Wyoming § 26-44-113 Sanctions

Wyoming Statutes

§ 26-44-113 — Sanctions

Wyoming § 26-44-113

Title 26Insurance Code

Ch. 44INSURANCE HOLDING COMPANY SYSTEM REGULATORY ACT

This text of Wyoming § 26-44-113 (Sanctions) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wyo. Stat. Ann. § 26-44-113 (2026).

Text

(a)Any insurer failing, without just cause, to file any registration statement as required in this act shall be required, after notice and hearing, to pay a penalty of five hundred dollars ($500.00) for each day's delay, to be recovered by the commissioner. The penalty recovered shall be paid into the general fund. The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.

(b)Any director or officer of an insurance holding company system who knowingly violates, participates in, or assents to, or who knowingly permits any of the officers or agents of the insurer to engage in transactions or make investments which violate this act is guilty of a misdemeanor punishable by a

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(a) Any insurer failing, without just cause, to file any
registration statement as required in this act shall be
required, after notice and hearing, to pay a penalty of five
hundred dollars ($500.00) for each day's delay, to be recovered
by the commissioner. The penalty recovered shall be paid into
the general fund. The commissioner may reduce the penalty if
the insurer demonstrates to the commissioner that the imposition
of the penalty would constitute a financial hardship to the
insurer.
(b) Any director or officer of an insurance holding
company system who knowingly violates, participates in, or
assents to, or who knowingly permits any of the officers or
agents of the insurer to engage in transactions or make
investments which violate this act is guilty of a misdemeanor
punishable by a fine of not more than one thousand dollars
($1,000.00), imprisonment for not more than one (1) year, or
both.
(c) Whenever it appears to the commissioner that any
insurer subject to this act or any director, officer, employee
or agent of the insurer has engaged in any transaction or
entered into a contract which is subject to this act and which
would not have been approved had approval been requested, the
commissioner may order the insurer to cease and desist
immediately any further activity under that transaction or
contract. After notice and hearing the commissioner may also
order the insurer to void any contracts and restore the status
quo if the action is in the best interest of the policyholders,
creditors or the public.
(d) Any officer, director or employee of an insurance
holding company system who willfully and knowingly subscribes to
or makes or causes to be made any false statements or false
reports or false filings with the intent to deceive the
commissioner in the performance of his duties under this article
is guilty of a felony and shall be fined not more than two
hundred fifty thousand dollars ($250,000.00), imprisoned for not
more than ten (10) years, or both.
(e) Whenever it appears to the commissioner that any
person has committed a violation of W.S. 26-44-103 which
prevents the full understanding of the enterprise risk to the
insurer by affiliates or by the insurance holding company
system, the violation may serve as an independent basis for
disapproving dividends or distributions and for placing the
insurer under an order in accordance with chapter 28 of this
title.