reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 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.
2023 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.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 45 - Broker Controlled Insurers › Section 26-45-106 - Penalties and Liabilities.

26-45-106. Penalties and liabilities.
(a) If the commissioner finds after a hearing conducted in accordance with W.S. 26-2-125 that any person has violated any provision of this article, the commissioner may order any or all of the following:
(i) For each separate violation, a civil penalty not to exceed five thousand dollars ($5,000.00);
(ii) For any controlling broker violating this article, revocation or suspension of the controlling broker's license;
(iii) The controlling broker to reimburse the insurer, the rehabilitator or liquidator of the insurer for any losses incurred by the insurer caused by a violation of this article committed by the controlling broker;
(iv) The controlling broker to cease placing business with the controlled insurer.
(b) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in this code.
(c) Nothing contained in this section is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors or other third parties.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 45 - Broker Controlled Insurers › Section 26-45-108 - Compliance With This Article.

26-45-108. Compliance with this article.
Controlled insurers and controlling brokers shall comply with W.S. 26-45-104 by September 1, 1992, and with W.S. 26-45-105 beginning with all policies written or renewed on or after September 1, 1992.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 46 - Managing General Agents › Section 26-46-101 - Definitions.

26-46-101. Definitions.
(a) As used in this article:
(i) "Actuary" means a person who is a member in good standing of the American Academy of Actuaries;
(ii) "Managing general agent" means any person, firm, association or corporation that:
(A) Acts as an agent or broker for an insurer whether known as a managing general agent, manager or other similar term;
(B) With or without the authority, either separately or together with affiliates, produces directly or indirectly or underwrites an amount of gross direct written premium equal to or more than five percent (5%) of the surplus as regards policyholders as reported in the last annual statement of the insurer in any one (1) quarter or year; and
(C) Manages all or part of the insurance business of an insurer, including the management of a separate division, department or underwriting office and:
(I) Negotiates reinsurance on behalf of the insurer; or
(II) Adjusts or pays claims.
(iii) "Underwrite" means the authority to accept or reject risk on behalf of the insurer;
(iv) The following persons shall not be considered as "managing general agents":
(A) An employee of the insurer;
(B) A United States manager of the United States branch of an alien insurer;
(C) An underwriting manager:
(I) Which, pursuant to contract, manages all the insurance operations of the insurer;
(II) Is under common control with the insurer, subject to the Insurance Holding Company System Regulatory Act; and
(III) Whose compensation is not based on the volume of premiums written.
(D) The attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 46 - Managing General Agents › Section 26-46-102 - License Required.

26-46-102. License required.
(a) No person shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless the person is a licensed agent or broker in this state.
(b) No person shall act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless the person is licensed and appointed as an agent or broker in this state.
(c) The commissioner may:
(i) Require a bond from any managing general agent in an amount and from an insurer acceptable to him for the protection of each insurer;
(ii) Require the managing general agent to maintain an errors and omissions policy sufficient to protect the insurer; and
(iii) Impose upon any person acting in the capacity of a managing general agent under subsection (a) or (b) of this section, a biennial fee not to exceed one hundred dollars ($100.00). This fee shall be in addition to any other fees required under this code.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 46 - Managing General Agents › Section 26-46-104 - Duties of Insurer.

26-46-104. Duties of insurer.
(a) The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each managing general agent with which it has done business.
(b) If a managing general agent establishes loss reserves, the insurer shall, in addition to any other required loss reserve certification, annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the managing general agent.
(c) The insurer shall, at least semiannually, conduct an onsite review of the underwriting and claims processing operation of the managing general agent.
(d) Binding authority for all reinsurance contracts or participation in insurance or reinsurance contracts or participation in insurance or reinsurance syndicates shall rest with an officer of the insurer, who shall not be affiliated with the managing general agent.
(e) Within thirty (30) days of entering into or termination of a contract with a managing general agent, the insurer shall provide written notification of the appointment or termination to the commissioner.
(f) Notices of the appointment of a managing general agent shall include a statement of duties which the applicant is expected to perform on behalf of the insurer, the lines of insurance for which the applicant is to be authorized to act, and any other information the commissioner may request.
(g) An insurer shall review its books and records each quarter to determine if any agent or broker has become, by operation, a managing general agent. If the insurer determines that an agent or broker has become a managing general agent, the insurer shall promptly notify the agent or broker and the commissioner of the determination and the agent or broker and the insurer shall fully comply with the provisions of this article within thirty (30) days.
(h) An insurer shall not appoint to its board of directors an officer, director, employee, subproducer or controlling shareholder of its managing general agents. This section shall not apply to relationships governed by the Insurance Holding Company System Regulatory Act or, if applicable, the Broker Controlled Insurer Act.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 46 - Managing General Agents › Section 26-46-106 - Penalties and Liabilities.

