Current as of December 01, 2021 | Updated by FindLaw Staff
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(a) No foreign insurer owned or controlled in any manner or degree by any government or governmental agency shall be authorized to transact insurance in Wyoming. Membership in a mutual insurer, or subscribership in a reciprocal insurer, or ownership of stock of an insurer by the alien property custodian or similar official of the United States, or ownership of stock or other security which does not have voting rights with respect to the insurer's management, or supervision of an insurer by public authority, is not ownership or control of the insurer for the purposes of this subsection.
(b) The commissioner shall not grant or continue authority to transact insurance in this state as to any insurer the management of which, after investigation or upon reliable information, he finds:
(i) Is incompetent or untrustworthy;
(ii) So lacking in insurance company managerial experience as to make a proposed operation hazardous to the insurance-buying public; or
(iii) Is affiliated through ownership, control reinsurance or other insurance or business relations with any person whose business operations are or have been marked by manipulation of assets, accounts or reinsurance, or by bad faith.
(c) Before granting a certificate of authority to a new domestic insurer, the commissioner shall secure a credit and investigation report as to the insurer's management personnel and directors from a recognized and established independent investigation and reporting agency. The commissioner may secure a similar report relative to the management of any other insurer at any time he deems advisable.
Cite this article: FindLaw.com - Wyoming Statutes Title 26. Insurance Code § 26-3-104. Insurers not qualified to transact business in state; credit and investigation reports - last updated December 01, 2021 | https://codes.findlaw.com/wy/title-26-insurance-code/wy-st-sect-26-3-104.html
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