§ 26-2-121 — Examinations; report; contents

Wyoming § 26-2-121

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

Text

(a) No later than sixty (60) days following completion of
the examination the examiner in charge shall make a verified,
full and true written report of any examination he makes and
shall therein certify under oath the report and his findings.
Investigations initiated by the commissioner or his examiners
and assistants for the purpose of ascertaining whether an
insurer, agent or adjuster has violated any provision of the
insurance code are not examinations within the provisions of
this section.
(b) The report shall contain only information appearing
upon the books, records, documents and papers of or relating to
the insurer, its agents or other person or affairs being
examined, or ascertained from testimony of its officers, agents
or other individuals under oath concerning the affairs of that
insurer or person, together with any conclusions and
recommendations as may reasonably be warranted by the
information.
(c) Upon receipt of the verified report the commissioner
shall transmit the report to the insurer examined, together with
a notice which shall afford the insurer examined a reasonable
opportunity of not more than thirty (30) days to make a written
submission or rebuttal with respect to any matters contained in
the examination report. Upon written request by the insurer
filed within the thirty (30) day period, the commissioner shall
grant a hearing on the report and shall not file the report
until after the hearing and after any appropriate modifications
to the report.
(i) Repealed by Laws 1993, ch. 134, § 2.
(ii) Repealed by Laws 1993, ch. 134, § 2.
(d) Repealed by Laws 1993, ch. 134, § 2.
(e) Repealed by Laws 1993, ch. 134, § 2.
(f) Within thirty (30) days of the end of the period
allowed for the receipt of written submissions or rebuttals or
within thirty (30) days after conclusion of a hearing held
pursuant to subsection (c) of this section, the commissioner
shall fully consider and review the report, together with any
written submissions or rebuttals and any relevant portions of
the examiner's work papers and enter an order:
(i) Adopting the examination report as filed or with
modification or corrections. If the examination report reveals
that the insurer is operating in violation of any law,
regulation or prior order of the commissioner, the commissioner
may order the company to take any action the commissioner
considers necessary and appropriate to cure the violation;
(ii) Rejecting the examination report with directions
to the examiners to reopen the examination for purposes of
obtaining additional data, documentation or information, and
refiling pursuant to this section; or
(iii) Calling for an investigatory hearing with no
less than twenty (20) days notice to the company for purposes of
obtaining additional documentation, data, information and
testimony.
(g) All orders entered pursuant to paragraph (f)(i) of
this section shall be accompanied by findings and conclusions
resulting from the commissioner's consideration and review of
the examination report, relevant examiner work papers and any
written submissions or rebuttals. Any such order shall be
considered a final administrative decision and may be appealed
pursuant to the Wyoming Administrative Procedure Act and shall
be served upon the insurer by certified mail, together with a
copy of the adopted examination report. Within thirty (30) days
of the issuance of the adopted report, the company shall file
affidavits executed by each of its directors stating under oath
that they have received a copy of the adopted report and related
orders.
(h) Notwithstanding any other provision of this code any
hearing conducted under paragraph (f)(iii) of this section by
the commissioner or authorized representative, shall be
conducted as a nonadversarial confidential investigatory
proceeding as necessary for the resolution of any
inconsistencies, discrepancies or disputed issues apparent upon
the face of the filed examination report or raised by or as a
result of the commissioner's review of relevant work papers or
by the written submission or rebuttal of the insurer. The
hearing shall proceed expeditiously with discovery by the
insurer limited to the examiner's work papers which tend to
substantiate any assertions set forth in any written submission
or rebuttal. The hearing shall proceed with the commissioner or
his representative posing questions to the persons subpoenaed.
Thereafter the insurer and the department may present testimony
relevant to the investigation. Cross examination shall be
conducted only by the commissioner or his representative. The
insurer and the department shall be permitted to make closing
statements and may be represented by counsel of their choice.
The commissioner shall not appoint an examiner as an authorized
representative to conduct the hearing but may exercise all other
powers granted to him in the conduct of hearings under this
code. Within twenty (20) days of the conclusion of any such
hearing, the commissioner shall enter an order pursuant to
paragraph (f)(i) of this section.
(j) Upon the adoption of the examination report under
paragraph (f)(i) of this section, the commissioner shall
continue to hold the content of the examination report as
private and confidential information for a period of thirty (30)
days except to the extent provided in subsection (c) of this
section. Thereafter, the commissioner may open the report for
public inspection so long as no court of competent jurisdiction
has stayed its publication.
(k) Nothing contained in W.S. 26-2-116 through 26-2-124
shall require the department to disclose any information or
records which would indicate or show the existence or content of
any investigation or activity of a criminal justice agency.
Nothing contained in this code shall prevent or be construed as
prohibiting the commissioner from disclosing the content of an
examination report, preliminary examination report or results,
or any matter relating thereto, as authorized by and in
accordance with the provisions of W.S. 26-2-113(d). In the event
the commissioner determines that regulatory action is
appropriate as a result of any examination, he may initiate any
proceedings or actions as provided by law. The provisions of
W.S. 26-2-116 through 26-2-124 with regard to release of
information shall prevail should any conflict arise between this
act and W.S. 16-4-201 through 16-4-205.
(m) All working papers, recorded information, documents
and copies thereof produced by, obtained by or disclosed to the
commissioner or any other person in the course of an examination
made under W.S. 26-2-116 through 26-2-124, or in the course of
analysis by the commissioner of the financial condition or
market conduct of a company, shall be given confidential
treatment and are not subject to subpoena and shall not be made
public by the commissioner or any other person, except to the
extent provided in subsections (j) and (k) of this section.