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DRAFT ONLY
NOT APPROVED FOR
INTRODUCTION
HOUSE BILL NO. [BILL NUMBER]
Insurance amendments.
Sponsored by: Joint Corporations, Elections & Political Subdivisions Interim Committee
A BILL
for
1 AN ACT relating to the insurance code; amending the
2 definition of insurance transaction; making requirements
3 applicable to original certificates of authority apply to
4 all certificates of authority; requiring insurers to update
5 their contact information as specified; amending service of
6 process requirements; clarifying requirements regarding
7 reporting of actions; clarifying the applicability of
8 statutes governing property and casualty insurance;
9 repealing the requirement for insurers to deliver
10 certificates of authority to the insurance commissioner
11 upon expiration, suspension or termination of the
12 certificates; repealing disclosure requirements regarding
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1 the extent to which disability, group disability and
2 blanket disability insurance policies include comprehensive
3 adult wellness benefits; and providing for an effective
4 date.
5
6 Be It Enacted by the Legislature of the State of Wyoming:
7
8 Section 1. W.S. 26-1-102(a)(xxxix), 26-3-106(b), 26-
9 3-108(a)(intro), 26-3-112(a)(intro), 26-3-114(d) and by
10 creating a new subsection (e), 26-3-122(c), 26-9-216(a) and
11 (b), 26-24-109(b)(intro), 26-24-110(a)(intro), 26-24-113,
12 26-29-210(e) and 26-35-201 are amended to read:
13
14 ***********************************************************
15 *******************
16 STAFF COMMENT
17
18 For ease of reference, W.S. 26-1-102(a)(xxx) and (xxxviii)
19 are included in this draft. These paragraphs will be
20 deleted from any final draft if they are not amended.
21
22 ***********************************************************
23 *******************
24
25 26-1-102. Definitions.
26
27 (a) As used in this act:
28
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1 (xxx) "Transact" with respect to a business of
2 insurance means:
3
4 (A) Solicitation or inducement;
5
6 (B) Negotiations;
7
8 (C) Carrying out of a contract of
9 insurance;
10
11 (D) Transaction of matters subsequent to
12 the carrying out and arising out of a contract of
13 insurance; or
14
15 (E) Any other aspects of insurance
16 operations to which this code applies.
17
18 (xxxviii) "Insurance support organization"
19 means:
20
21 (A) Any person who regularly engages, in
22 whole or in part, in the practice of assembling or
23 collecting information about natural persons for the
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1 primary purpose of providing the information to an
2 insurance institution or insurance producer for insurance
3 transactions, including the furnishing of consumer reports
4 or investigative consumer reports to an insurer or
5 insurance producer for use in connection with an insurance
6 transaction or the collection of personal information from
7 insurers, insurance producers or other insurance support
8 organizations for the purpose of detecting or preventing
9 fraud, material misrepresentation or material nondisclosure
10 in connection with insurance underwriting or insurance
11 claim activity;
12
13 (B) Notwithstanding subparagraph (A) of
14 this paragraph the following persons are not considered
15 insurance support organizations for purposes of this code:
16
17 (I) Insurance producers;
18
19 (II) Government institutions;
20
21 (III) Insurers;
22
23 (IV) Medical care institutions;
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1
2 (V) Medical professionals.
3
4 (xxxix) "Insurance transaction" means:
5
6 (A) For the purposes of paragraph (xxxviii)
7 of this subsection, means any transaction involving
8 insurance primarily for personal, family or household needs
9 rather than business or professional needs and which
10 entails the determination of an individual's eligibility
11 for an insurance coverage, benefit or payment or the
12 servicing of an insurance application, policy, contract or
13 certificate;
14
15 (B) For all other purposes except as
16 provided in subparagraph (A) of this paragraph, any
17 transaction involving insurance, including any act
18 specified in paragraph (xxx) of this subsection.
19
20 26-3-106. Conflict of names prohibited.
21
22 (b) In case of conflict of names between two (2)
23 insurers, or a conflict otherwise prohibited under this
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1 section, the commissioner may permit, or shall require as a
2 condition to the issuance of an original a certificate of
3 authority to an applicant insurer, the insurer to use in
4 this state a modified name as may reasonably be necessary
5 to avoid the conflict.
6
7 26-3-108. Capital and surplus requirements.
8
9 (a) To qualify for authority to transact any kind of
10 insurance as defined in chapter 5 or combination of kinds
11 of insurance as specified in this subsection, a foreign
12 insurer, or a domestic stock insurer applying for its
13 original certificate of authority, shall possess and
14 thereafter maintain unimpaired basic paid-in capital stock
15 and surplus, if a stock insurer, or unimpaired basic
16 surplus, if a foreign mutual insurer or foreign reciprocal
17 insurer, in an amount not less than as follows:
18
19 26-3-112. Certificate of authority; application;
20 contents of application.
21
22 (a) An insurer shall apply to the commissioner for an
23 original a certificate of authority, stating under oath of
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1 the president, or vice-president or other chief officer and
2 the secretary of the insurer, or of the attorney-in-fact if
3 the insurer is a reciprocal insurer, the insurer's name,
4 location of its home office, or principal office in the
5 United States if an alien insurer, the kinds of insurance
6 to be transacted, date of organization or incorporation,
7 form of organization, state or country of domicile and any
8 additional information the commissioner reasonably
9 requires. The application shall be accompanied by the
10 applicable fees as provided in W.S. 26-4-101 together with
11 the following documents, as applicable:
12
13 26-3-114. Certificate of authority; continuation;
14 expiration; reinstatement.
