§ 26-2-116 — Examination of insurers

Wyoming § 26-2-116

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 2: THE INSURANCE COMMISSIONER

Text

(a) For the purpose of determining financial condition,
ability to fulfill and manner of fulfillment of its obligations,
the nature of its operations and compliance with law, the
commissioner or any of his examiners may examine any insurer as
often as he, in his sole discretion, deems advisable. He shall
examine each insurer licensed in this state not less frequently
than every five (5) years. Examination of a reciprocal insurer
may include examination of its attorney-in-fact as to its
transactions relating to the insurer. Examination of an alien
insurer may be limited to its insurance transactions and affairs
in the United States, except as the commissioner otherwise
requires. In scheduling and determining the nature, scope and
frequency of the examinations the commissioner shall consider
such matters as the results of financial statement analyses and
ratios, changes in management or ownership, actuarial opinions,
reports of independent certified public accountants and other
criteria as set forth in the Examiners' Handbook adopted by the
National Association of Insurance Commissioners and in effect
when the commissioner exercises discretion under this section.
(b) The commissioner shall in like manner examine each
insurer applying for an initial certificate of authority to
transact insurance in this state.
(c) Repealed by Laws 1992, ch. 59, § 3.
(d) In lieu of making his own examination of any foreign
or alien insurer licensed in this state, the commissioner may
accept an examination report on the company as prepared by the
insurance department for the company's state of domicile or port
of entry state until January 1, 1994. Thereafter, such reports
may only be accepted if:
(i) The insurance department preparing the report
was, at the time of the examination, accredited under the
National Association of Insurance Commissioners' financial
regulation standards and accreditation program; or
(ii) The examination is performed under the
supervision of an accredited insurance department or with the
participation of one (1) or more examiners who are employed by
an accredited insurance department and who, after the review of
the examination work papers and report, state under oath that
the examination was performed in a manner consistent with the
standards and procedures required by their insurance department.