-103(a) and (d) shall not apply to any member insurer placed under an order of liquidation with a finding of insolvency prior to July 1, 2014.
(c) The amendments provided in the 2019 amendments to this act shall not apply to any member insurer placed under an order of liquidation with a finding of insolvency prior to July 1, 2019.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 43 - Health Care › Article 1 - Wyoming Health Insurance Pool Act › Section 26-43-104 - Administrator.

26-43-104. Administrator.
(a) The board shall select an insurer, insurers or a third party administrator or administrators through a competitive bidding process to administer the pool. The board shall evaluate bids based on criteria established by the board which shall include but are not limited to:
(i) The proven ability of the administrator to handle individual accident and health insurance;
(ii) The efficiency of the claim paying procedures of the administrator;
(iii) An estimate of total charges for administering the plan;
(iv) The ability of the administrator to administer the pool in a cost efficient manner.
(b) The administrator shall serve for a period determined by the board of not less than three (3) years and not more than five (5) years and is subject to removal for cause. At least one (1) year prior to the expiration of the period of service by an administrator, the board shall invite all insurers, including the current administrator to submit bids to serve as the administrator for the succeeding period. Selection of the administrator for the succeeding period shall be made at least six (6) months prior to the end of the current period.
(c) The administrator shall:
(i) Perform all eligibility and administrative claims payment functions relating to the pool;
(ii) Establish a premium billing procedure for collection of premiums from insureds. Billings shall be made periodically as determined by the board;
(iii) Perform all necessary functions to assure timely payment of benefits to covered persons under the pool including but not limited to:
(A) Making available information relating to the proper manner of submitting a claim for benefits to the pool and distributing forms upon which submission is made;
(B) Evaluating the eligibility of each claim for payment by the pool.
(iv) Submit regular reports to the board regarding the pool operation. The board shall determine the frequency, content and form of the report;
(v) Determine net written and earned premiums, the expense of administration and the paid and incurred losses for the year and report the information to the board and the department on a form and in the manner prescribed by the commissioner;
(vi) Receive payment as provided in the plan of operation for its expenses incurred in the performance of its services.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 43 - Health Care › Article 1 - Wyoming Health Insurance Pool Act › Section 26-43-106 - Minimum Benefits; Limitations.

26-43-106. Minimum benefits; limitations.
(a) Pool coverage shall be offered to eligible persons subject to the termination and disenrollment provisions of W.S 26-43-103(e). The commissioner shall establish by rule and regulation the pool coverage, its schedule of benefits, exclusions and other limitations consistent with this act and taking into consideration the advice and recommendations of the board. The commissioner and the board annually shall review the pool coverage, its schedule of benefits, exclusions and limitations and make changes to reflect the levels of health insurance coverage provided in this state.
(b) In establishing the pool coverage, the commissioner shall:
(i) Consider the levels of health insurance provided in the state, medical economic factors deemed appropriate and the advice and recommendations of the board;
(ii) Promulgate benefit levels, deductibles, coinsurance factors, exclusions and limitations determined to be generally reflective of and commensurate with health insurance plans marketed in the state and required by this act. The commissioner shall offer at least two (2) plans that may include a higher deductible option or a health savings account option in order to provide less expensive coverage alternatives for pool participants;
(iii) Repealed by Laws 2005, ch. 57, 2.
(iv) Repealed By Laws 2005, ch. 57, 2.
(v) Design and employ cost containment measures and controls which may include but are not limited to, preadmission certification, concurrent inpatient review, case management, utilization reviews, exclusions or limitations concerning treatment and services, and member deductibles;
(vi) Offer for those individuals described in W.S. 26-43-103(d) a catastrophic health plan having a deductible level of twenty-five thousand dollars ($25,000.00), subject to the termination and disenrollment provisions of W.S. 26-43-103(e).
(c) Pool coverage shall not include medical costs associated with:
(i) Repealed by Laws 2019, ch. 16, 2.
(ii) Cosmetic surgery;
(iii) Other procedures as determined by the board.
(d) Repealed by Laws 2019, ch. 16, 2.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 43 - Health Care › Article 1 - Wyoming Health Insurance Pool Act › Section 26-43-107 - Premiums; Standard Risk Rate.