26-46-106. Penalties and liabilities.
(a) If the commissioner finds after a hearing conducted in accordance with W.S. 26-2-125 that any person has violated any provision of this article, the commissioner may order:
(i) For each separate violation, a civil penalty not to exceed five thousand dollars ($5,000.00);
(ii) For any agent or broker violating this article, revocation or suspension of the agent's or broker's license; and
(iii) The managing general agent to reimburse the insurer, the rehabilitator or liquidator of the insurer for any losses incurred by the insurer caused by a violation of this article committed by the managing general agent.
(b) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for by this code.
(c) Nothing contained in this article is intended to or shall in any manner limit or restrict the rights of the policyholders, claimants and creditors or other third parties.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 47 - Reinsurance Intermediaries › Section 26-47-102 - Definitions.

26-47-102. Definitions.
(a) As used in this article:
(i) "Actuary" means a person who is a member in good standing of the American Academy of Actuaries;
(ii) "Controlling person" means any person who directly or indirectly has the power to direct or cause to be directed, the management, control or activities of the reinsurance intermediary;
(iii) "Licensed producer" means an agent, broker or reinsurance intermediary licensed pursuant to the applicable provisions of this code;
(iv) "Qualified United States financial institution" means an institution that is organized or licensed under the laws of the United States or any state and is insured by an instrumentality of the United States government, and has been determined by either the insurance commissioner or the securities valuation office of the National Association of Insurance Commissioners to meet standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner;
(v) "Reinsurance intermediary" means a reinsurance intermediary broker or a reinsurance intermediary manager;
(vi) "Reinsurance intermediary broker" means any person, other than an officer or employee of the ceding insurer, who solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of the ceding insurer;
(vii) "Reinsurance intermediary manager" means any person who has authority to bind or manage all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department or underwriting office, and who acts as an agent for the reinsurer whether known as a "reinsurance intermediary manager," "manager" or other similar term. The following persons shall not be considered a reinsurance intermediary manager, with respect to a reinsurer, for the purposes of this article:
(A) An employee of the reinsurer;
(B) A United States manager of the United States branch of an alien reinsurer;
(C) An underwriting manager:
(I) Which pursuant to contract, manages all the reinsurance operations of the reinsurer;
(II) Is under common control with the reinsurer, subject to the Insurance Holding Company System Regulatory Act; and
(III) Whose compensation is not based on the volume of premiums written.
(D) The manager of a group, association, pool or organization of insurers which engage in joint underwriting or joint reinsurance and are subject to examination by the insurance commissioner of the state in which the manager's principal business office is located.
(viii) "Reinsurer" means any person with the authority to assume reinsurance in this state as an insurer pursuant to the applicable provisions of this code;
(ix) "To be in violation" means that the reinsurance intermediary, insurer or reinsurer for whom the reinsurance intermediary was acting failed to substantially comply with the provisions of this article.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 47 - Reinsurance Intermediaries › Section 26-47-104 - Required Contract Provisions for Reinsurance Intermediary Brokers.

26-47-104. Required contract provisions for reinsurance intermediary brokers.
(a) Transactions between a reinsurance intermediary broker and the insurer it represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, provide that:
(i) The insurer may terminate the reinsurance intermediary broker's authority at any time;
(ii) The reinsurance intermediary broker shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by, or owing to, the reinsurance intermediary broker, and remit all funds due to the insurer within thirty (30) days of receipt;
(iii) All funds collected for the insurer's account shall be held by the reinsurance intermediary broker in a fiduciary capacity in a bank which is a qualified United States financial institution;
(iv) The reinsurance intermediary broker shall comply with W.S. 26-47-105;
(v) The reinsurance intermediary broker shall comply with the written standards established by the insurer for the cession or retrocession of all risks;
(vi) The reinsurance intermediary broker shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 47 - Reinsurance Intermediaries › Section 26-47-105 - Books and Records; Reinsurance Intermediary Brokers.

