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2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 3 - Authorization of Insurers and General Requirements › Article 3 - Annual Audited Financial Reports Law › Section 26-3-316 - Internal Audit Function Requirements.

26-3-316. Internal audit function requirements.
(a) An insurer is exempt from the requirements of this section if:
(i) The insurer has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums, but excluding premiums reinsured with the federal crop insurance corporation and federal flood program, less than five hundred million dollars ($500,000,000.00); and
(ii) If the insurer is a member of a group of insurers, the group has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums, but excluding premiums reinsured with the federal crop insurance corporation and federal flood program, less than one billion dollars ($1,000,000,000.00).
(b) Each insurer or group of insurers shall establish an internal audit function providing independent oversight regarding the insurer's governance, risk management and internal controls. This oversight shall be provided by performing general and specific audits, reviews and tests and by employing other techniques deemed necessary to protect assets, evaluate control effectiveness and efficiency and evaluate compliance with policies and regulations.
(c) The internal audit function shall be organizationally independent. Specifically, the internal audit function shall not defer ultimate judgment on audit matters to others and shall appoint an individual to head the internal audit function who shall have direct and unrestricted access to the board of directors. Organizational independence does not preclude dual reporting relationships.
(d) The head of the internal audit function shall report to the audit committee regularly, but not less than annually, on the periodic audit plan, factors that may adversely impact the internal audit function's independence or effectiveness, material findings from completed audits and the appropriateness of corrective actions implemented by management as a result of audit findings.
(e) If an insurer is a member of an insurance holding company system or included in a group of insurers, the insurer may satisfy the internal audit function requirements set forth in this section at the ultimate controlling parent level, an intermediate holding company level or the individual legal entity level.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 3 - Authorization of Insurers and General Requirements › Article 3 - Annual Audited Financial Reports Law › Section 26-3-317 - Conduct of Insurer in Connection With Preparation of Required Reports and Documents.

26-3-317. Conduct of insurer in connection with preparation of required reports and documents.
(a) No director or officer of an insurer shall, directly or indirectly:
(i) Make or cause to be made a materially false or misleading statement to an accountant in connection with any audit, review or communication required under this article; or
(ii) Omit to state or cause another person to omit to state any material fact necessary in order to make statements made, in light of the circumstances under which the statements were made, not misleading to an accountant in connection with any audit, review or communication required under this article.
(b) No officer or director of an insurer or any other person acting under the direction thereof shall directly or indirectly take any action to coerce, manipulate, mislead or fraudulently influence any accountant engaged in the performance of an audit pursuant to this article if that person knew or should have known that the action, if successful, could result in rendering the insurer's financial statements materially misleading. For purposes of this subsection, actions that, if successful, could result in rendering the insurer's financial statements materially misleading include, but are not limited to, actions taken at any time with respect to the professional engagement period to coerce, manipulate, mislead or fraudulently influence an accountant to:
(i) Issue or reissue a report on an insurer's financial statements that is not warranted in the circumstances due to material violations of statutory accounting principles prescribed by the commissioner, generally accepted auditing standards or other professional or regulatory standards;
(ii) Not perform any audit, review or other procedures required by generally accepted auditing standards or other professional standards;
(iii) Not withdraw an issued report; or
(iv) Not communicate matters to an insurer's audit committee.
(c) Violation of this section shall be punishable as provided in W.S. 26-1-107.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 3 - Authorization of Insurers and General Requirements › Article 4 - Disclosure of Material Transactions › Section 26-3-401 - Report of Material Transactions.

26-3-401. Report of material transactions.
(a) Every insurer domiciled in this state, and effective July 1, 1996, every authorized foreign insurer not subject to a substantially similar provision in its domicile, shall file a report with the commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements unless the acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements have been submitted to the commissioner for review, approval or information purposes pursuant to other provisions of the insurance code, department regulations or other requirements.
(b) The report required in subsection (a) of this section is due within fifteen (15) days after the end of the calendar month in which any of the transactions occur.
(c) One (1) complete copy of the report, including any exhibits or other attachments filed as part of the report, shall be filed with:
(i) The department; and
(ii) The National Association of Insurance Commissioners.
(d) All reports obtained by or disclosed to the commissioner pursuant to this article shall be given confidential treatment, and shall not be made public by the commissioner, the National Association of Insurance Commissioners, or any other person, except:
(i) To persons as authorized by and in accordance with the provisions of W.S. 26-2-113(d);
(ii) Upon the prior written consent of the insurer to which it pertains; or
(iii) If the commissioner, after giving the insurer who would be affected, notice and an opportunity to be heard, determines the interest of policyholders, shareholders or the public will be served by publication of the report, the commissioner may publish all or any part of the report he deems appropriate.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 3 - Authorization of Insurers and General Requirements › Article 4 - Disclosure of Material Transactions › Section 26-3-402 - Acquisitions and Dispositions of Assets.

