(a)For the purposes of making a determination of an
insurer's financial condition under this code, the commissioner
may:
(i)Disregard any credit or amount receivable
resulting from transactions with a reinsurer which is insolvent,
impaired or otherwise subject to a delinquency proceeding;
(ii)Make appropriate adjustments, including
disallowance, to asset values attributable to investments in or
transactions with an insurer's parent company, subsidiaries or
affiliates consistent with the NAIC Accounting Practices and
Procedures Manual, state laws and regulations;
(iii)Refuse to recognize the stated value of
accounts receivable if the ability to collect receivables is
highly speculative in view of the age of the account or the
financial condition of the debtor;
(iv)Increase the insurer'
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(a) For the purposes of making a determination of an
insurer's financial condition under this code, the commissioner
may:
(i) Disregard any credit or amount receivable
resulting from transactions with a reinsurer which is insolvent,
impaired or otherwise subject to a delinquency proceeding;
(ii) Make appropriate adjustments, including
disallowance, to asset values attributable to investments in or
transactions with an insurer's parent company, subsidiaries or
affiliates consistent with the NAIC Accounting Practices and
Procedures Manual, state laws and regulations;
(iii) Refuse to recognize the stated value of
accounts receivable if the ability to collect receivables is
highly speculative in view of the age of the account or the
financial condition of the debtor;
(iv) Increase the insurer's liability in an amount
equal to any contingent liability, pledge or guarantee not
otherwise included if there is a substantial risk that the
insurer will be called upon to meet the obligation undertaken
within the next twelve (12) month period.
(b) If the commissioner determines that the continued
operation of the insurer licensed to transact business in this
state may be hazardous or injurious to its policyholders,
creditors or the general public, then the commissioner may, in
addition to any other action permitted by this code, issue an
order requiring the insurer to:
(i) Reduce the total amount of present and potential
liability for policy benefits by purchasing reinsurance;
(ii) Reduce, suspend or limit the volume of business
being accepted or renewed;
(iii) Reduce general insurance expenses and
commission expenses by specified methods;
(iv) Increase the insurer's capital and surplus;
(v) Suspend or limit the declaration and payment of
dividends by an insurer to its stockholders or to its
policyholders;
(vi) File reports in a form acceptable to the
commissioner concerning the market value of an insurer's assets;
(vii) Limit or withdraw from specified investments or
discontinue specified investment practices to the extent the
commissioner deems necessary;
(viii) Document the adequacy of premium rates in
relation to the risks insured;
(ix) File, in addition to regular annual statements,
interim financial reports in the form adopted by the National
Association of Insurance Commissioners or in a format
promulgated by the commissioner;
(x) Correct corporate governance practice
deficiencies and adopt and utilize governance practices
acceptable to the commissioner;
(xi) Provide a business plan to the commissioner in
order to continue to transact business in the state;
(xii) Notwithstanding W.S. 26-14-102, 26-19-304,
26-21-109, 26-23-326 and 26-34-109, adjust rates for any nonlife
insurance product written by the insurer that the commissioner
considers necessary to improve the financial condition of the
insurer.
(c) Any insurer subject to an order under subsection (b)
of this section may request a hearing to review that order as
provided in W.S. 26-2-125. The notice of hearing shall be
served upon the insurer pursuant to W.S. 26-2-126. The notice
of hearing shall state the time and place of hearing and the
conduct, condition or grounds upon which the commissioner based
the order. Unless mutually agreed between the commissioner and
the insurer, the hearing shall occur not less than ten (10) days
nor more than thirty (30) days after notice is served and shall
be either in Laramie County or in some other place convenient to
the parties designated by the commissioner. Notwithstanding any
other provision of law, the commissioner shall hold all hearings
under this subsection privately, unless the insurer requests a
public hearing, in which case the hearing shall be public.
(d) This section shall not be construed to limit the
powers granted the commissioner by any other laws of this state.