§ 26-5-116 — Rules and regulations; reporting

Wyoming § 26-5-116

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 5: KINDS OF INSURANCE, LIMITS OF RISK, REINSURANCE

Text

(a) The commissioner may adopt rules and regulations
implementing the provisions of W.S. 26-5-111 through 26-5-117.
(b) Upon the commissioner's request, an insurer shall
promptly inform him in writing of the cancellation or any other
material change of any of its reinsurance treaties or
arrangements.
(c) In addition to the authority provided by subsection
(a) of this section, the commissioner may adopt rules and
regulations applicable to reinsurance arrangements. A regulation
adopted pursuant to this subsection may apply only to
reinsurance relating to:
(i) Life insurance policies with guaranteed nonlevel
gross premiums or guaranteed nonlevel benefits;
(ii) Universal life insurance policies with
provisions resulting in the ability of a policyholder to keep a
policy in force over a secondary guarantee period;
(iii) Variable annuities with guaranteed death or
living benefits;
(iv) Long-term care insurance policies; or
(v) Any other life and health insurance and annuity
products as to which the NAIC adopts model regulatory
requirements with respect to credit for reinsurance.
(d) A regulation adopted pursuant to paragraph (c)(i) or
(ii) of this section may apply to a treaty containing policies
issued on or after January 1, 2015 and policies issued prior to
January 1, 2015 if the risk pertaining to the policies issued
prior to January 1, 2015 is ceded in connection with the treaty,
in whole or in part, on or after January 1, 2015.
(e) A regulation adopted pursuant to subsection (c) of
this section may require the ceding insurer, in calculating the
amounts or forms of security required to be held under rules
promulgated under this section, to use the valuation manual
adopted by the NAIC under section 11B(1) of the NAIC standard
valuation law, including all amendments adopted by the NAIC and
in effect on the date the calculation is made, to the extent
applicable.
(f) A regulation adopted pursuant to subsection (c) of
this section shall not apply to cessions to an assuming insurer
that:
(i) Meets the conditions set forth in W.S. 26-5-
112(a)(vii) or, if this state has not adopted provisions
substantially equivalent to section 2F of the Credit for
Reinsurance Model Law, the assuming insurer is operating in
accordance with provisions substantially equivalent to section
2F of the Credit for Reinsurance Model Law in a minimum of five
(5) other states;
(ii) Is certified in this state or, if this state has
not adopted provisions substantially equivalent to section 2E of
the Credit for Reinsurance Model Law, certified in a minimum of
five (5) other states; or
(iii) Maintains at least two hundred fifty million
dollars ($250,000,000.00) in capital and surplus when determined
in accordance with the NAIC accounting practices and procedures
manual, including all amendments adopted by the NAIC, excluding
the impact of any permitted or prescribed practices, and is:
(A) Licensed in at least twenty-six (26) states;
or
(B) Licensed in at least ten (10) states and
licensed or accredited in a total of at least thirty-five (35)
states.
(g) The authority to adopt rules pursuant to subsection
(c) of this section does not limit the commissioner's general
authority to adopt rules pursuant to subsection (a) of this
section.