26-3-402. Acquisitions and dispositions of assets.
(a) Subject to subsection (c) of this section, asset acquisitions subject to this article include every purchase, lease, exchange, merger, consolidation, succession or other acquisition other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for such purpose.
(b) Subject to subsection (c) of this section, asset dispositions subject to this article include every sale, lease, exchange, merger, consolidation, mortgage, assignment for the benefit of creditors or otherwise, abandonment, destruction or other disposition.
(c) No acquisition or disposition of assets shall be reported pursuant to W.S. 26-3-401 if the acquisition or disposition is not material. A material acquisition, disposition or the aggregate of any series of related acquisitions or dispositions during any thirty (30) day period, is one which is:
(i) Nonrecurring;
(ii) Not in the ordinary course of business; and
(iii) Involves more than five percent (5%) of the reporting insurer's total admitted assets as reported in its most recent statutory statement filed with the insurance department of the insurer's state of domicile.
(d) The following information is required to be disclosed in any report of a material acquisition or disposition of assets:
(i) Date of the transaction;
(ii) Manner of acquisition or disposition;
(iii) Description of the assets involved;
(iv) Nature and amount of the consideration given or received;
(v) Purpose of, or reason for, the transaction;
(vi) Manner by which the amount of consideration was determined;
(vii) Gain or loss recognized or realized as a result of the transaction; and
(viii) Name of the person from whom the assets were acquired or to whom they were disposed.
(e) Insurers are required to report material acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or one hundred percent (100%) reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if:
(i) The insurer has less than one million dollars ($1,000,000.00) total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement; and
(ii) The net income of the business not subject to the pooling arrangement represents less than five percent (5%) of the insurer's capital and surplus.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 3 - Authorization of Insurers and General Requirements › Article 5 - Electronic Delivery of Documents › Section 26-3-501 - Applicability.

26-3-501. Applicability.
(a) This article shall apply to property and casualty insurance, life insurance and disability insurance, including:
(i) Accident only insurance;
(ii) Accidental death or dismemberment insurance;
(iii) Credit insurance;
(iv) Dental or vision care insurance;
(v) Medicare supplemental insurance as defined by section 1882(g)(i) of the federal Social Security Act;
(vi) Long-term care insurance, including nursing home fixed indemnity insurance;
(vii) Disability income or a combination of accident only and disability income insurance;
(viii) Insurance issued as a supplement to liability insurance;
(ix) Specified disease insurance;
(x) Workers' compensation insurance;
(xi) Medical payment insurance coverage provided under a motor vehicle insurance policy;
(xii) Hospital confinement indemnity insurance;
(xiii) Limited benefit insurance that is offered and marketed as supplemental health insurance and not as a substitute for hospital or medical insurance or major medical expense insurance.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 3 - Authorization of Insurers and General Requirements › Article 5 - Electronic Delivery of Documents › Section 26-3-503 - Posting of Policies on the Internet.

26-3-503. Posting of policies on the internet.
(a) Notwithstanding any other provisions of W.S. 26-3-502, standard insurance policies and endorsements to which this article is applicable that do not contain personally identifiable information may be mailed, delivered or posted on the insurer's web site. If the insurer elects to post insurance policies and endorsements on its web site in lieu of mailing or delivering them to the insured, it shall comply with all of the following conditions:
(i) The policy and endorsements shall be accessible and remain that way for as long as the policy is in force;
(ii) After the expiration of the policy, the insurer shall archive its expired policies and endorsements for a period of ten (10) years, and make them available upon request;
(iii) The policies and endorsements shall be posted in a manner that enables the insured to print and save the policy and endorsements using programs or applications that are widely available on the internet and free to use;
(iv) The insurer provides the following information in, or simultaneous with each declarations page provided at the time of issuance of the initial policy and any renewals of that policy:
(A) A description of the exact policy and endorsement forms purchased by the insured;
(B) A method by which the insured may obtain, upon request and without charge, a paper copy of their policy;
(C) The internet address where their policy and endorsements are posted.
(v) The insurer provides notice, in the format preferred by the insured, of any changes to the forms or endorsements, the insured's right to obtain, upon request and without charge, a paper copy of such forms or endorsements, and the internet address where such forms or endorsements are posted.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 4 - Fees and Taxes › Section 26-4-102 - Record of Receipts; Payment to Treasurer; Credit to Fund.