26-47-105. Books and records; reinsurance intermediary brokers.
(a) For at least ten (10) years after expiration of each contract of reinsurance transacted by the reinsurance intermediary broker, the reinsurance intermediary broker shall keep a complete record for each transaction showing:
(i) The type of contract, limits, underwriting restrictions, classes or risks and territory;
(ii) Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;
(iii) Reporting and settlement requirements of balances;
(iv) Rates used to compute the reinsurance premium;
(v) Names and addresses of assuming reinsurers;
(vi) Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary broker;
(vii) Related correspondence and memoranda;
(viii) Proof of placement;
(ix) Details regarding retrocessions handled by the reinsurance intermediary broker including the identity of retrocessionaires and the percentage of each contract assumed or ceded;
(x) Financial records, including but not limited to, premium and loss accounts; and
(xi) When the reinsurance intermediary broker procures a reinsurance contract on behalf of a licensed ceding insurer:
(A) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
(B) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the assuming reinsurer has delegated binding authority to the representative.
(b) The insurer shall have access and the right to copy and audit all accounts and records maintained by the reinsurance intermediary broker related to its business in a form usable by the insurer.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 47 - Reinsurance Intermediaries › Section 26-47-106 - Duties of Insurers Utilizing the Services of a Reinsurance Intermediary Broker.

26-47-106. Duties of insurers utilizing the services of a reinsurance intermediary broker.
(a) An insurer shall not engage the services of any person to act as a reinsurance intermediary broker on its behalf unless the person is licensed as required by W.S. 26-47-103(a).
(b) An insurer shall not employ an individual who is employed by a reinsurance intermediary broker with which it transacts business, unless the reinsurance intermediary broker is under common control with the insurer and subject to the Insurance Holding Company System Regulatory Act.
(c) The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary broker with which it transacts business.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 47 - Reinsurance Intermediaries › Section 26-47-108 - Books and Records; Reinsurance Intermediary Managers.

26-47-108. Books and records; reinsurance intermediary managers.
(a) For at least ten (10) years after expiration of each contract of reinsurance transacted by the reinsurance intermediary manager, the reinsurance intermediary manager shall keep a complete record for each transaction showing:
(i) The type of contract, limits, underwriting restrictions, classes or risks and territory;
(ii) Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation and disposition of outstanding reserves on covered risks;
(iii) Reporting and settlement requirements of balances;
(iv) Rates used to compute the reinsurance premium;
(v) Names and addresses of reinsurers;
(vi) Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary manager;
(vii) Related correspondence and memoranda;
(viii) Proof of placement;
(ix) Details regarding retrocessions handled by the reinsurance intermediary manager, as permitted by W.S. 26-47-110(d), including the identity of retrocessionaires and percentage of each contract assumed or ceded;
(x) Financial records, including but not limited to, premium and loss accounts; and
(xi) When the reinsurance intermediary manager places a reinsurance contract on behalf of a ceding insurer:
(A) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
(B) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.
(b) The reinsurer shall have access and the right to copy all accounts and records maintained by the reinsurance intermediary manager related to its business in a form usable by the reinsurer.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 47 - Reinsurance Intermediaries › Section 26-47-109 - Prohibited Acts.

26-47-109. Prohibited acts.
(a) The reinsurance intermediary manager shall not:
(i) Cede retrocessions on behalf of the reinsurer;
(ii) Commit the reinsurer to participate in reinsurance syndicates;
(iii) Appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which he is appointed;
(iv) Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent (1%) of the reinsurer's surplus as regards policyholders as of December 31 of the last complete calendar year;
(v) Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report on the payment or the claim settlement shall be promptly forwarded to the reinsurer;
(vi) Jointly employ an individual who is employed by the reinsurer unless the reinsurance intermediary manager is under common control with the reinsurer subject to the Insurance Holding Company Regulatory System Act;
(vii) Appoint a subreinsurance intermediary manager.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 47 - Reinsurance Intermediaries › Section 26-47-110 - Duties of Reinsurers Utilizing the Services of a Reinsurance Intermediary Manager.

