§ 26-18-204 — Financial requirements; continuing compliance

Wyoming § 26-18-204

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 18: DISABILITY INSURANCE POLICIES

Text

(a) Any insurer selling an insurance policy pursuant to
this article, and any plan approved under this article, shall
satisfy actuarial standards and insurer solvency requirements
set forth by the National Association of Insurance Commissioners
(NAIC) and adopted by regulation promulgated by the commissioner
or as otherwise prescribed by regulation promulgated by the
commissioner so long as the regulation is not inconsistent with
NAIC standards.
(b) Any policy sold in Wyoming under the coverage and
administrative laws and regulations of another state that are
not covered by a guarantee association or similar association of
that state shall be protected under the Wyoming Life and Health
Insurance Guaranty Association Act under Chapter 42 of this
title.
(c) The commissioner shall have the authority to determine
whether an insurer satisfies the standards required by this
section and shall not approve a policy or plan that he finds not
in compliance with this section. The commissioner shall have the
authority to determine whether the policies sold pursuant to
this article continue to satisfy the requirements set forth in
this section in the same manner as he does with an individual
accident and sickness insurance policy approved pursuant to this
code. The commissioner shall have the authority to suspend or
revoke new sales of out-of-state policies if the laws and
regulations of those states are determined to egregiously harm
Wyoming residents. Upon suspension or revocation, the issuers of
the out-of-state policies shall be required to notify in writing
all affected Wyoming policyholders of the suspension or
revocation determination by the commissioner.