reglab/statecodes huggingface dataset:
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 40 - UNIVERSAL LIFE INSURANCE › Section 40-1 - Authority

Current through July 13, 2024
This regulation is promulgated pursuant to W.S. §§
									
										26-2-110 and
				  16-3-101,
et
				  seq
.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 40 - UNIVERSAL LIFE INSURANCE › Section 40-2 - Definitions

Current through July 13, 2024
(a) "Universal life insurance policy" means
				any individual life insurance policy under the provisions of which separately
				identified interest credits (other than in connection with dividend
				accumulations, premium deposit funds, or other supplemental accounts) and
				mortality and expense charges are made to the policy. A universal life
				insurance policy may provide for other credits and charges, such as charges for
				the cost of benefits provided by rider.
(b) "Flexible premium universal life
				insurance policy" means a universal life insurance policy which permits the
				policy owner to vary, independently of each other, the amount or timing of one
				or more premium payments or the amount of insurance.
(c) "Fixed premium universal life insurance
				policy" means a universal life insurance policy other than a flexible premium
				universal life insurance policy.
(d) "Interest-indexed universal life
				insurance policy" means any universal life insurance policy where the interest
				credits are linked to an external referent.
(e) "Net Cash Surrender Value" means the
				maximum amount payable to the policy owner upon surrender.
(f) "Cash Surrender Value" means the Net Cash
				Surrender Value plus any amounts outstanding as policy loans.
(g) "Policy Value" means the amount to which
				separately identified interest credits and mortality, expense, or other charges
				are made under a universal life insurance policy.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 40 - UNIVERSAL LIFE INSURANCE › Section 40-3 - Mandatory Policy Provisions

Current through July 13, 2024
The policy shall provide the following:
(a) Periodic Disclosure to Policy owner. The
				policy shall provide that the policy owner will be sent, without charge, at
				least annually, a report which will serve to keep such policy owner advised as
				to the status of the policy. The end of the current report period must be not
				more than three months previous to the date of the mailing of the
				report.
(b) Illustrative Reports.
				The policy shall provide for an illustrative report which will be sent to the
				policy owner upon request without charge, at least annually. If the policy
				owner requests reports of greater frequency, a reasonable fee may be charged
				only for such additional reports.
(c) Policy Guarantees. The policy shall
				provide guarantees of minimum interest credits and maximum mortality and
				expense charges. All values and data shown in the policy shall be based on
				guarantees. No figures based on non-guarantees shall be included in the
				policy.
(d) Calculation of Cash
				Surrender Values. The policy shall contain at least a general description of
				the calculation of cash surrender values including the following information:
(i) The guaranteed maximum expense charges
				and loads.
(ii) Any limitation on
				the crediting of additional interest. Interest credits shall not remain
				conditional for a period longer than twelve months.
(iii) The guaranteed minimum rate or rates of
				interest.
(iv) The guaranteed
				maximum mortality charges.
(v) Any
				other guaranteed charges.
(vi) Any
				surrender or partial withdrawal charges.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 40 - UNIVERSAL LIFE INSURANCE › Section 40-4 - Disclosure Requirements

Current through July 13, 2024
In connection with any advertising, solicitation,
				  negotiation, or procurement of a universal life insurance policy:
(a) Any statement of policy cost factors or
				benefits shall contain:
(i) The corresponding
				guaranteed policy cost factors or benefits, clearly identified.
(ii) A statement explaining the
				non-guaranteed nature of any current interest rates, charges, or other fees
				applied to the policy, including the insurer's right to alter any of these
				factors.
(iii) Any limitations on
				the crediting of interest, including identification of those portions of the
				policy, premium or payments therefor, to which a specified interest rate shall
				be credited.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 40 - UNIVERSAL LIFE INSURANCE › Section 40-5 - Periodic Disclosure to Policy Owner

Current through July 13, 2024
(a) Requirements. The policy shall provide
				that the policy owner will be sent, without charge, at least annually, a report
				that will serve to keep such policy owner advised of the status of the policy.
				The end of the current report period shall not be more than three months
				previous to the date of the mailing of the report.
(i) Such report shall include the following:
(A) The beginning and end of the current
				report period.
(B) The policy value
				at the end of the previous report period and at the end of the current report
				period.
(C) The total amounts which
				have been credited or debited to the policy value during the current report
				period, identifying each by type (e.g., interest, mortality, expense and
				riders).
(D) The current death
				benefit at the end of the current report period on each life covered by the
				policy.
(E) The net cash surrender
				value of the policy as of the end of the current report period.
(F) The amount of outstanding loans, if any,
				as of the end of the current report period.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 40 - UNIVERSAL LIFE INSURANCE › Section 40-6 - Interest-indexed Universal Life Insurance Policies