26-47-110. Duties of reinsurers utilizing the services of a reinsurance intermediary manager.
(a) A reinsurer shall not engage the services of any person to act as a reinsurance intermediary manager on its behalf unless the person is licensed as required by W.S. 26-47-103(b).
(b) The reinsurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary manager which the reinsurer has engaged prepared by an independent certified accountant in a form acceptable to the commissioner.
(c) If a reinsurance intermediary manager establishes loss reserves, the reinsurer shall annually obtain the opinion of an independent actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the reinsurance intermediary manager. This opinion shall be in addition to any other required loss reserve certification.
(d) Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the reinsurance intermediary manager.
(e) Within thirty (30) days of termination of a contract with a reinsurance intermediary manager, the reinsurer shall provide written notification of the termination to the commissioner.
(f) A reinsurer shall not appoint to its board of directors, any officer, director, employee, controlling shareholder or subproducer of its reinsurance intermediary manager. This subsection shall not apply to relationships governed by the Insurance Holding Company Regulatory System Act or, if applicable, the Broker Controlled Insurer Act.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 47 - Reinsurance Intermediaries › Section 26-47-111 - Examination Authority.

26-47-111. Examination authority.
A reinsurance intermediary shall be subject to examination by the commissioner pursuant to chapter 2 of the Wyoming Insurance Code. The commissioner shall have access to all books, bank accounts and records of the reinsurance intermediary in a form usable to the commissioner.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 47 - Reinsurance Intermediaries › Section 26-47-112 - Penalties and Liabilities.

26-47-112. Penalties and liabilities.
(a) A reinsurance intermediary, insurer or reinsurer found by the commissioner to be in violation of any provision of this article, after a hearing conducted in accordance with W.S. 26-2-125 shall:
(i) For each separate violation, pay a penalty in an amount not to exceed five thousand dollars ($5,000.00);
(ii) Be subject to revocation or suspension of its license; and
(iii) If a violation was committed by the reinsurance intermediary, the reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to the violation.
(b) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided in this code.
(c) Nothing contained in this article is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors or other third parties.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 47 - Reinsurance Intermediaries › Section 26-47-113 - Fees; Rules and Regulations.

26-47-113. Fees; rules and regulations.
(a) The commissioner may impose a biennial fee not to exceed one hundred dollars ($100.00) upon any reinsurance intermediary subject to the provisions of this article. The fee shall be in addition to any other fees provided in this code.
(b) The commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this article.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 48 - Risk-Based Capital › Article 1 - Risk Based Capital for Insurers › Section 26-48-102 - Risk-Based Capital Reports.

26-48-102. Risk-based capital reports.
(a) Every domestic insurer shall, annually on or prior to March 1, prepare and submit to the commissioner a report of its RBC levels as of the end of the calendar year just ended, in a form and containing information as required by the RBC instructions. In addition, every domestic insurer shall file its RBC report:
(i) With the NAIC in accordance with the RBC instructions; and
(ii) With the insurance commissioner in any state in which the insurer is authorized to do business, if the insurance commissioner has notified the insurer of its request in writing, in which case the insurer shall file its RBC report not later than the later of:
(A) Fifteen (15) days from the receipt of notice to file its RBC report with that state; or
(B) The filing date specified in subsection (a) of this section.
(b) A life or disability insurer's RBC shall be determined in accordance with the formula set forth in the RBC instructions and this article. The formula shall take into account, and may adjust for the covariance between the following which are determined in each case by applying the factors in the manner set forth in the RBC instructions:
(i) The risk with respect to the insurer's assets;
(ii) The risk of adverse insurance experience with respect to the insurer's liabilities and obligations;
(iii) The interest rate risk with respect to the insurer's business; and
(iv) All other business risks and other relevant risks as set forth in the RBC instructions.
(c) A property and casualty insurer's RBC shall be determined in accordance with the formula set forth in the RBC instructions and this article. The formula shall take into account, and may adjust for the covariance between the following which are determined in each case by applying the factors in the manner set forth in the RBC instructions:
(i) Asset risk;
(ii) Credit risk;
(iii) Underwriting risk; and
(iv) All other business risks and such other relevant risks as are set forth in the RBC instructions.
(d) If a domestic insurer files an RBC report which in the judgment of the commissioner is inaccurate, the commissioner shall adjust the RBC report to correct the inaccuracy and shall notify the insurer of the adjustment. The notice shall contain a statement of the reason for the adjustment. A RBC report as so adjusted is referred to as an "adjusted RBC report."
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 48 - Risk-Based Capital › Article 1 - Risk Based Capital for Insurers › Section 26-48-105 - Authorized Control Level Event.

