§ 26-19-312 — Small employer carrier reinsurance program assessments; premium tax credit

Wyoming § 26-19-312

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

Text

(a) After each calendar year, the board shall determine
the amount of assessment needed to support the small carrier
reinsurance program considering all payments made, costs
incurred, premiums received and other income received.
(b) All authorized insurers liable for premium tax shall
be assessed as necessary to meet the requirements determined
under subsection (a) of this section. The assessment shall be
in proportion to the gross premium tax owed and shall be
expressed as a percentage of the gross premium tax owed. The
gross premium tax is the premium tax owed before any deduction
for any assessments. The assessment pursuant to this subsection
for any individual insurer shall not exceed forty percent (40%)
of the gross premium tax owed.
(c) On or before June 1 of each year, the board shall
determine each insurer's assessment for the calendar year. Any
deficit incurred by the program shall be recouped by assessment
apportioned as provided by this section. Notification of
assessments shall be mailed by the board not later than June 1
of each year.
(d) The total amount of assessment paid by any insurer
pursuant to this section plus an amount equal to five percent
(5%) of that total assessment shall be allowed as a credit
against any premium or retaliatory tax owed by the member under
this code for the year for which the assessment is payable. If
assessments including the additional credit authorized exceed
the premium or retaliatory tax owed considering all assessments
pursuant to this act and other acts, the credits may be carried
forward to other tax years until used.
(e) If assessments exceed actual losses and administrative
expenses of the program, the excess shall be paid to the state
treasurer, credited to the account created by W.S. 26-19-311 and
used by the administrator to offset future losses or to reduce
program premiums. As used in this subsection, "future losses"
includes reserves for incurred but unreported claims.
(f) The board may require initial calendar year 2006 and
interim assessments as reasonably necessary for the
organizational, administrative and interim operating expenses of
the program and to pay claims in excess of premiums collected.
Any initial or interim assessments shall be credited as offsets
against any regular assessment due following the close of the
calendar year.
(g) Assessments collected pursuant to the small employer
carrier reinsurance program shall be paid to the state treasurer
and credited to the account created by W.S. 26-19-311.