The bill amends various sections of the Wyoming insurance code, primarily focusing on the definition of "insurance transaction" and the requirements for certificates of authority. It clarifies that an "insurance transaction" includes both personal and business-related insurance activities, with specific provisions for determining eligibility for coverage and servicing applications. Additionally, the bill mandates that all insurers must update their contact information with the commissioner within thirty days of any changes. It also modifies service of process requirements and clarifies reporting obligations for licensees regarding administrative and criminal actions.

Significant deletions from current law include the removal of the requirement for insurers to deliver certificates of authority to the insurance commissioner upon expiration, suspension, or termination, as well as the repeal of disclosure requirements related to disability insurance policies. The bill also eliminates the term "original" from various contexts concerning certificates of authority, thereby standardizing the language used throughout the insurance code. The act is set to take effect on July 1, 2025.

Statutes affected:
Introduced: 26-1-102, 26-3-106, 26-3-108, 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