Current through July 13, 2024
(a) Initial Filing Requirements. The
				following information shall be submitted in connection with any filing of
				interest-indexed universal life insurance policies ("interest-indexed
				policies"). All such information received shall be treated confidentially to
				the extent permitted by law.
(i) A
				description of how the interest credits are determined, including:
(A) a description of the index;
(B) the relationship between the value of the
				index and the actual interest rate to be credited;
(C) the frequency and timing of determining
				the interest rate; and
(D) the
				allocation of interest credits, if more than one rate of interest applies to
				different portions of the policy value.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 40 - UNIVERSAL LIFE INSURANCE › Section 40-8 - Interest-indexed Universal Life Insurance Policies

Current through July 13, 2024
(a) Initial
				Filing Requirements. The following information shall be submitted in connection
				with any filing of interest-indexed universal life insurance policies
				("interest-indexed policies"). All such information received shall be treated
				confidentially to the extent permitted by law.
(i) A description of how the interest credits
				are determined, including:
(A) a description
				of the index.
(B) the relationship
				between the value of the index and the actual interest rate to be
				credited.
(C) the frequency and
				timing of determining the interest rate.
(D) the allocation of interest credits, if
				more than one rate of interest applies to different portions of the policy
				value.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 41 - SCOPE OF POOL COVERAGE AND SCHEDULE OF BENEFITS OFFERED BY WYOMING HEALTH INSURANCE POOL › Section 41-1 - Authority

Current through July 13, 2024
This regulation is issued pursuant to the authority vested in
				  the Wyoming Insurance Commissioner under W.S. §§
									
										26-2-110,
				  26-43-106 and
				  16-3-101, et
				  seq.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 41 - SCOPE OF POOL COVERAGE AND SCHEDULE OF BENEFITS OFFERED BY WYOMING HEALTH INSURANCE POOL › Section 41-2 - Eligibility

Current through July 13, 2024
(a) A "resident" of the state for purposes of
				eligibility for pool coverage shall mean:
(i)
				Any individual person who occupies a dwelling in this state and has a present
				intent to make this state his home.
(ii) The pool administrator shall consider
				the following factors as indicating intent to remain in this state:
(A) Whether the applicant (or his custodial
				parent in the case of a minor) is registered to vote in this state;
(B) Whether the applicant (or his custodial
				parent in the case of a minor) has applied for or received a Wyoming driver's
				license;
(C) Whether the minor
				children of the applicant are enrolled to attend school in this
				state;
(D) If the applicant is of
				school age, then whether the applicant is enrolled to attend school in this
				state; and
(E) Whether the
				applicant (or his custodial parent in the case of a minor) has applied for or
				currently receives service in his name from any public utility at a dwelling
				within this state.
(iii)
				Any applicant currently occupying a dwelling in this state and meeting any two
				or more of the above-listed criteria shall be considered a resident eligible
				for pool coverage.
(iv) Any
				applicant denied pool coverage due to the administrator's determination of
				resident status shall have a right to appeal the administrator's determination
				in the manner set forth in the Plan of Operation for the pool.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 41 - SCOPE OF POOL COVERAGE AND SCHEDULE OF BENEFITS OFFERED BY WYOMING HEALTH INSURANCE POOL › Section 41-3 - Pool Coverage and Schedule of Benefits

Current through July 13, 2024
The general benefit features for an insured of the pool are
				  set forth in the Wyoming Health Insurance Pool Summary of Benefit Features,
				  located at
http://doi.wyo.gov
.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 41 - SCOPE OF POOL COVERAGE AND SCHEDULE OF BENEFITS OFFERED BY WYOMING HEALTH INSURANCE POOL › Section 41-5 - Separability

Current through July 13, 2024
Any section or provision of this regulation held by a court
				  to be invalid or unconstitutional shall not affect the validity of any other
				  section or provision of this regulation.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 43 - WYOMING LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION NOTICE › Section 43-1 - Authority

