Wyoming Statutes Title 26. Insurance Code § 26-3-132. Commissioner's authority
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Search Wyoming Statutes
Search by Keyword or Citation
(a) For the purposes of making a determination of an insurer's financial condition under this code, the commissioner may:
(i) Disregard any credit or amount receivable resulting from transactions with a reinsurer which is insolvent, impaired or otherwise subject to a delinquency proceeding;
(ii) Make appropriate adjustments, including disallowance, to asset values attributable to investments in or transactions with an insurer's parent company, subsidiaries or affiliates consistent with the NAIC Accounting Practices and Procedures Manual, state laws and regulations;
(iii) Refuse to recognize the stated value of accounts receivable if the ability to collect receivables is highly speculative in view of the age of the account or the financial condition of the debtor;
(iv) Increase the insurer's liability in an amount equal to any contingent liability, pledge or guarantee not otherwise included if there is a substantial risk that the insurer will be called upon to meet the obligation undertaken within the next twelve (12) month period.
(b) If the commissioner determines that the continued operation of the insurer licensed to transact business in this state may be hazardous or injurious to its policyholders, creditors or the general public, then the commissioner may, in addition to any other action permitted by this code, issue an order requiring the insurer to:
(i) Reduce the total amount of present and potential liability for policy benefits by purchasing reinsurance;
(ii) Reduce, suspend or limit the volume of business being accepted or renewed;
(iii) Reduce general insurance expenses and commission expenses by specified methods;
(iv) Increase the insurer's capital and surplus;
(v) Suspend or limit the declaration and payment of dividends by an insurer to its stockholders or to its policyholders;
(vi) File reports in a form acceptable to the commissioner concerning the market value of an insurer's assets;
(vii) Limit or withdraw from specified investments or discontinue specified investment practices to the extent the commissioner deems necessary;
(viii) Document the adequacy of premium rates in relation to the risks insured;
(ix) File, in addition to regular annual statements, interim financial reports in the form adopted by the National Association of Insurance Commissioners or in a format promulgated by the commissioner;
(x) Correct corporate governance practice deficiencies and adopt and utilize governance practices acceptable to the commissioner;
(xi) Provide a business plan to the commissioner in order to continue to transact business in the state;
(c) Any insurer subject to an order under subsection (b) of this section may request a hearing to review that order as provided in W.S. 26-2-125. The notice of hearing shall be served upon the insurer pursuant to W.S. 26-2-126. The notice of hearing shall state the time and place of hearing and the conduct, condition or grounds upon which the commissioner based the order. Unless mutually agreed between the commissioner and the insurer, the hearing shall occur not less than ten (10) days nor more than thirty (30) days after notice is served and shall be either in Laramie County or in some other place convenient to the parties designated by the commissioner. Notwithstanding any other provision of law, the commissioner shall hold all hearings under this subsection privately, unless the insurer requests a public hearing, in which case the hearing shall be public.
(d) This section shall not be construed to limit the powers granted the commissioner by any other laws of this state.
Cite this article: FindLaw.com - Wyoming Statutes Title 26. Insurance Code § 26-3-132. Commissioner's authority - last updated December 01, 2021 | https://codes.findlaw.com/wy/title-26-insurance-code/wy-st-sect-26-3-132.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?