Wyoming § 26-46-104 Duties of insurer

Wyoming Statutes

§ 26-46-104 — Duties of insurer

Wyoming § 26-46-104

Title 26Insurance Code

Ch. 46MANAGING GENERAL AGENTS

This text of Wyoming § 26-46-104 (Duties of insurer) 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. § 26-46-104 (2026).

Text

(a)The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each managing general agent with which it has done business.

(b)If a managing general agent establishes loss reserves, the insurer shall, in addition to any other required loss reserve certification, annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the managing general agent.

(c)The insurer shall, at least semiannually, conduct an onsite review of the underwriting and claims processing operation of the managing general agent.

(d)Binding authority for all reinsurance contracts or participation in insurance or reinsurance contracts or participation in insurance or re

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(a) The insurer shall have on file an independent
financial examination, in a form acceptable to the commissioner,
of each managing general agent with which it has done business.
(b) If a managing general agent establishes loss reserves,
the insurer shall, in addition to any other required loss
reserve certification, annually obtain the opinion of an actuary
attesting to the adequacy of loss reserves established for
losses incurred and outstanding on business produced by the
managing general agent.
(c) The insurer shall, at least semiannually, conduct an
onsite review of the underwriting and claims processing
operation of the managing general agent.
(d) Binding authority for all reinsurance contracts or
participation in insurance or reinsurance contracts or
participation in insurance or reinsurance syndicates shall rest
with an officer of the insurer, who shall not be affiliated with
the managing general agent.
(e) Within thirty (30) days of entering into or
termination of a contract with a managing general agent, the
insurer shall provide written notification of the appointment or
termination to the commissioner.
(f) Notices of the appointment of a managing general agent
shall include a statement of duties which the applicant is
expected to perform on behalf of the insurer, the lines of
insurance for which the applicant is to be authorized to act,
and any other information the commissioner may request.
(g) An insurer shall review its books and records each
quarter to determine if any agent or broker has become, by
operation, a managing general agent. If the insurer determines
that an agent or broker has become a managing general agent, the
insurer shall promptly notify the agent or broker and the
commissioner of the determination and the agent or broker and
the insurer shall fully comply with the provisions of this
article within thirty (30) days.
(h) An insurer shall not appoint to its board of directors
an officer, director, employee, subproducer or controlling
shareholder of its managing general agents. This section shall
not apply to relationships governed by the Insurance Holding
Company System Regulatory Act or, if applicable, the Broker
Controlled Insurer Act.