Wyoming § 26-14-103 Definitions

Wyoming Statutes

§ 26-14-103 — Definitions

Wyoming·Title 26 Insurance Code·Ch. 14 RATES AND RATING ORGANIZATIONS

(a)As used in this chapter:

(i)"Advisory organization" means any person or organization which assists insurers as authorized by W.S.

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Nearby Sections

15

§ 26-14-101

Purpose of chapter; liberal interpretation

§ 26-14-102

Scope and applicability of chapter; liberal interpretation

§ 26-14-103

Definitions

§ 26-14-104

Competitive market presumed to exist

§ 26-14-105

Rating standards; methods

§ 26-14-106

Rate regulation

§ 26-14-107

Filing of rates; supplementary rate information; supporting information; public inspection; consent to rates

§ 26-14-108

Disapproval of rates; bases; procedures

§ 26-14-109

Advisory organizations; registration required; authorized activities; availability of services

§ 26-14-110

It does not include joint underwriting organizations, actuarial or legal consultants, a single insurer, any employees of an insurer or insurers under common control or management of their employees or managers; (ii) "Competitive market" means any market except those which are noncompetitive pursuant to this chapter; (iii) "Excessive" means a rate that is likely to produce a long-term profit that is unreasonably high for the insurance provided. In a competitive market rates shall not be considered excessive; (iv) "Inadequate" means a rate which is unreasonably low for the insurance provided and the continued use of which endangers the solvency of the insurer using it or will have the effect of substantially lessening competition or creating a monopoly in any market; (v) "Joint underwriting" means an arrangement established to provide insurance coverage for a risk, pursuant to which two (2) or more insurers contract with the insured for a price and policy terms agreed upon between or among the insurers; (vi) "Market" means the statewide interaction between buyers and sellers in the procurement of a line of insurance coverage pursuant to the provisions of this chapter; (vii) "Noncompetitive market" means: (A) Residual markets; (B) Pools; (C) Credit property insurance, including vendors' single interest physical damage insurance where the buyer pays a separate charge for insurance; or (D) Any market in which: (I) There are less than five (5) insurers actually issuing a particular line of insurance as determined by the commissioner; (II) Three (3) insurers transact more than ninety percent (90%) of the business; (III) Two (2) insurers transact more than eighty percent (80%) of the business; or (IV) There is reasonable evidence, as determined by the commissioner, of collusion among insurers in setting prices

§ 26-14-111

Insurers and advisory organizations; monopolies prohibited; agreements to adhere prohibited

§ 26-14-112

Joint underwriting; pool and residual market activities

§ 26-14-113

Examinations; records; costs; report in lieu of examination

§ 26-14-114

Exemptions

§ 26-14-115

Dividends

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