26-43-107. Premiums; standard risk rate.
(a) Separate schedules of premium rates based on plan coverage under the pool, age, sex and geographical location may apply for individual risks.
(b) The board shall determine the standard risk rate by calculating the average individual standard rate charged by the five (5) largest insurers offering coverages in the state comparable to each plan coverage under the pool. If five (5) insurers do not offer comparable coverage, the standard risk rate shall be established using reasonable actuarial techniques and shall reflect anticipated experience and expenses for the applicable coverage.
(c) Initial rates for pool coverage in the first year coverage is provided pursuant to this act shall not be less than one hundred fifty percent (150%) of rates established as applicable for individual standard risks. Subsequent rates may provide for the expected costs of claims including recovery of prior losses, expenses of operation, investment income of claim reserves, and any other costs factors subject to the limitations provided by this subsection. Beginning July 1, 2007, except as provided in subsection (e) of this section, there shall be two (2) levels of eligibility. Level one (1) eligibility applies to persons with income equal to or greater than two hundred fifty percent (250%) of the federal poverty guideline. Level two (2) eligibility applies to persons with income below two hundred fifty percent (250%) of the federal poverty guideline. Premium rates for level one (1) eligibility shall be set at one hundred fifty percent (150%) to two hundred five percent (205%) of rates applicable to individual standard risks. Premium rates for level two (2) eligibility shall be set at one hundred percent (100%) to one hundred forty percent (140%) of rates applicable to individual standard risks. All rates and rate schedules shall be submitted to the commissioner for approval. The rates shall be set as close as practical to the lower end of the range provided.
(d) Premiums collected pursuant to this section shall be paid to the state treasurer and credited to the account.
(e) Repealed by Laws 2019, ch. 16, 2.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 43 - Health Care › Article 1 - Wyoming Health Insurance Pool Act › Section 26-43-108 - Preexisting Conditions.

26-43-108. Preexisting conditions.
(a) Pool coverage shall not exclude charges or expenses incurred for longer than the first twelve (12) months following the effective date of coverage as to any condition for which during the six (6) month period immediately preceding the effective date of coverage medical advice, care or treatment was recommended or received. The preexisting coverage limitation set forth in this section shall not apply to a federally defined eligible individual.
(b) Preexisting condition exclusions shall be waived to the extent to which similar exclusions, if any, have been satisfied under any prior health insurance coverage which was terminated and coverage in the pool is effective from the date on which the prior coverage was terminated if application for pool coverage is made not later than ninety (90) days following the termination.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 43 - Health Care › Article 1 - Wyoming Health Insurance Pool Act › Section 26-43-109 - Benefit Payments Reduction.

26-43-109. Benefit payments reduction.
(a) Benefits otherwise payable under pool coverage are reduced by:
(i) All amounts paid or payable through any other health insurance or insurance arrangement;
(ii) All hospital and medical expense benefits paid or payable under any workers' compensation coverage or automobile medical payment or liability insurance whether provided on the basis of fault or nonfault; and
(iii) Any hospital or medical benefits paid or payable under or provided pursuant to any state or federal law or program except Medicaid.
(b) The administrator or the board has a cause of action against an eligible person for the recovery of the amount of benefits paid which are not for covered expenses. Benefits due from the pool may be reduced or refused as a setoff against any amount recoverable under this section.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 43 - Health Care › Article 1 - Wyoming Health Insurance Pool Act › Section 26-43-110 - Immunity.

26-43-110. Immunity.
The participation in the pool as members, the establishment of rates, forms or procedures or any other joint or collective action required by this act shall not be the basis of any legal action, criminal or civil liability or penalty against the board, the pool or pool members.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 43 - Health Care › Article 1 - Wyoming Health Insurance Pool Act › Section 26-43-112 - Account Created; Payments; Investment.

26-43-112. Account created; payments; investment.
There is created an account within the trust and agency fund in which all money received, earned or collected pursuant to this act shall be credited and continuously appropriated for the purposes of this act. All claims, costs of administration and other necessary expenses incurred pursuant to this act shall be paid from the account. All money in the account not immediately necessary for the purposes of this act, which amount is certified by the board to the state treasurer, shall be invested and any interest earned shall be credited to the account.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 43 - Health Care › Article 1 - Wyoming Health Insurance Pool Act › Section 26-43-114 - Enrollment Capacity Planning.

26-43-114. Enrollment capacity planning.
The board shall annually estimate the funds available to the plan through premiums, assessments and legislative appropriations for the subsequent fiscal year and shall determine the maximum number of individuals who may be enrolled for that year without incurring total costs of operation in excess of estimated available funds. The board shall take steps necessary to assure that plan enrollment does not exceed the maximum enrollment capacity determined for that year. In determining enrollment capacity for purposes of this section, the board shall provide for the enrollment in the pool of all federally eligible individuals.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 43 - Health Care › Article 3 - Air Ambulance Membership Organizations › Section 26-43-301 - Definitions; Applicability.

26-43-301. Definitions; applicability.
(a) As used in this article, "air ambulance membership organization" means an entity that, in exchange for fees, dues, charges or other consideration, provides:
(i) Discounts to members for the cost of services the organization provides as an air ambulance service company; or
(ii) Access for members to providers of air ambulance services and the right to receive air ambulance services from those providers. For purposes of this paragraph, "air ambulance membership organization" means the entity that contracts with health care providers, individuals, employees, groups, provider networks or other air ambulance membership organizations to offer access to air ambulance services and that determines the fees, dues, or charges to air ambulance membership organization members.
(b) The registration requirements of this article shall not apply to:
(i) An air ambulance membership organization that is otherwise subject to the provisions of this title and is required to be licensed under this title;
(ii) A health care provider who provides discounts to patients without any cost or fee of any kind to the patient.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 43 - Health Care › Article 3 - Air Ambulance Membership Organizations › Section 26-43-302 - Air Ambulance Membership Organizations; Certificate of Registration; Application.

