(a)As used in this act:
(i)"Affiliate" or "affiliated" means a person that
directly, or indirectly through one (1) or more intermediaries,
controls, or is controlled by, or is under common control with a
specified person;
(ii)"Commissioner" means the insurance commissioner
as defined by W.S. 26-1-102(a)(viii);
(iii)"Control" means the power, direct or indirect,
to direct or cause the direction of the management and policies
of a person, whether through the ownership of voting securities,
by contract other than a commercial contract for goods or
nonmanagement services or otherwise, unless the power is the
result of an official position or corporate office held by the
person. Control shall be presumed to exist if any person,
directly or indirectly, owns, controls, holds with the power to
Free access — add to your briefcase to read the full text and ask questions with AI
(a) As used in this act:
(i) "Affiliate" or "affiliated" means a person that
directly, or indirectly through one (1) or more intermediaries,
controls, or is controlled by, or is under common control with a
specified person;
(ii) "Commissioner" means the insurance commissioner
as defined by W.S. 26-1-102(a)(viii);
(iii) "Control" means the power, direct or indirect,
to direct or cause the direction of the management and policies
of a person, whether through the ownership of voting securities,
by contract other than a commercial contract for goods or
nonmanagement services or otherwise, unless the power is the
result of an official position or corporate office held by the
person. Control shall be presumed to exist if any person,
directly or indirectly, owns, controls, holds with the power to
vote, or holds proxies representing ten percent (10%) or more of
the voting securities of any other person. This presumption may
be rebutted as provided by W.S. 26-44-104 that control does not
exist in fact. The commissioner may determine, after furnishing
all interested persons notice and opportunity to be heard and
making specific findings of fact to support the determination,
that control exists in fact, notwithstanding the absence of a
presumption to that effect;
(iv) "Insurance holding company system" means two (2)
or more affiliated persons, one (1) or more of which is an
insurer;
(v) "Insurance subsidiary" means any subsidiary which
transacts insurance as defined in W.S. 26-1-102(a)(xxx);
(vi) "Insurer" means as set forth in W.S.
26-1-102(a)(xvi), (xix) and (xxviii) except that it does not
include:
(A) Agencies, authorities or instrumentalities
of the United States, its possessions and territories, the
Commonwealth of Puerto Rico, the District of Columbia, or a
state or political subdivision of a state; or
(B) Fraternal benefit societies.
(vii) "Person" means as defined in W.S.
26-1-102(a)(xx);
(viii) "Security holder" means a person who owns any
security of a specified person, including common stock,
preferred stock, debt obligations and any other security
convertible into or evidencing the right to acquire any of the
foregoing;
(ix) "Subsidiary" means an affiliate controlled by a
specified person directly or indirectly through one (1) or more
intermediaries;
(x) "Voting security" means any security convertible
into or evidencing a right to acquire a voting security;
(xi) "Enterprise risk" means any activity,
circumstance, event or series of events involving one (1) or
more affiliates of an insurer that, if not remedied promptly, is
likely to have a material adverse effect upon the financial
condition or liquidity of the insurer or its insurance holding
company system as a whole, including, but not limited to,
anything that would cause the insurer's risk-based capital to
fall into company action level as set forth in W.S. 26-48-103
and 26-48-203 or would cause the insurer to be in hazardous
financial condition pursuant to W.S. 26-3-116;
(xii) "Group wide supervisor" means the regulatory
official authorized to conduct and coordinate group wide
supervision activities who is determined or acknowledged by the
commissioner to have sufficient significant contacts with the
internationally active insurance group under W.S. 26-44-119;
(xiii) "Internationally active insurance group" means
an insurance holding company system that:
(A) Includes an insurer registered under W.S.
26-44-104; and
(B) Meets all of the following criteria:
(I) Writes premiums in at least three (3)
countries;
(II) The percentage of its gross premiums
written outside of the United States is at least ten percent
(10%) of its total gross written premiums;
(III) Based on a three (3) year rolling
average, its total assets are at least fifty billion dollars
($50,000,000,000.00) or its total gross written premiums are at
least ten billion dollars ($10,000,000,000.00).
(xiv) "Group capital calculation instructions" means
the group capital calculation instructions as adopted by the
NAIC and as amended by the NAIC from time to time in accordance
with the procedures adopted by the NAIC;
(xv) "NAIC liquidity stress test framework" means a
separate NAIC publication which includes a history of the NAIC's
development of regulatory liquidity stress testing, the scope
criteria applicable for a specific data year, and the liquidity
stress test instructions and reporting templates for a specific
data year, such scope criteria, instructions and reporting
template being as adopted by the NAIC and as amended by the NAIC
from time to time in accordance with the procedures adopted by
the NAIC;
(xvi) "Scope criteria," as detailed in the NAIC
liquidity stress test framework, means the designated exposure
bases along with minimum magnitudes thereof for the specified
data year, used to establish a preliminary list of insurers
considered scoped into the NAIC liquidity stress test framework
for that data year;
(xvii) "Third-party consultant designated by the
commissioner" means any independent or consulting actuarial,
rating or other technical service provider with whom the
commissioner contracts pursuant to W.S. 26-2-106(d);
(xviii) "This act" means W.S. 26-44-101 through 26-
44-120.