§ 26-19-110 — Additional disability insurance groups; requirements

Wyoming § 26-19-110

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 19: GROUP AND BLANKET DISABILITY INSURANCE

Text

(a) Group disability insurance offered to a resident under
a group disability insurance policy issued to a group other than
one described in W.S. 26-19-102 is subject to the following
requirements:
(i) A group disability insurance policy shall not be
delivered in this state unless the commissioner finds that:
(A) The issuance of the group policy is not
contrary to the best interest of the public;
(B) The issuance of the group policy would
result in economies of acquisition or administration;
(C) The benefits are reasonable in relation to
the premiums charged;
(D) The insurer possesses and maintains capital
and surplus requirements provided by W.S. 26-3-108 and reserve
requirements provided by W.S. 26-6-107.
(ii) Group disability insurance coverage shall not be
offered in this state by an insurer under a policy issued in
another state unless the commissioner determines the
requirements of paragraph (i) of this subsection are met and the
insurer files with the commissioner:
(A) A copy of the group master contract;
(B) A copy of the statute of the state where the
group policy is issued that authorizes the issuance of the group
policy;
(C) Evidence of approval of the group policy in
the state where the group policy is issued; and
(D) Copies of all supportive material used by
the insurer to secure approval of the group in the state where
the group policy is issued.
(iii) If the commissioner fails to make the
determination provided by paragraph (ii) of this subsection
within forty-five (45) days of filing by the insurer of the
documents required by paragraph (ii) of this subsection, the
requirements of paragraph (i) of this subsection are deemed to
be met.