26-43-302. Air ambulance membership organizations; certificate of registration; application.
(a) An air ambulance membership organization shall obtain a certificate of registration from the commissioner before operating as an air ambulance membership organization in Wyoming.
(b) An air ambulance membership organization seeking a certificate of registration from the commissioner shall apply on a form created and prescribed by the commissioner. The application shall include:
(i) An application fee not to exceed five hundred dollars ($500.00);
(ii) Information regarding whether a previous application for a certificate of registration under this article or for a substantially similar certificate under the laws of another state has been denied, revoked, suspended or terminated;
(iii) Information regarding whether the applicant is currently under investigation or the subject of any pending action and whether the applicant has been found in violation of any statute or regulation in any jurisdiction in the last five (5) years;
(iv) Information sufficient for the commissioner to determine whether the applicant has adequate expertise and experience to operate an air ambulance membership organization and is of good character;
(v) Certification that the applicant has established a dedicated toll-free telephone number for its customers and an internet website that makes available the names and addresses of all current air ambulance providers with which the applicant has contracted directly or through a provider network;
(vi) Proof that the applicant has posted a surety bond and has established a reserve fund as required by W.S. 26-43-305(f).
(c) Upon receipt of an application, the commissioner shall review the application and shall notify the applicant of any deficiencies in the application not later than twenty-one (21) days after receiving the application. Not more than ninety (90) days after receipt of an application containing all required information, the commissioner shall issue a certificate of registration to an applicant that has satisfied all requirements imposed by this article.
(d) A certificate of registration issued under this section shall be effective for one (1) year after the date of issuance unless renewed as provided by W.S. 26-43-303(a).
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 43 - Health Care › Article 3 - Air Ambulance Membership Organizations › Section 26-43-304 - Air Ambulance Membership Organizations; Powers and Duties of the Commissioner; Rulemaking; Costs.

26-43-304. Air ambulance membership organizations; powers and duties of the commissioner; rulemaking; costs.
(a) The commissioner is authorized to:
(i) Examine or investigate the affairs of an air ambulance membership organization to ensure compliance with the provisions of this article;
(ii) Order any air ambulance membership organization or applicant to produce materials pertaining to air ambulance membership affairs, including any records, books, files, advertising and solicitation materials and any other information necessary to ensure compliance with this article;
(iii) Take statements under oath to determine whether the air ambulance membership organization or an applicant is in violation of the provisions of this article.
(b) An air ambulance membership organization found to have violated any provision of this article after an examination or investigation under this section shall pay all costs and fees associated with the examination or investigation.
(c) The commissioner shall promulgate any rules necessary to carry out the provisions of this article.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 43 - Health Care › Article 3 - Air Ambulance Membership Organizations › Section 26-43-306 - Violations; Unfair Trade Practices; Penalties.

26-43-306. Violations; unfair trade practices; penalties.
In addition to any penalties and other enforcement of this article, any person who willfully violates any provision of this article may be subject to a civil penalty not to exceed one thousand dollars ($1,000.00) for each willful violation.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 43 - Health Care › Article 3 - Air Ambulance Membership Organizations › Section 26-43-307 - Reporting Requirements; Notice to Commissioner; Penalties.

26-43-307. Reporting requirements; notice to commissioner; penalties.
(a) Not less than ninety (90) days before expiration of a certificate of registration, an air ambulance membership organization seeking renewal of its certificate of registration shall submit an annual report to the commissioner in a form prescribed by the commissioner. The report shall include:
(i) An updated list of the names and addresses of all air ambulance providers or air ambulance service providers responsible for the conduct of the air ambulance membership organization's affairs along with disclosure of the extent and nature of any contracts or arrangements with those persons, including any possible conflicts of interest;
(ii) The number of members in Wyoming who are enrolled in any membership offered by the air ambulance membership organization;
(iii) A list of any membership agreements currently active or entered into with a governmental entity in Wyoming that provides membership of the air ambulance membership organization to all residents of that governmental entity. As used in this paragraph, "governmental entity" means the governing body of a county or municipality in Wyoming;
(iv) Any other information related to the air ambulance membership organization as required by the commissioner to ensure compliance with the provisions of this article.
(b) An air ambulance membership organization seeking renewal that fails to file an annual report in the form or before the deadline specified in subsection (a) of this section shall be ineligible for renewal until any deficiency is remedied.
(c) Upon notice by the commissioner, an air ambulance membership organization failing to comply with subsection (a) of this section shall lose its authority to enroll new members or to do business in Wyoming if the violation continues beyond a time specified by the commissioner.
(d) An air ambulance membership organization shall provide the commissioner notice of any change in the organization's name, address, telephone number, address for the principal place of business, mailing address or internet website address not less than thirty (30) days before making the change.
2023 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.
2023 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).
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.