Current through July 13, 2024
This regulation is issued pursuant to W.S. §§
									
										16-3-101, et seq.,
				  
										26-2-110 and
				  26-42-101, et
				  seq.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 43 - WYOMING LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION NOTICE › Section 43-2 - Notices

Current through July 13, 2024
This regulation establishes the form and content of the
				  disclaimer as required by W.S. §
									
										26-42-116. The summary document describes the
				  general purposes and current limitations of the Association, and the notice
				  required to be used when a policy is not covered by the Guaranty Association.
				  The required form, Wyoming Life and Health Insurance Guaranty Disclaimer (the
				  Disclaimer) is located at
http://doi.wyo.gov
.
The Disclaimer, in its entirety, is to be used by each
				  insurer and shall be given to each insured either prior to or at the time of
				  delivery of the policy or contract.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 43 - WYOMING LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION NOTICE › Section 43-4 - Notices

Current through July 13, 2024
Pursuant to
				  W.S.
				  26-42-116 the Insurance Commissioner hereby
				  promulgates this regulation in order to establish the form and content of the
				  disclaimer (Appendix A), the summary document describing the general purposes
				  and current limitations of the Association (Appendix A), and the notice
				  required to be used when a policy is not covered by the Guaranty Association
				  (Appendix A).
Appendix A is to be used by each insurer and shall be given
				  to each insured either prior to or at the time of delivery of the policy or
				  contract. If the policy is not covered by the Association, no insurer or agent
				  s hall deliver a policy or contract unless the insurer or agent prior to or at
				  the time of delivery gives the policyholder or contract holder the appropriate
				  notice as found in Appendix A, which clearly discloses that the policy is not
				  covered by the Association.
Appendix A contains an address and telephone number for the
				  Wyoming Life and Health Insurance Guaranty Association and for the Wyoming
				  Insurance Department. Should the address or telephone number change, the
				  Wyoming Life and Health Insurance Guaranty Association will send written notice
				  to each member insurer.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 43 - WYOMING LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION NOTICE › Section 43-5 - Separability

Current through July 13, 2024
Any section or provision of this regulation held by a court
				  to be invalid or unconstitutional shall not affect the validity of any other
				  section or provision of this regulation.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-1 - Authority

Current through July 13, 2024
These regulations are promulgated pursuant to the authority
				  granted by Sections
										26-2-109,
				  26-2-110 and
				  26-44-111 of the Wyoming Insurance
				  Code.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-2 - Purpose

Current through July 13, 2024
The purposes of these regulations are to set forth rules and
				  procedural requirements which the Commissioner deems necessary to carry out the
				  provisions of the Insurance Holding Company System Regulatory Act
				  Sections
										26-44-101,
et seq
. of the
				  Insurance Code hereinafter referred to as "the Act." The information called for
				  by these regulations is hereby declared to be necessary and appropriate in the
				  public interest and for the protection of the policyholders in this
				  state.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-3 - Forms -General Requirements

Current through July 13, 2024
(a) Forms A, B, C,
				D, and F are intended to be guides in the preparation of the statements
				required by Sections
										26-44-103,
				26-44-104 and
				26-44-105 of this Act. They are
				not intended to be blank forms which are to be filled in. The statements filed
				shall contain the numbers and captions of all items, but the text of the items
				may be omitted provided the answers thereto are prepared in such a manner as to
				indicate clearly the scope and coverage of the items. All instructions, whether
				appearing under the items of the form or elsewhere therein, are to be omitted.
				Unless expressly provided otherwise, if any item is inapplicable or the answer
				thereto is in the negative, an appropriate statement to that effect shall be
				made.
(b) Two complete copies of
				each statement including exhibits and all other papers and documents filed as a
				part thereof shall be filed with the Commissioner by personal delivery or mail
				addressed to: Insurance Commissioner of the State of Wyoming, to the address
				listed on the Department of Insurance's website, Attention: Examination
				Division. At least one of the copies shall be signed in the manner prescribed
				on the form. Unsigned copies shall be conformed. If the signature of any person
				is affixed pursuant to a power of attorney or other similar authority, a copy
				of such power of attorney or other authority shall also be filed with the
				statement.
(c) If an applicant
				requests a hearing on a consolidated basis under Section
				
