This bill amends various sections of the Wyoming insurance code, primarily focusing on the definition and requirements surrounding insurance transactions and certificates of authority. It clarifies the definition of "insurance transaction" to include both personal and business-related insurance activities, while also making the requirements for original certificates of authority applicable to all certificates of authority. Additionally, insurers are now required to update their contact information with the commissioner within thirty days of any changes. The bill also modifies service of process requirements and reporting obligations for licensees regarding administrative and criminal actions.

Furthermore, the bill repeals certain provisions, including the requirement for insurers to deliver certificates of authority to the insurance commissioner upon expiration, suspension, or termination, as well as disclosure requirements related to comprehensive adult wellness benefits in disability insurance policies. The effective date for this act is set for July 1, 2025. Overall, the bill aims to streamline the regulatory framework for insurers in Wyoming while ensuring that necessary updates and clarifications are made to existing laws.

Statutes affected:
Draft 25LSO-0008: 26-1-102, 26-3-106, 26-3-112, 26-3-114, 26-3-122, 26-9-216, 26-24-109, 26-24-110, 26-24-113, 26-29-210, 26-35-201, 26-3-113, 26-18-103, 26-19-107