15
16 (d) If an insurer fails to renew its certificate of
17 authority within the time specified in subsection (c) of
18 this section, another certificate shall be issued only
19 after all requirements for an original a certificate of
20 authority in this state are fulfilled.
21
22 (e) All insurers or persons otherwise licensed or
23 registered under this article shall inform the commissioner
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1 by any means acceptable to the commissioner, or as
2 specified by rule and regulation of the commissioner, of
3 any change of address, telephone number, email address or
4 other contact information that is on file with the
5 department within thirty (30) days of the change.
6
7 ***********************************************************
8 *******************
9 STAFF COMMENT
10
11 Subsection (e) has been revised to reference all insurers
12 or persons otherwise licensed or registered "under this
13 article."
14
15 ***********************************************************
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17
18 26-3-122. Service of process; service generally.
19
20 (c) Upon service the commissioner shall immediately
21 mail by registered certified mail one (1) of the copies of
22 the process to the person currently designated by the
23 insurer to receive the process as provided in W.S. 26-3-
24 121(d).
25
26 26-9-216. Reporting of actions.
27
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1 (a) A licensee shall report to the commissioner any
2 administrative action taken against the producer licensee
3 in another jurisdiction or by another governmental agency
4 in this state within thirty (30) days of the final
5 disposition of the matter. This report shall include a copy
6 of the order, consent to order or other relevant legal
7 documents.
8
9 (b) Within thirty (30) days of the initial pretrial
10 hearing date, a licensee shall report to the commissioner
11 any criminal prosecution of the producer licensee taken in
12 any jurisdiction. The report shall include a copy of the
13 initial complaint filed, the order resulting from the
14 hearing and any other relevant legal documents.
15
16 26-24-109. Initial requirements of domestic mutual
17 insurers; authorized transactions.
18
19 (b) When applying for an original a certificate of
20 authority, the insurer shall:
21
22 26-24-110. Bond or deposit required of domestic
23 mutual insurers.
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1
2 (a) Before soliciting any applications for insurance
3 required under W.S. 26-24-109 as qualifications for the
4 original certificate of authority, the incorporators of the
5 proposed insurer shall file with the commissioner a
6 corporate surety bond in the penalty of fifteen thousand
7 dollars ($15,000.00), in favor of the state and for the use
8 and benefit of the state of the applicant members and
9 creditors of the corporation. The bond shall be conditioned
10 for:
11
12 26-24-113. Failure of domestic mutual insurer to
13 qualify.
14
15 If the proposed domestic insurer fails to complete its
16 organization and to secure its original certificate of
17 authority within one (1) year from the date of its
18 certificate of incorporation, its corporate powers cease,
19 and the commissioner shall return or cause to be returned
20 to the persons entitled thereto all advance deposits or
21 payments of premiums held in trust under W.S. 26-24-112.
22
23 26-29-210. Organization.
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1
2 (e) The commissioner may make an examination and
3 require further information as he deems advisable. Upon
4 presentation of satisfactory evidence that the society has
5 complied with all the provisions of law, the commissioner
6 shall issue to the society a certificate of authority to
7 that effect and that the society is authorized to transact
8 business pursuant to the provisions of this chapter. The
9 certificate of authority shall be prima facie evidence of
10 the existence of the society at the date of the
11 certificate. The commissioner shall cause a record of the
12 certificate of authority to be made. A certified copy of
13 the record may be given in evidence with like effect as the
14 original certificate of authority.
15
16 26-35-201. Scope of article.
17
18 This article applies to all property and casualty insurance
19 as defined in W.S. 26-5-104 and 26-5-106, except this
20 article does not apply to binders and other temporary
21 contracts for temporary insurance provided for under W.S.
22 26-15-119 or personal lines auto policies.
23
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1 Section 2. W.S. 26-3-113(c), 26-18-103(a)(ix) and (b)
2 and 26-19-107(a)(xvii) and (h) are repealed.
3
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6 STAFF COMMENT
7
8 For reference, the repealed provisions are described below.
9
10 W.S. 26-3-113(c) concerns certificates of authority and
11 provides: "Although issued and delivered to the insurer,
12 the certificate of authority at all times is the property
13 of this state. Upon expiration, suspension or termination
14 of the certificate, the insurer shall promptly deliver the
15 certificate to the commissioner."
16
17 W.S. 26-18-103(a)(ix) contains disclosure requirements
18 regarding "comprehensive adult wellness benefits" in
19 disability insurance policies. Subsection (b) contains a
20 definition of "comprehensive adult wellness benefits" for
21 purposes of paragraph (a)(ix).
22
23 (a) No disability insurance policy shall be
24 delivered or issued for delivery to any person in
25 this state unless it otherwise complies with this
26 code and the following:
27
28 (ix) If issued or delivered on or
29 after January 1, 1999, the policy shall provide a
30 notice on the face of the policy of not less than
31 fourteen (14) point bold type, as to the extent
32 to which the policy includes comprehensive adult
33 wellness benefits as defined in subsection (b) of
34 this section. To insure that the disclosure has
35 been made, the notice shall include space for the