§ 26-44-118 — Supervisory colleges

Wyoming § 26-44-118

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 44: INSURANCE HOLDING COMPANY SYSTEM REGULATORY ACT

Text

(a) With respect to any insurer registered under W.S.
26-44-104, and in accordance with subsection (c) of this
section, the commissioner shall also have the power to
participate in a supervisory college for any domestic insurer
that is part of an insurance holding company system with
international operations in order to determine compliance by the
insurer with this chapter. The powers of the commissioner with
respect to supervisory colleges include, but are not limited to,
the following:
(i) Initiating the establishment of a supervisory
college;
(ii) Clarifying the membership and participation of
other supervisors in the supervisory college;
(iii) Clarifying the functions of the supervisory
college and the role of other regulators, including the
establishment of a group-wide supervisor;
(iv) Coordinating the ongoing activities of the
supervisory college, including planning meetings, supervisory
activities, and processes for information sharing; and
(v) Establishing a crisis management plan.
(b) Each registered insurer subject to this section shall
be liable for and shall pay the reasonable expenses of the
commissioner's participation in a supervisory college in
accordance with subsection (c) of this section, including
reasonable travel expenses. For purposes of this section, a
supervisory college may be convened as either a temporary or
permanent forum for communication and cooperation between the
regulators charged with the supervision of the insurer or its
affiliates, and the commissioner may establish a regular
assessment to the insurer for the payment of these expenses.
(c) In order to assess the business strategy, financial
position, legal and regulatory position, risk exposure, risk
management and governance processes, and as part of the
examination of individual insurers in accordance with W.S.
26-44-109, the commissioner may participate in a supervisory
college with other regulators charged with supervision of the
insurer or its affiliates, including other state, federal and
international regulatory agencies. The commissioner may enter
into agreements providing the basis for cooperation between the
commissioner and the other regulatory agencies, and the
activities of the supervisory college. Nothing in this section
shall delegate to the supervisory college the authority of the
commissioner to regulate or supervise the insurer or its
affiliates within his jurisdiction.