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Wyoming Statutes Title 26. Insurance Code § 26-2-109. Commissioner; powers and duties generally

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The commissioner shall:

(i) Personally supervise the department operations;

(ii) Examine and inquire into violations of this code;

(iii) Enforce this code with impartiality;

(iv) Execute the duties imposed upon him by this code;

(v) Have the powers and authority expressly conferred upon him by or reasonably implied from this code;

(vi) Immediately pay to the state treasurer for deposit in the general fund, unless otherwise specifically provided, any monies paid to him under this code;

(vii) Have any additional powers and duties as may be provided by other laws of this state.

(b) The commissioner may conduct examinations and investigations of insurance matters, in addition to examinations and investigations expressly authorized, as he deems proper, upon reasonable and probable cause, to determine whether any person has violated any provisions of this code or to secure information useful in the lawful administration of any provision of this code. The cost of any additional examinations and investigations shall be borne by the state.

(c) The commissioner, with the governor's approval, may enter into interstate compacts with other states in the region to provide for a uniform climate for insurance coverage in the compacting states. The compacts may include:

(i) Interstate compacts to negotiate uniform rating structures in the compacting states;

(ii) Interstate compacts to negotiate the use of regional ratings or trendings rather than national ratings or trendings; or

(iii) Interstate compacts to provide for the operation of mutual companies to provide insurance for risks that are critical to the health, safety or welfare of the compacting states.

(d) Repealed by Laws 2017, ch. 9, § 3, eff. July 1, 2017.

(e) The commissioner may request a waiver from the NAIC's financial regulation standards and accreditation program requirements when the commissioner deems the waiver to be in the interest of the state. The commissioner shall report in writing any waiver request to the joint corporations, elections and political subdivisions interim committee within thirty (30) days of the request.

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Cite this article: FindLaw.com - Wyoming Statutes Title 26. Insurance Code § 26-2-109. Commissioner; powers and duties generally - last updated January 01, 2024 | https://codes.findlaw.com/wy/title-26-insurance-code/wy-st-sect-26-2-109/

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