										26-44-103(h) of the Act, in
				addition to filing the Form A with the commissioner, the applicant shall file a
				copy of Form A with the National Association of Insurance Commissioners (NAIC)
				in electronic form.
(d) Statements
				should be prepared electronically. Statements shall be easily readable and
				suitable for review and reproduction. Debits in credit categories and credits
				in debit categories shall be designated so as to be clearly distinguishable as
				such on photocopies. Statements shall be in the English language and monetary
				values shall be stated in United States currency. If any exhibit or other paper
				or document filed with the statement is in a foreign language, it shall be
				accompanied by a translation into the English language and any monetary value
				shown in a foreign currency shall be converted into United States
				currency.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-4 - Forms -Incorporation by Reference, Summaries and Omissions

Current through July 13, 2024
(a) Information required by any item of Form
				A, Form B, Form D, or Form F may be incorporated by reference in answer or
				partial answer to any other item. Information contained in any financial
				statement, annual report, proxy statement, statement filed with a governmental
				authority, or any other document may be incorporated by reference in answer or
				partial answer to any item of Form A, Form B, Form D, or Form F provided such
				document is filed as an exhibit to the statement. Excerpts of documents may be
				filed as exhibits if the documents are extensive. Documents currently on file
				with the Commissioner which were filed within three years need not be attached
				as exhibits. References to information contained in exhibits or in documents
				already on file shall clearly identify the material and shall specifically
				indicate that such material is to be incorporated by reference in answer to the
				item. Matter shall not be incorporated by reference in any case where such
				incorporation would render the statement incomplete, unclear or confusing in
				the opinion of the Insurance Commissioner.
(b) Where an item requires a summary or
				outline of the provisions of any document, only a brief statement shall be made
				as to the pertinent provisions of the document. In addition to such statement,
				the summary or outline may incorporate by reference particular parts of any
				exhibit or document currently on file with the Commissioner which was filed
				within three years and may be qualified in its entirety by such reference. In
				any case where two or more documents required to be filed as exhibits are
				substantially identical in all material respects except as to the parties
				thereto, the dates of execution, or other details, a copy of only one of such
				documents need be filed with a schedule identifying the omitted documents and
				setting forth the material details in which such documents differ from the
				documents, a copy of which is filed.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-5 - Forms -Information Unknown or Unavailable and Extension of Time to Furnish

Current through July 13, 2024
(a) If it is
				impractical to furnish any required information, document or report at the time
				it is required to be filed, there shall be filed with the Commissioner as a
				separate document a request:
(i) identifying
				the information, document or report in question;
(ii) stating why the filing thereof at the
				time required is impractical; and
(iii) requesting an extension of time for
				filing the information, document or report to a specified date. The request for
				extension shall be deemed granted unless the Commissioner within forty-five
				(45) days after receipt thereof enters an order denying the request.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-6 - Forms -Additional Information and Exhibits

Current through July 13, 2024
In addition to the information expressly required to be
				  included in Form A, Form B, Form C, Form D, and Form F, there shall be added
				  such further material information, if any, as may be necessary to make the
				  information contained therein not misleading. The person filing may also file
				  such exhibits as it may desire in addition to those expressly required by the
				  statement. Such exhibits shall be so marked as to indicate clearly the subject
				  matters to which they refer. Changes to Forms A, B, C, D, or F shall include on
				  the top of the cover page the phrase: "Change No. (insert number) to" and shall
				  indicate the date of the change and not the date of the original
				  filing.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-7 - Definitions

Current through July 13, 2024
(a) "Executive officer" means chief executive
				officer, chief operating officer, chief financial officer, treasurer,
				secretary, controller, and any other individual performing functions
				corresponding to those performed by the foregoing officers under whatever
				title.
(b) "Foreign insurer" shall
				include an alien insurer except where clearly noted otherwise.
(c) "Ultimate controlling person" means that
				person which is not controlled by any other person.
(d) Unless the context otherwise requires,
				other terms found in these regulations and in Section
										26-44-101 of the Act are used as defined in
				the said Section
				
										26-44-101. Other nomenclature or terminology
				is according to the Insurance Code, or industry usage if not defined in the
				Code.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-8 - Acquisition of Control -Statement Filing

