This bill establishes a new framework for addressing insurance fraud in Wyoming by creating Article 4 of the Insurance Code, which includes definitions, reporting requirements, and provisions for cooperation in investigations. It defines "insurance fraud" and mandates that individuals engaged in the insurance business report any known or suspected fraud to the commissioner within 60 days of discovery. Additionally, it requires these individuals to fully cooperate with the commissioner during investigations of insurance fraud, while ensuring that confidentiality requirements are upheld.

The bill also provides immunity from civil liability for those who report or cooperate in investigations of insurance fraud, as long as their actions are not motivated by malice. This immunity extends to individuals who communicate information to the commissioner or law enforcement in good faith. The Department of Insurance is tasked with creating the necessary rules to implement this act, which is set to take effect on July 1, 2025, with certain sections becoming effective immediately upon the bill's passage.