26-48-105. Authorized control level event.
(a) "Authorized control level event" means any of the following events:
(i) The filing of an RBC report by the insurer which indicates that the insurer's total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level RBC;
(ii) The notification by the commissioner to the insurer of an adjusted RBC report that indicates the event in paragraph (i) of this subsection, provided the insurer does not challenge the adjusted RBC report under W.S. 26-48-107;
(iii) If the insurer challenges an adjusted RBC report that indicates the event in paragraph (i) of this subsection, under W.S. 26-48-107, notification by the commissioner to the insurer that the commissioner has, after a hearing, rejected the insurer's challenge;
(iv) The failure of the insurer to respond, in a manner satisfactory to the commissioner, to a corrective order, provided the insurer has not challenged the corrective order under W.S. 26-48-107; or
(v) If the insurer has challenged a corrective order under W.S. 26-48-107 and the commissioner has, after a hearing, rejected the challenge or modified the corrective order, the failure of the insurer to respond, in a manner satisfactory to the commissioner, to the corrective order subsequent to the rejection or modification by the commissioner.
(b) In the event of an authorized control level event with respect to an insurer, the commissioner shall:
(i) Take actions required under W.S. 26-48-104 regarding an insurer with respect to which a regulatory action level event has occurred; or
(ii) If the commissioner deems it to be in the best interests of the policyholders and creditors of the insurer and of the public, take actions necessary to cause the insurer to be placed under regulatory control under chapter 28 of this code. In the event the commissioner determines to take such action, the authorized control level event shall be deemed sufficient grounds for the commissioner to proceed under chapter 28, and the commissioner shall have the rights, powers and duties with respect to the insurer as are set forth in that chapter.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 48 - Risk-Based Capital › Article 1 - Risk Based Capital for Insurers › Section 26-48-106 - Mandatory Control Level Event.

26-48-106. Mandatory control level event.
(a) "Mandatory control level event" means any of the following events:
(i) The filing of an RBC report which indicates that the insurer's total adjusted capital is less than its mandatory control level RBC;
(ii) Notification by the commissioner to the insurer of an adjusted RBC report that indicates the event in paragraph (i) of this subsection, provided the insurer does not challenge the adjusted RBC report under W.S. 26-48-107; or
(iii) If the insurer challenges an adjusted RBC report that indicates the event in paragraph (i) of this subsection under W.S. 26-48-107, notification by the commissioner to the insurer that the commissioner has, after a hearing, rejected the insurer's challenge.
(b) In the event of a mandatory control level event:
(i) With respect to a life or disability insurer, the commissioner shall take actions necessary to cause the insurer to be placed under regulatory control under chapter 28 of this code. In that event, the mandatory control level event shall be deemed sufficient grounds for the commissioner to take action under chapter 28, and the commissioner shall have the rights, powers and duties with respect to the insurer as are set forth in that chapter. The commissioner may forego action under this subsection for up to ninety (90) days after the mandatory control level event if he finds there is a reasonable expectation that the mandatory control level event may be eliminated within the ninety (90) day period;
(ii) With respect to a property and casualty insurer, the commissioner shall take actions necessary to cause the insurer to be placed under regulatory control under chapter 28 of this code, or, in the case of an insurer which is writing no business and which is running-off its existing business, may allow the insurer to continue its run-off under the supervision of the commissioner. In either event, the mandatory control level event shall be deemed sufficient grounds for the commissioner to take action under chapter 28 and the commissioner shall have the rights, powers and duties with respect to the insurer as are set forth in that chapter. The commissioner may forego action under this subsection for up to ninety (90) days after the mandatory control level event if he finds there is a reasonable expectation that the mandatory control level event may be eliminated within the ninety (90) day period.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 48 - Risk-Based Capital › Article 1 - Risk Based Capital for Insurers › Section 26-48-107 - Hearings.

