§ 26-44-119 — Group wide supervision of internationally active insurance groups

(a) The commissioner is authorized to act as the group
wide supervisor for any internationally active insurance group
in accordance with this section. However, the commissioner may
acknowledge a regulatory official from another jurisdiction as
the group wide supervisor for an internationally active
insurance group where the internationally active insurance
group:
(i) Does not have substantial insurance operations in
the United States;
(ii) Has substantial insurance operations in the
United States, but not in Wyoming; or
(iii) Has substantial insurance operations in the
United States and Wyoming, but the commissioner has determined
pursuant to the factors set forth in subsections (c) and (j) of
this section that the other regulatory official is the
appropriate group wide supervisor.
(b) An insurance holding company system that is not an
internationally active insurance group may request that the
commissioner make a determination or acknowledgement as to a
group wide supervisor pursuant to this section.
(c) In cooperation with other state, federal and
international regulatory agencies, the commissioner shall
identify one (1) group wide supervisor for an internationally
active insurance group. The commissioner may determine that the
commissioner is the appropriate group wide supervisor for an
internationally active insurance group that conducts substantial
insurance operations concentrated in Wyoming. However, the
commissioner may acknowledge that a regulatory official from
another jurisdiction is the appropriate group wide supervisor
for the internationally active insurance group. The commissioner
shall consider the following factors when making a determination
or acknowledgment:
(i) The place of domicile of the insurers within the
internationally active insurance group that hold the largest
share of the group's written premiums, assets or liabilities;
(ii) The place of domicile of the top tiered insurer
in the insurance holding company system of the internationally
active insurance group;
(iii) The location of the executive offices or
largest operational offices of the internationally active
insurance group;
(iv) Whether another regulatory official seeks to act
as the group wide supervisor under a regulatory system the
commissioner determines:
(A) To be substantially similar to the system of
regulation provided under the laws of Wyoming; or
(B) Sufficiently provides group wide
supervision, enterprise risk analysis and cooperation with other
regulatory officials.
(v) Whether another regulatory official provides the
commissioner with reasonably reciprocal recognition and
cooperation.
(d) If the commissioner is identified under this section
as the group wide supervisor, the commissioner may determine
that it is appropriate to acknowledge another supervisor to
serve as the group wide supervisor. The acknowledgment of the
group wide supervisor shall be made after consideration of the
factors listed in paragraphs (c)(i) through (v) of this section
and shall be made in cooperation with and subject to the
acknowledgment of other regulatory officials involved with
supervision of members of the internationally active insurance
group and in consultation with the internationally active
insurance group.
(e) Notwithstanding any other provision of law, when a
regulatory official, other than the commissioner, is acting as
the group wide supervisor of an internationally active insurance
group, the commissioner shall acknowledge that regulatory
official as the group wide supervisor. However, the commissioner
shall make a determination or acknowledgement under subsection
(c) or (d) of this section as to the appropriate group wide
supervisor for an internationally active insurance group if a
material change in the internationally active insurance group
results in either of the following:
(i) The internationally active insurance group's
insurers domiciled in Wyoming holding the largest share of the
group's premiums, assets or liabilities;
(ii) Wyoming being the place of domicile of the top
tiered insurer in the internationally active insurance group's
insurance holding company system.
(f) Pursuant to W.S. 26-44-109, the commissioner may
collect from any insurer registered under W.S. 26-44-104 all
information necessary to determine whether the commissioner may
act as the group wide supervisor of an internationally active
insurance group or if the commissioner may acknowledge another
regulatory official to act as the group wide supervisor. Prior
to issuing a determination that an internationally active
insurance group is subject to group wide supervision by the
commissioner, the commissioner shall notify the insurer
registered pursuant to W.S. 26-44-104 and the ultimate
controlling person within the internationally active insurance
group. The internationally active insurance group shall have not
less than thirty (30) days from the date of notification to
provide the commissioner with additional information pertinent
to the pending determination.
(g) The commissioner shall publish on the department's
website the identity of each internationally active insurance
group that the commissioner has determined is subject to group
wide supervision by the commissioner.
(h) If the commissioner is the group wide supervisor for
an internationally active insurance group, the commissioner may
do any of the following:
(i) Assess the enterprise risks within the
internationally active insurance group to ensure that:
(A) The material financial condition and
liquidity risks to the members of the internationally active
insurance group that are engaged in the business of insurance
are identified by management; and
(B) Reasonable and effective mitigation measures
are in place to address the identified enterprise risks.
(ii) Request from any member of an internationally
active insurance group subject to the commissioner's supervision
information necessary and appropriate to assess enterprise risk
including information about the members of the internationally
active insurance group regarding any of the following:
(A) Governance, risk assessment and management;
(B) Capital adequacy; and
(C) Material intercompany transactions.
(iii) Coordinate and, through the authority of the
regulatory officials of the jurisdictions where members of the
internationally active insurance group are domiciled, compel
development and implementation of reasonable measures designed
to ensure that the internationally active insurance group is
able to timely recognize and mitigate enterprise risks to
members of the internationally active insurance group that are
engaged in the business of insurance;
(iv) Subject to the confidentiality provisions of
W.S. 26-44-110, communicate with other state, federal and
international regulatory agencies for members within the
internationally active insurance group and share relevant
information through supervisory colleges as set forth in W.S.
26-44-118 or otherwise;
(v) Enter into agreements with or obtain
documentation from any insurer registered under W.S. 26-44-104,
any member of the internationally active insurance group or any
other state, federal or international regulatory agency on
behalf of members of the internationally active insurance group
that provide the basis for or otherwise clarify the
commissioner's role as group wide supervisor, including
provisions for resolving disputes with other regulatory
officials. The agreements or documentation shall not serve as
evidence in any proceeding that any insurer or person within an
insurance holding company system not domiciled or incorporated
in Wyoming is doing business in Wyoming or is otherwise subject
to the jurisdiction of the state of Wyoming;
(vi) Conduct any other group wide supervision
activities consistent with this section as deemed necessary by
the commissioner.
(j) If the commissioner acknowledges that another
regulatory official from a jurisdiction that is not accredited
by the NAIC is the group wide supervisor of an internationally
active insurance group, the commissioner may reasonably
cooperate through a supervisory college or otherwise with group
wide supervision undertaken by the group wide supervisor,
provided that:
(i) The commissioner's cooperation complies with the
laws of Wyoming; and
(ii) The regulatory official acknowledged as the
group wide supervisor also recognizes and cooperates with the
commissioner's activities as a group wide supervisor for other
internationally active insurance groups as applicable. Where the
recognition and cooperation is not reasonably reciprocal, the
commissioner may refuse recognition and cooperation.
(k) The commissioner may enter into agreements with or
obtain documentation from any insurer registered under W.S. 26-
44-104, any affiliate of the insurer or any other state, federal
or international regulatory agencies for members of the
internationally active insurance group that provide the basis
for or otherwise clarify a regulatory official's role as group
wide supervisor.
(m) A registered insurer subject to this section shall be
liable for and shall pay the reasonable expenses of the
commissioner's participation in the administration of this
section, including the costs to engage attorneys, actuaries or
other professionals and all reasonable travel costs.