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 and servicing applications. The bill also mandates that all insurers must update their contact information with the commissioner within thirty days of any changes. Additionally, it modifies service of process requirements and clarifies reporting obligations for licensees regarding administrative and criminal actions.
Significant deletions from current law include the requirement for insurers to deliver certificates of authority to the insurance commissioner upon expiration, suspension, or termination, as well as the disclosure requirements related to comprehensive adult wellness benefits in disability insurance policies. The bill also repeals certain provisions that previously defined these benefits and their disclosure requirements. The effective date for the changes is set for July 1, 2025.
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