Current through July 13, 2024
A person required to file a statement pursuant to
				  Section
										26-44-103 of the Act shall furnish the
				  required information on Form A, hereby made a part of this
				  regulation.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-9 - Amendments to Form A

Current through July 13, 2024
The applicant shall promptly advise the Commissioner of any
				  changes in the information so furnished on Form A arising subsequent to the
				  date upon which such information was furnished but prior to the Commissioner's
				  disposition of the application.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-10 - Acquisition of Domestic Insurers

Current through July 13, 2024
(a) If the person
				being acquired is deemed to be a "domestic insurer" solely because of the
				provisions of Section
										26-44-103(a)(ii)
				of the Act, the name of the domestic insurer on the cover page should be
				indicated as follows:
"ABC Insurance Company, a subsidiary of XYZ Holding
				  Company."
(b) Where an
				insurer as set forth in Section
				
										26-44-103(a)(ii) is being
				acquired, references to "the insurer" contained in Form A shall refer to both
				the domestic subsidiary insurer and the person being acquired.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-11 - Annual Registration of Insurers -Statement Filing

Current through July 13, 2024
An insurer required to file an annual registration statement
				  pursuant to Section
										26-44-104 of the Act shall
				  furnish the required information on Form B, hereby made a part of these
				  regulations.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-12 - Summary of Registration -Statement Filing

Current through July 13, 2024
An insurer required to file an annual registration statement
				  pursuant to Section
										26-44-104 of the Act is also
				  required to furnish information required on Form C, hereby made a part of these
				  regulations.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-13 - Amendments to Form B

Current through July 13, 2024
(a) An amendment to
				Form B shall be filed within 15 days after the end of any month in which there
				is a material change to the information provided in the annual registration
				statement.
(b) Amendments shall be
				filed in the Form B format with only those items which are being amended
				reported. Each such amendment shall include at the top of the cover page
				"Amendment No. (insert number) to Form B for (insert year)" and shall indicate
				the date of the change and not the date of the original filings.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-14 - Alternative and Consolidated Registrations

Current through July 13, 2024
(a) Any authorized
				insurer may file a registration statement on behalf of any
affiliated insurer or insurers which are required to register
				  under Section
											26-44-104 of the Act. A
				  registration statement may include information not required by the Act
				  regarding any insurer in the insurance holding company system even if such
				  insurer is not authorized to do business in this State. In lieu of filing a
				  registration statement on Form B, the authorized insurer may file a copy of the
				  registration statement or similar report which it is required to file in its
				  State of domicile, provided:
(i) the
				statement or report contains substantially similar information required to be
				furnished on Form B; and
(ii) the
				filing insurer is the principal insurance company in the insurance holding
				company system.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-15 - Disclaimers and Termination of Registration

Current through July 13, 2024
(a) A disclaimer of
				affiliation or a request for termination of registration
claiming that a person does not, or will not upon the taking
				  of some proposed action, control another person (hereinafter referred to as the
				  "subject") shall contain the following information:
(i) the number of authorized, issued and
				outstanding voting securities of the subject;
(ii) with respect to the person whose control
				is denied and all affiliates of such person, the number and percentage of
				shares of the subject's voting securities which are held of record or known to
				be beneficially owned, and the number of such shares concerning which there is
				a right to acquire, directly or indirectly;
(iii) all material relationships and bases
				for affiliation between the subject and the person whose control is denied and
				all affiliates of such person;
(iv)
				a statement explaining why such person should not be considered to control the
				subject.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-16 - Transactions Subject to Prior Notice -Notice Filing

