Section 26-51-109 – Sanctions.
26-51-109. Sanctions. Any insurer failing, without just cause, to timely file the ORSA summary report as required in this chapter shall be required, after notice and hearing, to pay a penalty of two thousand five hundred dollars ($2,500.00) for each day’s delay, to be recovered by the commissioner. The maximum penalty under this section is […]
Section 26-51-110 – Applicability.
26-51-110. Applicability. The requirements of this chapter shall become effective on January 1, 2015. The first filing of the ORSA summary report shall be in 2015 pursuant to W.S. 26-51-105.
Section 26-51-104 – Orsa Requirement.
26-51-104. ORSA requirement. Subject to W.S. 26-51-106, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA guidance manual. The ORSA shall be conducted no less than annually but also at any time when there are significant changes to […]
Section 26-51-105 – Orsa Summary Report.
26-51-105. ORSA summary report. (a) Upon the commissioner’s request, and no more than once each year, an insurer shall submit to the commissioner an ORSA summary report or any combination of reports that together contain the information described in the ORSA guidance manual, applicable to the insurer and the insurance group of which it is […]
Section 26-51-106 – Exemption.
26-51-106. Exemption. (a) An insurer shall be exempt from the requirements of this chapter, if: (i) The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the federal crop insurance corporation and federal flood program, of less than five hundred million dollars ($500,000,000.00); and […]
Section 26-51-107 – Contents of Orsa Summary Report.
26-51-107. Contents of ORSA summary report. (a) The ORSA summary report shall be prepared consistent with the ORSA guidance manual, subject to the requirements of subsection (b) of this section. Documentation and supporting information shall be maintained and made available upon examination or upon request of the commissioner. (b) The review of the ORSA summary […]
Section 26-51-108 – Confidentiality.
26-51-108. Confidentiality. (a) Documents, materials or other information, including the ORSA summary report, in the possession of or control of the department that are obtained by, created by or disclosed to the commissioner or any other person under this chapter, is recognized by this state as being proprietary and to contain trade secrets. All such […]
Section 26-51-102 – Definitions.
26-51-102. Definitions. (a) As used in this chapter: (i) “Insurance group” means those insurers and affiliates included within an insurance holding company system as defined in W.S. 26-44-101(a)(iv); (ii) “Insurer” shall have the same meaning as set forth in W.S. 26-1-102(a)(xvi), except that it shall not include agencies, authorities or instrumentalities of the United States, […]
Section 26-51-103 – Risk Management Framework.
26-51-103. Risk management framework. An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of […]
Section 26-51-101 – Purpose and Scope.
26-51-101. Purpose and scope. The requirements of this chapter shall apply to all insurers domiciled in this state unless exempt pursuant to W.S. 26-51-106.