26-14-101. Purpose of chapter; liberal interpretation. The purpose of this chapter is to protect the public and policyholders against the effects of excessive, inadequate or unfairly discriminatory rates by promoting price competition among insurers. The provisions in this chapter are intended to prohibit unlawful price fixing agreements by or among insurers and to authorize essential […]
26-14-102. Scope and applicability of chapter; liberal interpretation. (a) This chapter applies to all kinds of insurance written on risks in this state by any insurer authorized to do business, except nothing in this chapter applies to: (i) Life insurance; (ii) Disability insurance; (iii) Reinsurance; (iv) Insurance against loss of or damage to aircraft, their […]
26-14-103. Definitions. (a) As used in this chapter: (i) “Advisory organization” means any person or organization which assists insurers as authorized by W.S. 26-14-110. It does not include joint underwriting organizations, actuarial or legal consultants, a single insurer, any employees of an insurer or insurers under common control or management of their employees or managers; […]
26-14-104. Competitive market presumed to exist. A competitive market is presumed to exist except as otherwise provided by this chapter.
26-14-105. Rating standards; methods. (a) Rates shall not be excessive, inadequate or unfairly discriminatory. (b) Risks may be classified in any way except that no risk may be classified in whole or in part on the basis of race, color, creed or national origin. In determining whether rates in a noncompetitive market are excessive, inadequate […]
26-14-106. Rate regulation. (a) Rates in a noncompetitive market, when regulated, shall be regulated in accordance with W.S. 26-14-105 through 26-14-108 applicable to noncompetitive markets. (b) The commissioner may regulate rates in an unregulated market if he determines that: (i) The unregulated market is a noncompetitive market; and (ii) Regulation will likely reduce rates for […]
26-14-107. Filing of rates; supplementary rate information; supporting information; public inspection; consent to rates. (a) In competitive markets, every insurer shall maintain all rates and supplementary rate information to be used in this state, in accordance with the provisions of W.S. 26-14-113(b), and such information shall be made available to the commissioner upon his request. […]
26-14-108. Disapproval of rates; bases; procedures. (a) The commissioner shall disapprove a rate for use in a noncompetitive market if he finds pursuant to subsection (b) of this section that the rate is excessive, inadequate or unfairly discriminatory. (b) Disapproval of rates by the commissioner shall be subject to the following procedures: (i) Prior to […]
26-14-109. Advisory organizations; registration required; authorized activities; availability of services. (a) No advisory organization shall provide any service relating to the rates of any insurer subject to this chapter, and no insurer shall utilize the services of such organization for such purposes unless the organization has registered under subsection (d) of this section. (b) A […]
26-14-110. Records and reports; exchange of information. (a) Insurers shall file with the commissioner, and the commissioner shall review, reasonable rules and plans for recording and reporting of loss and expense experience. The commissioner may designate one (1) or more advisory organizations to assist in gathering such experience and making compilations thereof. No insurer shall […]
26-14-111. Insurers and advisory organizations; monopolies prohibited; agreements to adhere prohibited. (a) No insurer or advisory organization shall attempt to monopolize or combine or conspire with any other person to monopolize an insurance market in this state. (b) Except as otherwise provided in this chapter, no insurer shall agree with any other insurer, rate service […]
26-14-112. Joint underwriting; pool and residual market activities. (a) Insurers participating in joint underwriting, pools or residual market mechanisms may act in cooperation with each other in the making of rates, supplementary rate information, policy or bond forms, surveys, inspections and investigations, the furnishing of loss and expense statistics or other information and conducting research. […]
26-14-113. Examinations; records; costs; report in lieu of examination. (a) The commissioner may examine any insurer, pool, advisory organization or residual market mechanism to ascertain compliance with this chapter. (b) Every insurer, pool, advisory organization and residual market mechanism shall maintain adequate records from which the commissioner may determine compliance with the provisions of this […]
26-14-114. Exemptions. The commissioner may exempt any line of insurance from any or all of the provisions of this chapter for the purpose of relieving the line of insurance from filing provisions of this chapter.
26-14-115. Dividends. Nothing in this chapter shall be construed to prohibit or regulate the payment of dividends, savings or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members or subscribers. A plan for the payment of dividends, savings or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members or […]
26-14-116. Penalties; technical violations; revocation and suspension of license; written orders; contents. (a) The commissioner may impose after notice and hearing a penalty of not more than one thousand dollars ($1,000.00) for each violation of this chapter. The penalty may be in addition to any other penalty provided by law. In no event shall penalties […]
26-14-117. Judicial review. Any order, ruling, finding, decision or other act of the commissioner made pursuant to this chapter shall be subject to judicial review in accordance with the Wyoming Administrative Procedure Act.
26-14-118. Notice and hearing. (a) All notices rendered pursuant to the provisions of this chapter shall be in writing and shall state clearly the nature and purpose of the hearing. All relevant facts, statutes and rules shall be specified so that a respondent is fully informed of the scope of the hearing, including specific allegations, […]
