§ 26-31-109 — Duties and powers of commissioner; judicial review

Wyoming § 26-31-109

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 31: WYOMING INSURANCE GUARANTY ASSOCIATION ACT

Text

(a) The commissioner shall:
(i) Notify the association of an insolvent insurer's
existence not later than three (3) days after he receives notice
of the insolvency determination;
(ii) Upon request of the board of directors, provide
the association with a statement of the net direct written
premiums of each member insurer;
(iii) Require that the association notify the
insolvent insurer's insureds and any other interested parties of
the insolvency determination and of their rights under this
chapter. The notification shall be by mail at their last known
address, if available, but if sufficient information for
notification by mail is not available, notice by publication in
a newspaper of general circulation is sufficient.
(b) The commissioner may:
(i) After notice and hearing:
(A) Suspend or revoke the certificate of
authority to transact insurance in this state of any member
insurer which fails to pay an assessment when due or fails to
comply with the plan of operation; or
(B) Levy a fine on any member insurer which
fails to pay an assessment when due, which fine shall not exceed
five percent (5%) of the unpaid assessment per month, except
that no fine shall be less than one hundred dollars ($100.00)
per month.
(ii) Revoke the designation of any servicing facility
if he finds claims are being handled unsatisfactorily;
(iii) Require each agent of the insolvent insurer to
give prompt written notice by first class mail, at the insured's
last known address, to each insured of the insolvent insurer for
whom he was agent of record.
(c) Any final action or order of the commissioner under
this chapter is subject to review in accordance with W.S.