26-44-101. Definitions. (a) As used in this act: (i) “Affiliate” or “affiliated” means a person that directly, or indirectly through one (1) or more intermediaries, controls, or is controlled by, or is under common control with a specified person; (ii) “Commissioner” means the insurance commissioner as defined by W.S. 26-1-102(a)(viii); (iii) “Control” means the power, […]
26-44-102. Subsidiaries of insurers. (a) Any domestic insurer, either by itself or in cooperation with one (1) or more persons, may organize or acquire one (1) or more subsidiaries provided the stock of the insurer’s subsidiaries are valued in accordance with the provisions of W.S. 26-6-302. Subsidiaries may conduct any kind of business or businesses […]
26-44-103. Acquisition of control of or merger with domestic insurer. (a) No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or agreement to exchange securities for or otherwise acquire, any voting security or any security convertible into a voting security of a domestic insurer […]
26-44-104. Registration of insurers. (a) Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the commissioner, except a foreign insurer subject to registration requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are […]
26-44-105. Transactions within a holding company system. (a) Transactions within an insurance holding company system to which an insurer subject to registration is a party shall be subject to the following standards: (i) The terms shall be fair and reasonable; (ii) Charges or fees for services performed shall be reasonable; (iii) Expenses incurred and payment […]
26-44-106. Dividends and other distributions. (a) A domestic insurer shall not pay any extraordinary dividend or make any other extraordinary distribution to its shareholders until thirty (30) days after the commissioner has received notice of the declaration of dividend and has not disapproved payment, or the commissioner has approved the payment whichever is shorter. (b) […]
26-44-107. Management of domestic insurers subject to registration. (a) The officers and directors of the insurer are not relieved of any obligation or liability to which they would otherwise be subject by law because the control of the domestic insurer lies with any other person. The insurer shall be managed to assure its separate operating […]
26-44-108. Adequacy of surplus. (a) For purposes of this act, in determining whether an insurer’s surplus as regards policyholders is reasonable in relation to the insurer’s outstanding liabilities and adequate to its financial needs, the following factors, among others, shall be considered: (i) The size of the insurer as measured by its assets, capital and […]
26-44-109. Examination. (a) The commissioner may examine any insurer registered under W.S. 26-44-104 or any affiliate of the insurer in accordance with this section and the provisions of W.S. 26-2-116 through 26-2-124 to ascertain the financial condition of the insurer, including the enterprise risk to the insurer by the ultimate controlling party, or by any […]
26-44-110. Confidential treatment. (a) All information, documents and copies of the documents and information obtained by or disclosed to the commissioner or any other person in the course of an examination made pursuant to W.S. 26-44-109 and all information reported pursuant to W.S. 26-44-103(b)(xii) and (xiii), 26-44-104 through 26-44-108 and 26-44-119 shall be confidential, shall […]
26-44-111. Rules and regulations. The commissioner may promulgate reasonable rules and regulations and issue orders necessary to carry out the purposes of this act.
26-44-112. Injunctions; prohibitions against voting securities; sequestration of voting securities. (a) Whenever it appears to the commissioner that any insurer or any director, officer, employee or agent of the insurer has committed or is about to commit a violation of this act or of any rule, regulation or order issued by the commissioner pursuant to […]
26-44-113. Sanctions. (a) Any insurer failing, without just cause, to file any registration statement as required in this act shall be required, after notice and hearing, to pay a penalty of five hundred dollars ($500.00) for each day’s delay, to be recovered by the commissioner. The penalty recovered shall be paid into the general fund. […]
26-44-114. Receivership. Whenever it appears to the commissioner that any person has committed a violation of this act which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by the person not in the best interest of the policyholders, creditors, shareholders or the public, […]
26-44-115. Recovery. (a) Subject to subsections (b), (c) and (d) of this section, if an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer any distribution or payment made at any time during the one […]
26-44-116. Revocation, suspension or nonrenewal of insurer’s license. Whenever it appears to the commissioner that any person has committed a violation of this act which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner may, after giving notice and an opportunity for hearing, determine to suspend, […]
26-44-117. Judicial review. Any person aggrieved or adversely affected in fact by any final decision, order, ruling, finding or other act of the insurance commissioner made pursuant to this chapter may obtain judicial review in accordance with the Wyoming Administrative Procedure Act.
26-44-118. Supervisory colleges. (a) With respect to any insurer registered under W.S. 26-44-104, and in accordance with subsection (c) of this section, the commissioner shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine […]
26-44-119. Group wide supervision of internationally active insurance groups. (a) The commissioner is authorized to act as the group wide supervisor for any internationally active insurance group in accordance with this section. However, the commissioner may acknowledge a regulatory official from another jurisdiction as the group wide supervisor for an internationally active insurance group where […]
