§ 26-2-204 — Insurers assessed for department expenditures

Wyoming § 26-2-204

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

Text

(a) In addition to any other tax, license or fee imposed
by law, each authorized insurer shall pay to the commissioner on
or before June 1 of each year a fee for the privilege of
transacting the business of insurance in this state, computed as
follows:
(i) On or before April 1 of each year, the
commissioner, with the governor's approval, shall estimate the
expenditures of the department for the fiscal year commencing
July 1, including the expense of any regularly scheduled
association, zone, triannual or similar periodic statutorily
scheduled financial examination of any authorized insurer,
provided that neither the actual expenditures nor estimated
expenditures of a fiscal year within the same biennial budget
for the department shall not exceed the amount appropriated to
the department by law; and
(ii) The commissioner shall then divide the estimated
amount of expenditures, after deducting therefrom any expected
unexpended funds in the account of the insurance department, by
the total number of insurers then authorized to transact
insurance in this state as of December 31 of the immediately
preceding year. The result of this computation is the amount of
the fee the commissioner shall assess each insurer.
(b) Upon receiving a statement of assessment from the
commissioner, each authorized insurer shall promptly pay the fee
to the commissioner.