§ 9-3-213 — Treasurer of monies; bond; deposit in an account of premium cost payments, dividend payments and return of premiums; expenditures; investment of excess portions

Wyoming § 9-3-213

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 3: COMPENSATION AND BENEFITS
• Art. 2: INSURANCE PLANS

Text

(a) The state treasurer shall be the treasurer of monies
under this act, and his general bond to the state of Wyoming
shall cover all liabilities for his acts as treasurer. The
department shall remit to the treasurer for deposit into a
separate account all payments received by the department for the
group insurance premium costs from employees and officials, and
the state agencies, departments, institutions and voluntary
participating employers. The department shall also remit to the
treasurer for deposit into the account any dividend payments and
return of premium received by the department from any carrier
underwriting the group insurance plan. All remittances shall be
made as soon as possible after they are received.
(b) Expenditures shall be made from the account, upon
certification of the department to the office of the state
auditor, only for the following purposes:
(i) The payment of premiums to any carrier
underwriting the group insurance or supplemental plan or plans;
and
(ii) The state's cost of administering group
insurance and supplemental plans, subject to annual
appropriation by the legislature based on the submission by the
department of a budget request containing detailed information
on current and projected administrative costs.
(c) The department shall certify in writing to the state
treasurer for investment portions of the monies which in its
judgment will not be needed for the payment of premiums to the
carriers underwriting the group insurance or supplemental plans.