26-4-102. Record of receipts; payment to treasurer; credit to fund.
(a) The commissioner shall keep a complete and accurate record of all monies he receives and disburses. All tax returns and records are open to examination at any time by the director of the state department of audit or his representative.
(b) The commissioner shall promptly deposit all monies he receives from any charges to the general fund, with receipt and acknowledgement submitted to the state treasurer, except that:
(i) Repealed by Laws 2017, ch. 9, 3.
(ii) The gross premium tax levied upon fire insurance premiums shall be deposited by the state treasurer as provided in this paragraph. For purposes of this paragraph, the gross premium tax levied upon fire insurance premiums is equal to thirty percent (30%) of the total gross premium tax levied upon all property, casualty and multiple line insurers. The gross premium tax levied upon fire insurance premiums shall be deposited as follows:
(A) Up to one hundred percent (100%) of the gross premium tax, less any amount deposited under subparagraph (B) of this paragraph, shall be deposited by the state treasurer in the volunteer firefighter, EMT and search and rescue pension account pursuant to W.S. 35-9-628;
(B) Forty percent (40%) of the gross premium tax shall be deposited by the state treasurer in the Fire A legislative reserve account created by W.S. 15-5-202(e), provided that no deposit shall be made under this subparagraph on and after the date that the firemen plan A as defined in W.S. 15-5-211(a)(i) has no remaining members receiving benefits.
(iii) Any premium assessments collected under W.S. 26-4-103(n), which shall be transferred to the air ambulance coverage account not more than thirty (30) days after receipt.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 4 - Fees and Taxes › Section 26-4-105 - Premium Taxes; Commissioner to Collect Tax; Failure to Pay.

26-4-105. Premium taxes; commissioner to collect tax; failure to pay.
(a) The taxes imposed under W.S. 26-4-103 shall be collected by the commissioner.
(b) If the insurer does not pay the tax on or before March 31 of the year in which due, the tax is delinquent, and the commissioner may enforce payment thereof by the seizure, distraint and sale of any of the insurer's property within Wyoming or by any other lawful means. If the tax is delinquent, the commissioner shall suspend or revoke the insurer's certificate of authority.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 5 - Kinds of Insurance, Limits of Risk, Reinsurance › Section 26-5-101 - Definitions Not Mutually Exclusive.

26-5-101. Definitions not mutually exclusive.
It is intended that certain insurance coverages may come within the definitions of two (2) or more kinds of insurance in this chapter, and the inclusion of a coverage within one (1) definition does not preclude it from being included within another definition in which it can be reasonably included.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 5 - Kinds of Insurance, Limits of Risk, Reinsurance › Section 26-5-102 - "Life Insurance" Defined.

26-5-102. "Life insurance" defined.
(a) Life insurance is insurance on human lives and the transaction of life insurance includes also the granting of:
(i) Endowment benefits;
(ii) Additional benefits because of death or dismemberment by accident or accidental means;
(iii) Additional benefits because of the insured's disability; and
(iv) Optional modes of settlement of proceeds of life insurance.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 5 - Kinds of Insurance, Limits of Risk, Reinsurance › Section 26-5-103 - "Disability Insurance" Defined.

26-5-103. "Disability insurance" defined.
(a) Disability insurance is insurance of any kind on human beings against:
(i) Bodily injury, disablement or death by accident or accidental means, or the expense thereof; or
(ii) Disablement or expense resulting from sickness.
(b) For any statute with an effective date on or after July 2, 2011, and unless expressly and specifically provided by statute, the term "disability insurance" does not include any of the following excepted benefits:
(i) Accident only insurance;
(ii) Accidental death or dismemberment insurance;
(iii) Credit insurance;
(iv) Dental or vision care insurance;
(v) Medicare supplemental insurance as defined by section 1882(g)(i) of the federal Social Security Act;
(vi) Long-term care insurance, including nursing home fixed indemnity insurance, except if the commissioner determines that the insurance provides benefits so comprehensive that it is the equivalent of a health benefit plan and should not be exempt under this section;
(vii) Disability income or a combination of accident only and disability income insurance;
(viii) Insurance issued as a supplement to liability insurance;
(ix) Specified disease insurance;
(x) Workers' compensation insurance;
(xi) Medical payment insurance coverage provided under a motor vehicle insurance policy;
(xii) Hospital confinement indemnity insurance;
(xiii) Limited benefit insurance that is offered and marketed as supplemental health insurance and not as a substitute for hospital or medical insurance or major medical expense insurance.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 5 - Kinds of Insurance, Limits of Risk, Reinsurance › Section 26-5-104 - "Property Insurance" Defined.