26-48-107. Hearings.
(a) An insurer shall have the right to a departmental hearing, on a record, at which the insurer may challenge any of the following determinations or actions by the commissioner:
(i) Notification to an insurer by the commissioner of an adjusted RBC report;
(ii) Notification to an insurer by the commissioner that:
(A) The insurer's RBC plan or revised RBC plan is unsatisfactory; and
(B) The notification constitutes a regulatory action level event with respect to the insurer.
(iii) Notification to any insurer by the commissioner that the insurer has failed to adhere to its RBC plan or revised RBC plan and that the failure has a substantial adverse effect on the ability of the insurer to eliminate the company action level event with respect to the insurer in accordance with its RBC plan or revised RBC plan; or
(iv) Notification to an insurer by the commissioner of a corrective order with respect to the insurer.
(b) An insurer seeking a hearing under this section shall notify the commissioner of its request for a hearing within five (5) days after the notification by the commissioner under subsection (a) of this section. Upon receipt of the insurer's request for a hearing, the commissioner shall set a date for the hearing, which shall be no less than ten (10) nor more than thirty (30) days after the date of the insurer's request.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 48 - Risk-Based Capital › Article 1 - Risk Based Capital for Insurers › Section 26-48-108 - Confidentiality and Prohibition on Announcements.

26-48-108. Confidentiality and prohibition on announcements.
(a) To the extent the information therein is not required to be set forth in a publicly available annual statement schedule, all RBC reports and RBC plans, including the results or report of any examination or analysis of an insurer performed pursuant to this article, and any corrective order issued by the commissioner pursuant to examination or analysis, with respect to any domestic insurer or foreign insurer which are filed with the commissioner constitute information that might be damaging to the insurer if made available to its competitors, and shall be kept confidential by the commissioner. This information shall not be made public, other than by the commissioner and then only for the purpose of enforcement actions taken by the commissioner pursuant to this article or any other provision of the insurance laws of this state. W.S. 16-4-201 through 16-4-205 shall not apply to the documents or information described in this section.
(b) Except as otherwise required under the provisions of this article, making, publishing, disseminating, circulating or placing before the public, an advertisement, announcement or statement containing a representation or statement with regard to the RBC levels of any insurer, or of any component derived in the calculation, by any insurer, agent, broker or other person engaged in any manner in the insurance business is prohibited. If any materially false statement with respect to the comparison regarding an insurer's total adjusted capital to its RBC levels, or any of them, or an inappropriate comparison of any other amount to the insurers' RBC levels is published in any written publication and the insurer is able to demonstrate to the commissioner with substantial proof of the falsity or inappropriateness of the statement, the insurer may publish an announcement in a written publication for the sole purpose of rebutting the statement.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 48 - Risk-Based Capital › Article 1 - Risk Based Capital for Insurers › Section 26-48-109 - Supplemental Provisions; Rulemaking Authority; Exceptions; Limitations.

26-48-109. Supplemental provisions; rulemaking authority; exceptions; limitations.
(a) The provisions of this article are supplemental to any other provisions of the laws of this state, and shall not preclude or limit any other powers or duties of the commissioner under those laws, including, but not limited to, chapter 28 of this code, W.S. 26-3-115 and 26-3-116.
(b) The commissioner may adopt reasonable rules and regulations necessary for the implementation of this article.
(c) The commissioner may exempt from the application of this chapter any domestic property and casualty insurer which:
(i) Writes direct business only in Wyoming;
(ii) Writes direct annual premiums of two million dollars ($2,000,000.00) or less; and
(iii) Assumes no reinsurance in excess of five percent (5%) of direct premium written.
(d) The RBC instructions, RBC reports, adjusted RBC reports, RBC plans and revised RBC plans may be used solely by the commissioner in monitoring the solvency of insurers and determining the need for possible corrective action with respect to insurers and shall not be used by the commissioner for rate making nor considered or introduced as evidence in any rate proceeding nor used by the commissioner to calculate or derive any elements of an appropriate premium level or rate of return for any line of insurance which an insurer or any affiliate is authorized to write.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 48 - Risk-Based Capital › Article 1 - Risk Based Capital for Insurers › Section 26-48-110 - Foreign Insurers.