Current through July 13, 2024
(a)
				An insurer required to give notice of a proposed transaction pursuant to
				Section
										26-44-105 of the Act shall furnish the
				required information on Form D, hereby made a part of these
				regulations.
(b) Agreements for
				cost sharing services and management services shall at a minimum and as
				applicable:
(i) Identify the person providing
				services and the nature of such services;
(ii) Set forth the methods to allocate
				costs;
(iii) Require timely
				settlement, not less frequently than on a quarterly basis, and compliance with
				the requirements in the Accounting Practices and Procedures Manual;
(iv) Prohibit advancement of funds by the
				insurer to the affiliate except to pay for services defined in the
				agreement;
(v) State that the
				insurer will maintain oversight for functions provided to the insurer by the
				affiliate and that the insurer will monitor services annually for quality
				assurance;
(vi) Define books and
				records of the insurer to include all books and records developed or maintained
				under or related to the agreement;
(vii) Specify that all books and records of
				the insurer are and remain the property of the insurer and are subject to
				control of the insurer;
(viii)
				State that all funds and invested assets of the insurer are the exclusive
				property of the insurer, held for the benefit of the insurer and are subject to
				the control of the insurer;
(ix)
				Include standards for termination of the agreement with and without
				cause;
(x) Include provisions for
				indemnification of the insurer in the event of gross negligence or willful
				misconduct on the part of the affiliate providing the services;
(xi) Specify that, if the insurer is placed
				in receivership or seized by the commissioner under Chapter 28 of the Wyoming
				Insurance Code:
(A) all of the rights of the
				insurer under the agreement extend to the receiver or commissioner;
				and
(B) all books and records will
				immediately be made available to the receiver or the commissioner, and shall be
				turned over to the receiver or commissioner immediately upon the receiver or
				the commissioner's request;
(xii) Specify that the affiliate has no
				automatic right to terminate the agreement if the insurer is placed in
				receivership pursuant to Chapter 28 of the Wyoming Insurance Code;
				and
(xiii) Specify that the
				affiliate will continue to maintain any systems, programs, or other
				infrastructure notwithstanding a seizure by the commissioner under Chapter 28
				of the Wyoming Insurance Code, and will make them available to the receiver,
				for so long as the affiliate continues to receive timely payment for services
				rendered.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-17 - Enterprise Risk Report

Current through July 13, 2024
The ultimate controlling person of an insurer required to
				  file an enterprise risk report pursuant to Section
										26-44-104 of the Act shall furnish the
				  required information on Form F, hereby made a part of these
				  regulations.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-18 - Extraordinary Dividends and Other Distributions

Current through July 13, 2024
(a) Requests
				for approval of extraordinary dividends or any other extraordinary distribution
				to shareholders shall include the following:
(i) The amount of the proposed
				dividend;
(ii) The date established
				for payment of the dividend;
(iii)
				A statement as to whether the dividend is to be in cash or other property and,
				if in property, a description thereof, its cost, and its fair market value
				together with an explanation of the basis for valuation;
(iv) A copy of the calculations determining
				that the proposed dividend is extraordinary. The work paper shall include the
				following information:
(A) The amounts, dates
				and form of payment of all dividends or distributions (including regular
				dividends but excluding distributions of the insurers own securities) paid
				within the period of 12 consecutive months ending on the date fixed for payment
				of the proposed dividend for which approval is sought and commencing on the day
				after the same day of the same month in the last preceding year;
(B) Surplus as regards policyholders (total
				capital and surplus) as of December 31 of the year immediately
				preceding;
(C) If the insurer is a
				life insurer, the net gain from operations for the 12-month period ending
				December 31 of the year immediately preceding;
(D) If the insurer is not a life insurer, the
				net income less realized capital gains for the 12-month period ending December
				31 of the year immediately preceding and the two preceding 12-months periods;
				and
(E) If the insurer is not a
				life insurer, the dividends paid to stockholders excluding distributions of the
				insurer's own securities in the preceding two calendar years.
(v) A balance sheet and statement
				of income for the period intervening from the last annual statement filed with
				the Commissioner and the end of the month preceding the month in which the
				request for dividend approval is submitted; and
(vi) A brief statement as to the effect of
				the proposed dividend upon the insurer's surplus and the reasonableness of
				surplus in relation to the insurer's outstanding liabilities and the adequacy
				of surplus relative to the insurer's financial needs.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-19 - Adequacy of Surplus

Current through July 13, 2024
The factors set forth in Section
										26-44-108 of the Act are not intended to be
				  an exhaustive list. In determining the adequacy and reasonableness of an
				  insurer's surplus no single factor is necessarily controlling. The
				  Commissioner, instead, will consider the net effect of all of these factors
				  plus other factors bearing on the financial condition of the insurer. In
				  comparing the surplus maintained by other insurers, the Commissioner will
				  consider the extent to which each of these factors varies from company to
				  company and in determining the quality and liquidity of investments in
				  subsidiaries, the Commissioner will consider the individual subsidiary and may
				  discount or disallow its valuation to the extent that the individual
				  investments so warrant.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 45 - HOLDING COMPANY SYSTEM › Section 45-20 - Severability

