26-54-101. Short title; applicability. (a) This chapter is known and may be cited as the Wyoming Insurance Corporate Governance Annual Disclosure Act. (b) The requirements of this act shall apply to all insurers and insurance groups domiciled in this state. (c) Nothing in this act shall be construed to prescribe or impose corporate governance standards […]
26-54-102. Definitions. (a) As used in this act: (i) “Corporate governance” means the system of rules, practices and procedures by which a corporation is managed by its directors and officers; (ii) “Corporate governance annual disclosure” or “CGAD” means a confidential report filed by an insurer or insurance group in accordance with the requirements of this […]
26-54-103. Disclosure requirement. (a) An insurer, or the insurance group of which the insurer is a member, shall, no later than June 1 of each calendar year, submit to the commissioner a corporate governance annual disclosure that contains the information described in W.S. 26-54-105. Notwithstanding any request from the commissioner made pursuant to subsection (c) […]
26-54-104. Rules and regulations. The commissioner shall promulgate rules and regulations necessary to carry out the provisions of this act. The rules and regulations shall be consistent with this act and the commissioner shall be guided by the model regulations adopted by the National Association of Insurance Commissioners at its 2014 fall national meeting and […]
26-54-105. Contents of corporate governance annual disclosure. (a) An insurer or insurance group shall have discretion over the manner in which a CGAD is submitted, provided the CGAD shall contain the material information necessary to permit the commissioner to gain an understanding of the insurer’s or insurance group’s corporate governance structure, policies and practices. The […]
26-54-106. Confidentiality. (a) Documents, materials or other information, including the CGAD, in the possession or control of the department that are obtained by, created by or disclosed to the commissioner or any other person under this act, are recognized by this state as being proprietary and to contain trade secrets. All the documents, materials or […]
26-54-107. NAIC and third party consultants. (a) The commissioner may retain, at the insurer’s expense, third party consultants, including attorneys, actuaries, accountants and other experts not otherwise a part of the commissioner’s staff, as may be reasonably necessary to assist the commissioner in reviewing the CGAD and related information submitted by an insurer or to […]
26-54-108. Sanctions. Any insurer failing, without just cause, to timely file the CGAD required by this act shall be required, after notice and hearing, to pay a penalty of one hundred dollars ($100.00) for each day that the CGAD is not filed, to be recovered by the commissioner. The maximum penalty due under this section […]
