§ 26-42-109 — Duties and powers of the commissioner

Wyoming § 26-42-109

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 42: WYOMING LIFE AND HEALTH INSURANCE

Text

(a) In addition to the duties and powers enumerated in
other provisions of this act, the commissioner shall:
(i) Upon request of the board of directors, provide
the association with a statement of the premiums in this and any
other appropriate state for each member insurer;
(ii) When an impairment is declared and the amount of
the impairment is determined, serve a demand upon the impaired
insurer to eliminate the impairment within a reasonable time.
Notice to the impaired insurer shall constitute notice to its
shareholders, if any. The failure of the impaired insurer to
promptly comply with the demand shall not excuse the association
from the performance of its powers and duties under this act;
(iii) In any liquidation or rehabilitation proceeding
involving a domestic insurer, be appointed as the liquidator,
rehabilitator or conservator.
(b) The commissioner may suspend or revoke after notice
and hearing the certificate of authority to transact business in
this state of any member insurer which fails to pay an
assessment when due or fails to comply with the plan of
operation. As an alternative the commissioner may levy a
forfeiture on any member insurer which fails to pay an
assessment when due. Such forfeiture shall not exceed five
percent (5%) of the unpaid assessment per month, but no
forfeiture shall be less than one hundred dollars ($100.00) per
month.
(c) Any action of the board of directors or the
association may be appealed to the commissioner by any member
insurer if an appeal is taken within sixty (60) days of the
final action being appealed. Any final action or order of the
commissioner is subject to judicial review in a court of
competent jurisdiction.
(d) The liquidator, rehabilitator or conservator of any
impaired insurer may notify all interested persons of the effect
of this act.