Current through July 13, 2024
If any provision of this regulation or the application
				  thereof to any person or circumstance is for any reason held to be invalid, the
				  remainder of the regulation and the application of such provision to other
				  persons or circumstances shall not be affected thereby.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 46 - REGULATION GOVERNING PREMIUM TRUST ACCOUNTS › Section 46-1 - Authority

Current through July 13, 2024
This regulation is promulgated pursuant to W.S. §§
									
										16-3-101
et seq.
,
				  
										26-2-109,
				  26-2-110, and
				  26-9-229.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 46 - REGULATION GOVERNING PREMIUM TRUST ACCOUNTS › Section 46-2 - Definitions

Current through July 13, 2024
For the purpose of this regulation, the following definitions
				  apply:
(a) "Licensee" means a producer,
				agent, or any other person holding a license issued by the Wyoming Insurance
				Department.
(b) "Qualified
				Financial Institution" has the same meaning as in W.S. §
									
										26-5-114.
(c) "Trust Account" or "Premium Trust
				Account" means an account held in a Qualified Financial Institution for the
				purpose of holding premium payments, but excludes accounts into which premiums
				are deposited that are owned by the insurer entitled to the premiums.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 46 - REGULATION GOVERNING PREMIUM TRUST ACCOUNTS › Section 46-3 - Establishment of Trust Account

Current through July 13, 2024
(a) The trust account shall be:
(i) Established and maintained in a qualified
				financial institution located within Wyoming;
(ii) Separate and distinct from the
				licensee's operating and personal accounts; and
(iii) Shall have a separate account number, a
				separate check register, and different checks. The checks, check register and
				bank records for the account shall be clearly identified with the wording
				"Premium Trust Account."
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 46 - REGULATION GOVERNING PREMIUM TRUST ACCOUNTS › Section 46-4 - Deposit of Funds

Current through July 13, 2024
(a) Upon receipt of premium or return
				premium, licensee shall either:
(i) Remit
				such funds to the appropriate payee;
(ii) Credit such funds to the account of the
				appropriate payee; or
(iii) Deposit
				such funds in the licensee's trust account by the close of the fifth (5th)
				business day following their receipt.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 46 - REGULATION GOVERNING PREMIUM TRUST ACCOUNTS › Section 46-5 - Commissions

Current through July 13, 2024
Any fees or commissions earned by the licensee and deposited
				  in the trust account with any premium shall be withdrawn and paid into an
				  operating or business account on or before the contractual due date of the
				  premiums to the insurer, or within forty-five (45) days after receipt, if there
				  is no contractual due date.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 46 - REGULATION GOVERNING PREMIUM TRUST ACCOUNTS › Section 46-7 - Record Keeping

Current through July 13, 2024
All licensees who maintain and use a trust account shall
				  maintain, at the principal place of business, accurate accounting records kept
				  on a consistent basis which will facilitate an audit trail. The records shall
				  show, at a minimum, the following:
(a)
				Any written authorization from the insured to retain credit balances, income,
				or funds placed in the premium trust account, or from an insurer to retain
				income on funds placed in the premium trust account;
(b) The existence and the source of any fees
				and commissions in the trust account;
(c) That a generally accepted form of
				reconciliation has been completed on a monthly basis showing transfers into and
				out of the account.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 46 - REGULATION GOVERNING PREMIUM TRUST ACCOUNTS › Section 46-9 - Exception

Current through July 13, 2024
A trust account need not be maintained if a licensee does not
				  receive funds in a fiduciary capacity, i.e., where the insured pays premium on
				  a direct bill basis or where the licensee simply forwards the insured's premium
				  check or money order to the insurer and such check or money order is made
				  payable to the insurer. A trust account need not be maintained if the licensee
				  deposits within five business days from receipt, all premium received from an
				  insured directly into an account owned by the insurer entitled to the
				  premiums.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 46 - REGULATION GOVERNING PREMIUM TRUST ACCOUNTS › Section 46-10 - Record Keeping