26-5-104. "Property insurance" defined.
Property insurance is insurance on any property against loss or damage from any cause, and against loss consequential upon that loss or damage, other than noncontractual legal liability for that loss or damage. Property insurance does not include title insurance, as defined in W.S. 26-5-109.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 5 - Kinds of Insurance, Limits of Risk, Reinsurance › Section 26-5-105 - "Surety Insurance" Defined.

26-5-105. "Surety insurance" defined.
(a) Surety insurance includes:
(i) Fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust;
(ii) Insurance guaranteeing the performance of contracts, other than insurance policies, and guaranteeing and executing bonds, undertakings and contracts of suretyship;
(iii) Insurance indemnifying insureds against:
(A) Loss, resulting from any cause, on bills of exchange, bonds, securities, deeds, warehouse receipts or other valuable papers, documents, money, precious metals and articles made therefrom, jewelry, watches, gems, precious and semiprecious stones, including any loss thereof while being transported in armored motor vehicles, or by messenger, but not including any other risks of transportation or navigation; or
(B) Loss or damage to an insured's premises or to his furnishings, fixtures, equipment, safes and vaults therein, caused by actual or attempted burglary, robbery, theft, vandalism or malicious mischief.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 5 - Kinds of Insurance, Limits of Risk, Reinsurance › Section 26-5-108 - What Insurance Multiple Line Insurer May Transact.

26-5-108. What insurance multiple line insurer may transact.
A multiple line insurer may transact any kind of insurance defined in this chapter, other than title insurance and, except as provided in W.S. 26-3-107(a)(i), life insurance or the granting of annuities.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 5 - Kinds of Insurance, Limits of Risk, Reinsurance › Section 26-5-109 - "Title Insurance" Defined.

26-5-109. "Title insurance" defined.
Title insurance is insurance of owners of property or others having an interest therein, or liens or encumbrances thereon, against loss by encumbrance, defective titles, invalidity or adverse claim to title.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 5 - Kinds of Insurance, Limits of Risk, Reinsurance › Section 26-5-110 - Limit of Risk.

26-5-110. Limit of risk.
(a) No insurer, other than a title insurer, shall retain any risk on any one (1) subject of insurance, regardless of where located or to be performed, in an amount exceeding ten percent (10%) of its surplus to policyholders.
(b) A "subject of insurance" for the purposes of this section, as to insurance against fire and hazards other than windstorm, earthquake and other catastrophic hazards, includes all properties insured by the same insurer which are customarily considered by underwriters to be subject to loss or damage from the same fire or the same occurrence of any other hazard insured against.
(c) Reinsurance ceded as authorized by W.S. 26-5-111 shall be deducted in determining risk retained. As to surety risks, the amount assumed by any established incorporated cosurety and the value of any security deposited, pledged or held subject to the surety's consent and for the surety's protection shall also be deducted.
(d) As to alien insurers, this section relates only to risks and surplus to policyholders of the insurer's United States branch.
(e) "Surplus to policyholders" for the purposes of this section, in addition to the insurer's capital and surplus, includes any voluntary reserves which are not required pursuant to law and shall be determined from the insurer's last sworn statement on file with the commissioner, or by the last report of examination of the insurer, whichever is the more recent at time of assumption of risk.
(f) This section does not apply to life or disability insurance, annuities, insurance of wet marine and transportation risks, worker's compensation insurance, employers' liability coverages nor to any policy or type of coverage as to which the maximum possible loss to the insurer is not readily ascertainable on issuance of the policy.
(g) Limits of risk as to newly formed domestic mutual insurers shall be as provided in W.S. 26-24-109.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 5 - Kinds of Insurance, Limits of Risk, Reinsurance › Section 26-5-111 - Reinsurance.

26-5-111. Reinsurance.
(a) Repealed by Laws 1991, ch. 128, 2.
(b) Repealed by Laws 1991, ch. 128, 2.
(c) Repealed by Laws 1991, ch. 128, 2.
(d) Repealed by Laws 1991, ch. 128, 2.
(e) Repealed by Laws 1991, ch. 128, 2.
(f) An insurer may accept reinsurance only on the risks and within the limits authorized.
(g) Repealed by Laws 1992, ch. 59, 3.
(h) Repealed by Laws 1992, ch. 59, 3.
(j) Repealed by Laws 1992, ch. 59, 3.
(k) Repealed by Laws 1992, ch. 59, 3.
(m) Repealed by Laws 1992, ch. 59, 3.
(n) Repealed by Laws 1992, ch. 59, 3.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 5 - Kinds of Insurance, Limits of Risk, Reinsurance › Section 26-5-113 - Reduction From Liability for Reinsurance Ceded by a Domestic Insurer to an Assuming Insurer.

