§ 26-48-110 — Foreign Insurers

Wyoming § 26-48-110

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 48: RISK-BASED CAPITAL

Text

(a) Any foreign insurer not subject to a substantially
similar RBC law in its domicile, shall submit to the
commissioner an RBC report on or before March 15, for the
preceding calendar year. Any other foreign insurer shall, upon
the written request of the commissioner, submit to the
commissioner an RBC report as of the end of the calendar year
just ended by the later of:
(i) The date an RBC report would be required to be
filed by a domestic insurer under this article; or
(ii) Fifteen (15) days after the request is received
by the foreign insurer.
(b) Any foreign insurer shall, at the written request of
the commissioner, within fifteen (15) business days submit to
the commissioner a copy of any RBC plan that is filed with the
insurance commissioner of any other state.
(c) Pursuant to regulations adopted by the commissioner,
in the event of a company action level event, regulatory action
level event or authorized control level event, the commissioner
may require the foreign insurer to file an RBC plan with the
commissioner. In such event, the failure of the foreign insurer
to file an RBC plan with the commissioner shall be grounds to
order the insurer to cease and desist from writing new insurance
business in this state.
(d) In the event of a mandatory control level event with
respect to any foreign insurer, if no domiciliary receiver has
been appointed with respect to the foreign insurer under the
rehabilitation and liquidation statute applicable in the state
of domicile of the foreign insurer, the commissioner may make
application for the appointment of a receiver to the district
court of Laramie county as permitted under chapter 28 of this
code. The occurrence of the mandatory control level event shall
be considered adequate grounds for the application.