Current through July 13, 2024
All licensees who maintain and use a trust account shall
				  maintain, at the principal place of business, accurate accounting records kept
				  on a consistent basis which will facilitate an audit trail. The records shall
				  show, at a minimum, the following:
(a)
				Any written authorization from the insured to retain credit balances, interest,
				or income or funds placed in the premium trust account or from an insurer to
				retain interest or income on funds placed in the premium trust
				account;
(b) The existence and the
				source of any fees and commissions in the trust account;
(c) That a generally accepted form of
				reconciliation has been completed on a monthly basis showing transfers into and
				out of the account.
(d) Any other
				information necessary to establish compliance with these rules and regulations
				as specified by bulletins issued by the Insurance Commissioner.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 46 - REGULATION GOVERNING PREMIUM TRUST ACCOUNTS › Section 46-11 - Separability

Current through July 13, 2024
If any provision of this regulation or the application
				  thereof to any person or circumstance is for any reason held to be invalid, the
				  remainder of the regulation and the application of such provision to other
				  persons or circumstances shall not be affected thereby.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 47 - ANNUAL STATEMENT REGULATION › Section 47-1 - Authority

Current through July 13, 2024
This regulation is issued pursuant to the authority vested in
				  the Wyoming Insurance Commissioner under
				  W.S.
				  26-3-123 of the Wyoming Insurance Code and
				  W.S. W.S. W.S. 16-3-101, et seq., the
				  Wyoming Administrative Procedure Act.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 47 - ANNUAL STATEMENT REGULATION › Section 47-2 - Purpose

Current through July 13, 2024
The purpose of this regulation is to define the annual
				  statement blank which shall be filed with the Department on or before March 1
				  of each year or within any extended time the commissioner grants, not to exceed
				  thirty (30) days.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 47 - ANNUAL STATEMENT REGULATION › Section 47-4 - Requirements

Current through July 13, 2024
All companies reporting to the Wyoming Insurance Department
				  in accordance with the requirements of
				  W.S.
				  26-3-123 shall file with the Department the
				  appropriate National Association of Insurance Commissioners' annual statement
				  blank which shall be prepared in accordance with the National Association of
				  Insurance Commissioners' Annual Statement Instructions and follow those
				  accounting procedures and practices prescribed by the National Association of
				  Insurance Commissioners' Accounting Practice and Procedures
				  Manual.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 47 - ANNUAL STATEMENT REGULATION › Section 47-5 - Severability

Current through July 13, 2024
Any section or provision of this regulation held by a Court
				  to be invalid or unconstitutional shall not affect the validity of any other
				  section or provision of this regulation.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 48 - VALUATION OF SECURITIES AND OTHER INVESTMENTS › Section 48-1 - Authority

Current through July 13, 2024
This regulation governing valuation of securities and other
				  investments is promulgated by the authority of and pursuant to the Wyoming
				  Administrative Procedure Act,
				  W.S.
				  16-3-101 et seq., W.S. W.S.
				  W.S.
				  26-2-110, and W.S. W.S.
				  W.S.
				  26-6-301 and 302.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 48 - VALUATION OF SECURITIES AND OTHER INVESTMENTS › Section 48-2 - Purpose

Current through July 13, 2024
The purpose of this regulation is to protect the consumers of
				  insurance in the state of Wyoming by creating fair and equitable standards for
				  valuing securities and other investments owned by insurance companies, thereby
				  ensuring that insurance companies meet minimum solvency
				  standards.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 48 - VALUATION OF SECURITIES AND OTHER INVESTMENTS › Section 48-3 - Valuation of Securities

Current through July 13, 2024
All securities owned by insurers shall be valued in
				  accordance with the most recent standards promulgated by the National
				  Association of Insurance Commissioners' Securities Valuation
				  Office.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 48 - VALUATION OF SECURITIES AND OTHER INVESTMENTS › Section 48-4 - Valuation of Other Investments

Current through July 13, 2024
Other invested assets of insurance companies shall be valued
				  in accordance with the most recent procedures promulgated by the National
				  Association of Insurance Commissioners.
Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 49 - REGULATION TO IMPLEMENT THE SMALL EMPLOYER HEALTH INSURANCE AVAILABILITY ACT › Section 49-1 - Authority

Current through July 13, 2024
This Regulation is issued pursuant to the authority vested in
				  the Commissioner under W.S. §§
									
										26-2-110,
				  26-19-304(a)(xii)
				   and
				  26-19-310.