The proposed bill, HB0071, establishes new provisions within the Wyoming insurance code aimed at addressing insurance fraud. It defines "insurance fraud" and mandates that individuals engaged in the insurance business report any known or suspected fraud to the commissioner within sixty days of discovery. Additionally, the bill requires these individuals to fully cooperate with investigations into insurance fraud, providing necessary information while adhering to confidentiality laws.

Furthermore, the bill provides immunity from civil liability for those who report or cooperate in investigations of insurance fraud, as long as their actions are not motivated by malice. The Department of Insurance is tasked with creating rules to implement these new requirements. The act is set to take effect on July 1, 2025, with certain sections becoming effective immediately upon the bill's passage.