26-5-113. Reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer.
(a) A reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of W.S. 26-5-112 shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer, provided that the commissioner may adopt rules and regulations establishing additional requirements relating to or setting forth the valuation of assets or reserve credits, the amount and forms of security supporting reinsurance arrangements described in W.S. 26-5-116 and the circumstances pursuant to which credit will be reduced or eliminated. The reduction shall be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer, under a reinsurance contract with the assuming insurer as security for the payment of obligations thereunder, if the security is held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer, or, in the case of a trust, held in a qualified United States financial institution, as defined in W.S. 26-5-114(b). This security may be in the form of:
(i) Cash;
(ii) Securities listed by the securities valuation office of the NAIC, including those deemed exempt from filing as defined by the purposes and procedures manual of the NAIC securities valuation office, and qualifying as admitted assets;
(iii) Clean, irrevocable, unconditional letters of credit issued or confirmed by a qualified United States institution no later than December 31 in respect of the year for which filing is being made, and in the possession of the ceding insurer on or before the filing date of its annual statement. Letters of credit meeting applicable standards of issuer acceptability as of the dates of their issuance or confirmation shall, notwithstanding the issuing or confirming institution's subsequent failure to meet applicable standards of issuer acceptability, continue to be acceptable as security until their expiration, extension, renewal, modification or amendment, whichever first occurs; or
(iv) Any other form of security acceptable to the commissioner.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 5 - Kinds of Insurance, Limits of Risk, Reinsurance › Section 26-5-114 - Qualified United States Financial Institutions.

26-5-114. Qualified United States financial institutions.
(a) For purposes of W.S. 26-5-113(a)(iii), a "qualified United States financial institution" means an institution that:
(i) Is organized or, in the case of a United States office of a foreign banking organization licensed, under the laws of the United States or any state thereof;
(ii) Is regulated, supervised and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and
(iii) Has been determined by either the commissioner, or the securities valuation office of the National Association of Insurance Commissioners, to meet such 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.
(b) A "qualified United States financial institution" means, for purposes of those provisions of W.S. 26-5-112 and 26-5-113 specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:
(i) Is organized or, in the case of a United States branch or agency office of a foreign banking organization licensed, under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers; and
(ii) Is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 5 - Kinds of Insurance, Limits of Risk, Reinsurance › Section 26-5-115 - Reinsurance Payable Without Diminution Due to Insolvency of Ceding Insurer.

26-5-115. Reinsurance payable without diminution due to insolvency of ceding insurer.
No credit or reduction of liability for reinsurance ceded under W.S. 26-5-112 or 26-5-113 shall be allowed unless the agreement provides that the reinsurance is payable by the assuming insurer on the basis of the liability of the ceding insurer without diminution due to the insolvency of the ceding insurer.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 5 - Kinds of Insurance, Limits of Risk, Reinsurance › Section 26-5-117 - Reinsurance Agreements Affected.

26-5-117. Reinsurance agreements affected.
W.S. 26-5-112 through 26-5-116 shall apply to all cessions after the effective date of this act under reinsurance agreements which have had an inception, anniversary or renewal date not less than six (6) months after the effective date of this act.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 1 - Assets and Liabilities Generally › Section 26-6-101 - Assets Allowed.

26-6-101. Assets allowed.
(a) In any determination of an insurer's financial condition, only the insurer owned assets set forth and allowed in the most recent National Association of Insurance Commissioners' accounting practices and procedures manual or authorized in accordance with this section shall be allowed as assets. Assets not inconsistent with this article shall be allowed at values the commissioner determines, if he deems them available for the payment of losses and claims.
(i) Repealed By Laws 2001, Ch. 9, 2.
(ii) Repealed By Laws 2001, Ch. 9, 2.
(iii) Repealed By Laws 2001, Ch. 9, 2.
(iv) Repealed By Laws 2001, Ch. 9, 2.
(v) Repealed By Laws 2001, Ch. 9, 2.
(vi) Repealed By Laws 2001, Ch. 9, 2.
(vii) Repealed By Laws 2001, Ch. 9, 2.
(viii) Repealed By Laws 2001, Ch. 9, 2.
(ix) Repealed By Laws 2001, Ch. 9, 2.
(x) Repealed By Laws 2001, Ch. 9, 2.
(xi) Repealed By Laws 2001, Ch. 9, 2.
(xii) Repealed By Laws 2001, Ch. 9, 2.
(xiii) Repealed By Laws 2001, Ch. 9, 2.
(xiv) Repealed By Laws 2001, Ch. 9, 2.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 1 - Assets and Liabilities Generally › Section 26-6-102 - Assets Not Allowed.

