This bill establishes a new framework for addressing insurance fraud within the Wyoming Insurance Code by creating a dedicated article on insurance fraud reporting. 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 investigations into insurance fraud, providing necessary information while adhering to confidentiality laws.

To encourage reporting and cooperation, the bill provides immunity from civil liability for those who report or assist in investigations of insurance fraud, as long as their actions are not malicious. The Department of Insurance is tasked with creating rules to implement these provisions, and the act is set to take effect on July 1, 2025, with certain sections becoming effective immediately upon the bill's passage.