§ 26-31-112 — Aids in detection and prevention of insurer insolvencies

Wyoming § 26-31-112

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

Text

(a) To aid in the detection and prevention of insurer
insolvencies:
(i) The board of directors shall:
(A) Upon majority vote, notify the commissioner
of any information indicating any member insurer may be
insolvent or in a financial condition hazardous to the
policyholders or the public;
(B) At the conclusion of any insurer insolvency
in which the association is obligated to pay covered claims,
prepare and submit to the commissioner, a report on the history
and causes of the insolvency as determined by the available
information.
(ii) The board of directors, upon majority vote, may:
(A) Request that the commissioner order an
examination, as specified in subsection (b) of this section of
any member insurer which the board in good faith believes may be
in a financial condition hazardous to the policyholders or the
public;
(B) Make reports and recommendations to the
commissioner upon any matter germane to the solvency,
liquidation, rehabilitation or conservation of any member
insurer, and the reports and recommendations are not public
documents;
(C) Make recommendations to the commissioner for
the detection and prevention of insurer insolvencies.
(iii) It is the commissioner's duty to report to the
board of directors when he has reasonable cause to believe that
any member insurer examined or being examined at the board of
directors' request may be insolvent or in a financial condition
hazardous to the policyholders or the public.
(b) Within thirty (30) days from the date of receipt of a
request for examination as specified in subparagraph (a)(ii)(A)
of this section, the commissioner shall begin the examination.
The examination may be conducted as a National Association of
Insurance Commissioners' examination or may be conducted by any
qualified persons the commissioner designates. The cost of the
examination shall be paid by the association, and the
examination report shall be treated as are other examination
reports. The examination report shall not be released to the
board of directors prior to its release to the public, but this
does not preclude the commissioner from complying with paragraph
(a)(iii) of this section. The commissioner shall notify the
board of directors when the examination is completed. The
request for an examination shall be kept on file by the
commissioner but it shall not be open to public inspection prior
to the release of the examination report to the public.