26-6-102. Assets not allowed.
(a) In addition to assets impliedly excluded by the most recent National Association of Insurance Commissioners' accounting practices and procedures manual pursuant to W.S. 26-6-101, the following are not allowed as assets in any determination of an insurer's financial condition:
(i) Goodwill, trade names and other similar intangible assets;
(ii) Repealed By Laws 2001, Ch. 9, 2.
(iii) Repealed By Laws 2001, Ch. 9, 2.
(iv) Repealed By Laws 2001, Ch. 9, 2.
(v) Repealed By Laws 2001, Ch. 9, 2.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 1 - Assets and Liabilities Generally › Section 26-6-103 - Liabilities Generally.

26-6-103. Liabilities generally.
(a) In any determination of an insurer's financial condition, capital stock and liabilities to be charged against its assets include the capital stock and liability items set forth in the most recent National Association of Insurance Commissioners' accounting practices and procedures manual and the following:
(i) The amount of its capital stock outstanding, if any;
(ii) The amount, estimated consistent with this code, necessary to pay all of its unpaid losses and claims incurred on or prior to the date of statement together with the expenses of adjustment or settlement thereof;
(iii) Concerning life insurance and annuity contracts and disability and accidental death benefits in or supplemental thereto:
(A) The amount of reserves on life insurance policies and annuity contracts in force, valued according to the mortality tables, rates of interest and methods adopted pursuant to this code which are applicable thereto;
(B) Reserves for disability benefits for both active and disabled lives;
(C) Reserves for accidental death benefits;
(D) Any additional reserves the commissioner requires consistent with applicable customary and general practice in insurance accounting.
(iv) Concerning disability insurance, the reserves required under W.S. 26-6-107;
(v) Concerning insurance other than specified in paragraphs (iii) and (iv) of this subsection, and other than title insurance, the amount of reserves equal to the unearned portions of the gross premiums charged on policies in force, computed in accordance with this chapter;
(vi) Taxes, expenses and other obligations due or accrued at the date of the statement.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 1 - Assets and Liabilities Generally › Section 26-6-104 - Disallowance of "Wash" Transactions.

26-6-104. Disallowance of "wash" transactions.
(a) The commissioner, after a hearing thereon, shall disallow as an asset or as a credit against liabilities any reinsurance he finds to have been arranged principally for the purpose of deception as to the ceding insurer's financial condition on the date of an insurer's financial statement. Without limiting the general purport of this provision, reinsurance of any substantial part of the insurer's outstanding risks contracted for in fact within four (4) months prior to the date of a financial statement and cancelled after the date of that statement, or reinsurance under which the reinsurer bears no substantial insurance risk or chance of net loss to itself, is prima facie evidence of an arrangement principally for the purpose of deception.
(b) The commissioner, after a hearing thereon, shall disallow as an insurer's asset any deposit, funds or other assets he finds:
(i) Not to be in good faith the insurer's property;
(ii) Not freely subject to the insurer's withdrawal or liquidation at any time for the payment or discharge of claims or other obligations arising under its policies; and
(iii) To be resulting from arrangements made principally for the purpose of deception as to the insurer's financial condition on the date of any financial statement of the insurer.
(c) The commissioner may suspend or revoke the certificate of authority of any insurer which has knowingly been a party to any actual or attempted deception.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 1 - Assets and Liabilities Generally › Section 26-6-105 - Unearned Premium Reserve; Generally.

26-6-105. Unearned premium reserve; generally.
(a) As to property, casualty and surety insurances the insurer shall maintain an unearned premium reserve on all policies in force as required under regulations adopted by the commissioner. In promulgating regulations under this subsection, the commissioner shall take into consideration standards recommended by the National Association of Insurance Commissioners Accounting Practices and Procedures Manual.
(b) Repealed By Laws 2000, Ch. 57, 2.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 1 - Assets and Liabilities Generally › Section 26-6-106 - Unearned Premium Reserve; Marine and Transportation Insurance.

26-6-106. Unearned premium reserve; marine and transportation insurance.
As to marine and transportation insurance, the unearned premium reserve shall be determined pursuant to the most recent National Association of Insurance Commissioners' accounting practices and procedures manual.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 1 - Assets and Liabilities Generally › Section 26-6-107 - Unearned Premium Reserve; Reserve for Disability Insurance.

