The proposed bill 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 the commissioner during investigations of insurance fraud, while ensuring that confidentiality requirements are upheld.

To encourage reporting and cooperation, the bill provides immunity from civil liability for those who report or assist in investigations of insurance fraud, as long as their actions are not motivated by malice. The Department of Insurance is tasked with creating the necessary rules to implement these provisions. The act is set to take effect on July 1, 2025, with certain sections becoming effective immediately upon the completion of legislative processes.