§ 26-3-104 — Insurers not qualified to transact business in state; credit and investigation reports

Wyoming § 26-3-104

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 3: AUTHORIZATION OF INSURERS AND

Text

(a) No foreign insurer owned or controlled in any manner
or degree by any government or governmental agency shall be
authorized to transact insurance in Wyoming. Membership in a
mutual insurer, or subscribership in a reciprocal insurer, or
ownership of stock of an insurer by the alien property custodian
or similar official of the United States, or ownership of stock
or other security which does not have voting rights with respect
to the insurer's management, or supervision of an insurer by
public authority, is not ownership or control of the insurer for
the purposes of this subsection.
(b) The commissioner shall not grant or continue authority
to transact insurance in this state as to any insurer the
management of which, after investigation or upon reliable
information, he finds:
(i) Is incompetent or untrustworthy;
(ii) So lacking in insurance company managerial
experience as to make a proposed operation hazardous to the
insurance-buying public; or
(iii) Is affiliated through ownership, control
reinsurance or other insurance or business relations with any
person whose business operations are or have been marked by
manipulation of assets, accounts or reinsurance, or by bad
faith.
(c) Before granting a certificate of authority to a new
domestic insurer, the commissioner shall secure a credit and
investigation report as to the insurer's management personnel
and directors from a recognized and established independent
investigation and reporting agency. The commissioner may secure
a similar report relative to the management of any other insurer
at any time he deems advisable.