26-6-107. Unearned premium reserve; reserve for disability insurance.
For all disability insurance policies the insurer shall maintain an active life reserve which shall place a sound value on its liabilities under those policies and be not less than the reserve according to appropriate standards set forth in regulations the commissioner issues, but not less in the aggregate than the pro rata gross unearned premiums for the policies.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 1 - Assets and Liabilities Generally › Section 26-6-108 - Unearned Premium Reserve; Increase of Inadequate Reserves.

26-6-108. Unearned premium reserve; increase of inadequate reserves.
If an insurer's loss experience shows or the commissioner determines that its loss reserves are inadequate, the insurer shall maintain loss reserves in an increased amount as is needed to make them adequate.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 2 - Standard Valuation Law Policies and Contracts › Section 26-6-203 - Reserve Calculation; Valuation Net Premium Exceeding Gross Premium Charged.

26-6-203. Reserve calculation; valuation net premium exceeding gross premium charged.
(a) If in any contract year the gross premium charged by any insurer on any policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve thereon but using the minimum valuation standards of mortality and rate of interest, the minimum reserve for the policy or contract shall be the greater of either the reserve calculated according to:
(i) The mortality table, rate of interest and method actually used for the policy or contract; or
(ii) The method actually used for the policy or contract but using the minimum valuation standards of mortality and rate of interest and replacing the valuation net premium with the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium. The minimum valuation standards of mortality and rate of interest referred to in this section are the standards stated in W.S. 26-6-205(b) and 26-6-206(b). However, for any life insurance policy issued on or after January 1, 1998 for which the gross premium in the first policy year exceeds that of the second year and for which no comparable additional benefit is provided in the first year for such excess and which provides an endowment benefit or a cash surrender value or a combination thereof in an amount greater than such excess premium, the foregoing provisions of this subsection shall be applied as if the method actually used in calculating the reserve for such policy were the method described in W.S. 26-6-205(c)(i). The minimum reserve at each policy anniversary of such a policy shall be the greater of the minimum reserve calculated in accordance with W.S. 26-6-205(c) and (d), and the minimum reserve calculated in accordance with this subsection.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 2 - Standard Valuation Law Policies and Contracts › Section 26-6-207 - Minimum Standards for Accident and Health Insurance Contracts Including Disability Plans.

26-6-207. Minimum standards for accident and health insurance contracts including disability plans.
The commissioner shall promulgate regulations containing the minimum standards applicable to the valuation of accident and health contracts, including disability plans, issued prior to the operative date of the valuation manual. For accident and health insurance contracts issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under W.S. 26-6-202(e).
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 2 - Standard Valuation Law Policies and Contracts › Section 26-6-210 - Principle Based Valuation; Requirements.

26-6-210. Principle based valuation; requirements.
(a) An insurer shall establish reserves using a principle based valuation that meets all of the following conditions for policies or contracts issued on or after the operative date of the valuation manual as specified in the valuation manual:
(i) Quantifies the benefits, guarantees, funding and risks associated with the policies or contracts at a level of conservatism that reflects conditions including unfavorable events with a reasonable probability of occurring during the lifetime of the contracts. For policies or contracts with significant tail risk, reflects conditions appropriately adverse to quantify the tail risk;
(ii) Incorporates assumptions, risk analysis methods and financial models and management techniques that are consistent with those utilized within the insurer's overall risk assessment process, while recognizing potential differences in financial reporting structures and any prescribed assumptions or methods;
(iii) Incorporates assumptions derived in one (1) of the following manners:
(A) Assumptions prescribed in the valuation manual;
(B) For assumptions not prescribed in the valuation manual, assumptions that:
(I) Use the insurer's available experience, to the extent it is relevant and statistically credible; or
(II) To the extent that company data on experience is not available, relevant or statistically credible, use other relevant, statistically credible experience.
(iv) Provides margins for uncertainty including adverse deviation and estimation error such that the greater the uncertainty the greater the margin and resulting reserve.
(b) An insurer using a principle based valuation for one (1) or more policies or contracts subject to this section as specified in the valuation manual shall:
(i) Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the valuation manual;
(ii) Provide to the commissioner and the insurer's board of directors an annual certification of the effectiveness of the internal controls with respect to the principle based valuation. The controls shall be designed to assure all material risks inherent in the liabilities and associated assets subject to the valuation are included in the valuation and valuations are made in accordance with the valuation manual. The certification shall be based on the controls in place as of the end of the preceding calendar year;
(iii) Develop, and file with the commissioner upon the commissioner's request, a principle based valuation report that complies with standards prescribed in the valuation manual.
(c) A principle based valuation may include a prescribed formulaic reserve component.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 2 - Standard Valuation Law Policies and Contracts › Section 26-6-211 - Experience Data Reporting for Policies and Contracts.

