The bill amends the Wyoming insurance code to enhance regulatory oversight of insurers operating in competitive markets. It mandates that insurers must file a notice with the commissioner at least thirty days prior to implementing any rate revision that would increase average premiums by more than thirty percent. This notice must include details such as the number of affected policyholders and the proposed effective date, although it is specified that the rate revision does not require commissioner approval. Additionally, the bill introduces requirements for insurers to maintain and provide supplementary rate information upon request and outlines the procedures for filing and approval of insurance policy forms and related documents.

Further amendments clarify the filing process for insurance forms, stating that no form can be used unless it is filed with and approved by the commissioner, with certain exceptions. The bill also establishes that any filing is automatically approved after forty-five days unless the commissioner takes action to disapprove it. The commissioner is given the authority to withdraw approvals and must provide detailed reasons for any disapproval. The effective date for this act is set for July 1, 2025.

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