The proposed bill establishes a new framework for reporting and investigating insurance fraud in Wyoming. 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, adhering to confidentiality laws.

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 bill's passage.