26-48-110. Foreign Insurers.
(a) Any foreign insurer not subject to a substantially similar RBC law in its domicile, shall submit to the commissioner an RBC report on or before March 15, for the preceding calendar year. Any other foreign insurer shall, upon the written request of the commissioner, submit to the commissioner an RBC report as of the end of the calendar year just ended by the later of:
(i) The date an RBC report would be required to be filed by a domestic insurer under this article; or
(ii) Fifteen (15) days after the request is received by the foreign insurer.
(b) Any foreign insurer shall, at the written request of the commissioner, within fifteen (15) business days submit to the commissioner a copy of any RBC plan that is filed with the insurance commissioner of any other state.
(c) Pursuant to regulations adopted by the commissioner, in the event of a company action level event, regulatory action level event or authorized control level event, the commissioner may require the foreign insurer to file an RBC plan with the commissioner. In such event, the failure of the foreign insurer to file an RBC plan with the commissioner shall be grounds to order the insurer to cease and desist from writing new insurance business in this state.
(d) In the event of a mandatory control level event with respect to any foreign insurer, if no domiciliary receiver has been appointed with respect to the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the commissioner may make application for the appointment of a receiver to the district court of Laramie county as permitted under chapter 28 of this code. The occurrence of the mandatory control level event shall be considered adequate grounds for the application.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 48 - Risk-Based Capital › Article 1 - Risk Based Capital for Insurers › Section 26-48-111 - Notices.

26-48-111. Notices.
All notices by the commissioner to an insurer which may result in regulatory action under this article shall be effective upon mailing if transmitted by registered or certified mail, or in the case of any other transmission shall be effective upon the insurer's receipt of the notice.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 48 - Risk-Based Capital › Article 1 - Risk Based Capital for Insurers › Section 26-48-112 - Phase-in Provision.

26-48-112. Phase-in provision.
(a) For RBC reports required to be filed by life or disability insurers with respect to 1994, the following requirements shall apply in lieu of the provisions of W.S. 26-48-103 through 26-48-106:
(i) In the event of a company action level event with respect to a domestic insurer, the commissioner shall take no regulatory action under this chapter;
(ii) In the event of a regulatory action level event under W.S. 26-48-104(a)(i) through (iii) the commissioner shall take the actions required under W.S. 26-48-103;
(iii) In the event of a regulatory action level event under W.S. 26-48-104(a)(iv) through (ix) or an authorized control level event, the commissioner shall take the actions required under W.S. 26-48-104 with respect to the insurer;
(iv) In the event of a mandatory control level event, the commissioner shall take the actions required under W.S. 26-48-105 with respect to the insurer.
(b) For RBC reports required to be filed by property and casualty insurers with respect to 1995, the following requirements shall apply in lieu of the provisions of W.S. 26-48-103 through 26-48-106:
(i) In the event of a company action level event with respect to a domestic insurer, the commissioner shall take no regulatory action under this chapter;
(ii) In the event of a regulatory action level event under W.S. 26-48-104(a)(i) through (iii) the commissioner shall take the actions required under W.S. 26-48-103;
(iii) In the event of a regulatory action level event under W.S. 26-48-104(a)(iv) through (ix) or an authorized control level event, the commissioner shall take the actions required under W.S. 26-48-104 with respect to the insurer;
(iv) In the event of a mandatory control level event with respect to an insurer, the commissioner shall take the actions required under W.S. 26-48-105 with respect to the insurer.
(c) W.S. 26-48-110(a) shall not be effective for any foreign insurer until July 1, 1996, unless the commissioner requests in writing that the foreign insurer submit an RBC report.