§ 26-11-107 — Requirements for eligible nonadmitted insurers; publication of eligible insurers

Wyoming § 26-11-107

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 11: NONADMITTED INSURANCE

Text

(a) Repealed By Laws 2012, Ch. 37, § 3.
(b) Repealed By Laws 2012, Ch. 37, § 3.
(c) The commissioner may issue an order of ineligibility
if he finds or has reason to believe that the insurer:
(i) Does not meet the requirements of this section;
(ii) Has without just cause refused to pay claims
arising under its contracts in the United States; or
(iii) Has otherwise conducted its affairs in such
manner as to result in or threaten injury or loss to the
insuring public of the United States.
(d) The commissioner may create and maintain a list of all
nonadmitted insurers that qualify as eligible nonadmitted
insurers in Wyoming. To qualify for inclusion on the list, the
nonadmitted insurer shall annually file an application with the
commissioner and any other appropriate information as required
by the commissioner. This subsection does not obligate the
commissioner to determine the actual financial condition or
claims practices of any nonadmitted insurer. The status of
eligibility, if granted by the commissioner, indicates only that
the insurer appears to be sound financially and to have
satisfactory claims practices, and that the commissioner has no
credible evidence to the contrary. While any such list is in
effect the surplus lines broker shall restrict to the insurers
listed all surplus line business he places.
(e) A surplus lines broker shall not place coverage with a
nonadmitted insurer unless, at the time of placement, the
surplus lines broker has determined that the nonadmitted insurer
is eligible under this section.
(f) A nonadmitted insurer eligible to place surplus lines
insurance or independently procured insurance shall:
(i) Be authorized to write the kind of insurance in
its domiciliary jurisdiction;
(ii) Have established satisfactory evidence of good
repute and financial integrity; and
(iii) Be qualified under one (1) of the following
subparagraphs:
(A) Have capital and surplus or its equivalent
under the laws of its domiciliary jurisdiction which equals the
greater of:
(I) The minimum capital and surplus
requirements under the law of this state; or
(II) Fifteen million dollars
($15,000,000.00).
(B) The requirements of subparagraph (A) of this
paragraph may be satisfied by an insurer's possessing less than
the minimum capital and surplus upon an affirmative finding of
acceptability by the commissioner. The finding shall be based
upon such factors as quality of management, capital and surplus
of any parent company, company underwriting profit and
investment income trends, market availability and company record
and reputation within the industry. In no event shall the
commissioner make an affirmative finding of acceptability when
the nonadmitted insurer's capital and surplus is less than four
million five hundred thousand dollars ($4,500,000.00);
(iv) For an insurer not domiciled in the United
States or its territories, the insurer is listed on the
quarterly listing of alien insurers maintained by the NAIC
international insurers department.
(g) The commissioner is authorized to enter into a
cooperative agreement or interstate agreement or compact to
establish additional and alternative nationwide uniform
eligibility requirements that shall be applicable to nonadmitted
insurers domiciled in another state or territory of the United
States.
(h) Insurance policy rate and form filings applicable to
admitted insurers do not apply to nonadmitted insurers issuing
policies under the provisions of this chapter.