26-6-211. Experience data reporting for policies and contracts.
An insurer shall submit mortality, morbidity, policyholder behavior or expense experience and other data as prescribed in the valuation manual.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 2 - Standard Valuation Law Policies and Contracts › Section 26-6-213 - Single State Exemption.

26-6-213. Single state exemption.
(a) The commissioner may exempt specific product forms or product lines of a domestic insurer that is licensed and doing business only in Wyoming from the requirements of W.S. 26-6-209, provided that:
(i) The commissioner has issued an exemption in writing to the insurer and has not subsequently revoked the exemption in writing; and
(ii) The insurer computes reserves using assumptions and methods used prior to the operative date of the valuation manual in addition to any requirements established by rule and regulation of the commissioner.
(b) For any insurer granted an exemption under this section, W.S. 26-6-203 and 26-6-205 through 26-6-208 shall be applicable. With respect to any insurer applying the exemption granted under this section, any reference to W.S. 26-6-209 found in W.S. 26-6-203 and 26-6-205 through 26-6-208 shall not be applicable.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 3 - Valuation of Other Securities › Section 26-6-301 - Valuation of Bonds and Other Debt Securities.

26-6-301. Valuation of bonds and other debt securities.
(a) The commissioner may, by rule or regulation, require that any bond or other evidence of debt held by an insurer be valued in accordance with the most recent published valuation standards of the National Association of Insurance Commissioners. Any bonds or other evidences of debt as to which the National Association of Insurance Commissioners has not published valuation standards in its valuations of securities manual, if amply secured and not in default as to principal or interest, shall be valued as follows:
(i) If purchased at par, at the par value;
(ii) If purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made, or instead of this method, according to an accepted method of valuation the commissioner approves;
(iii) Purchase price shall in no case be taken at a higher figure than the actual fair value at the time of acquisition regardless of how acquired, plus actual brokerage, transfer, postage or express charges paid in the acquisition of the securities;
(iv) Unless otherwise provided by valuation the commissioner establishes or approves, no such security shall be carried at above the call price for the entire issue during any period within which the security may be called.
(b) The commissioner has full discretion in determining the method of calculating values according to the rules set forth in this section.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 3 - Valuation of Other Securities › Section 26-6-302 - Valuation of Other Securities.

26-6-302. Valuation of other securities.
(a) The commissioner may, by rule or regulation, require that securities other than securities referred to in W.S. 26-6-301 and except as provided in W.S. 26-16-502(a)(iv), held by an insurer, be valued in accordance with the most recent published valuation standards of the National Association of Insurance Commissioners. At the commissioner's discretion, securities as to which the National Association of Insurance Commissioners has not published valuation standards shall be valued at their fair value, or at their appraised value or at prices the commissioner determines as representing their fair value.
(b) Preferred or guaranteed stocks or shares while paying full dividends may be carried at a fixed value instead of fair value at the commissioner's discretion and in accordance with a method of computation he approves.
(c) The stock of an insurer's subsidiary shall be valued on the basis of the value of only those assets of the subsidiary as would constitute lawful investments of the insurer if acquired or held directly by the insurer.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 3 - Valuation of Other Securities › Section 26-6-303 - Valuation of Real and Personal Property.

26-6-303. Valuation of real and personal property.
(a) All real property shall be valued as set forth in the most recent National Association of Insurance Commissioners' accounting practices and procedures manual.
(i) Repealed by Laws 1994, ch. 76, 3.
(ii) Repealed by Laws 1994, ch. 76, 3.
(iii) Repealed by Laws 1994, ch. 76, 3.
(iv) Repealed By Laws 2001, Ch. 9, 2.
(v) Repealed By Laws 2001, Ch. 9, 2.
(b) Repealed by Laws 1994, ch. 76, 3.
(c) Personal property acquired pursuant to loans on the security of chattels made in accordance with W.S. 26-7-111 shall not be valued at an amount greater than the unpaid balance of principal on the defaulted loan at the date of acquisition together with taxes and expenses incurred in connection with the acquisition, or the fair value of the property, whichever is less.
2023 Wyoming Statutes › Title 26 - Insurance Code › Chapter 6 - Assets and Liabilities › Article 3 - Valuation of Other Securities › Section 26-6-304 - Valuation of Purchase Money Mortgages.

26-6-304. Valuation of purchase money mortgages.
Purchase money mortgages on real property shall be valued in accordance with the most recent National Association of Insurance Commissioners' accounting practices and procedures manual.