This bill amends the Wyoming insurance code to enhance transparency and regulatory oversight in competitive insurance markets. It requires insurers to maintain and provide access to rate information and mandates that they file a notice with the commissioner at least 30 days prior to implementing any rate revision that would increase average premiums by more than 30%. The notice must include details such as the number of affected policyholders and the proposed effective date, although it is specified that such revisions do not require commissioner approval.

Additionally, the bill revises the filing and approval process for insurance policy forms and related documents. It clarifies that no insurance form can be used in the state unless it is filed with and approved by the commissioner, with certain exceptions. The bill also introduces new requirements for the filing of rules and procedures that affect coverage interpretations and costs, ensuring they are subject to commissioner review. The effective date for these changes is set for July 1, 2025.

Statutes affected:
Draft 25LSO-0068: 26-14-107, 26-15-110, 26-15-111