§ 26-53-101 — Definitions

Wyoming § 26-53-101

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 53: THIRD PARTY ADMINISTRATORS

Text

(a) As used in this chapter:
(i) "Third party administrator" means a person who
directly or indirectly underwrites, collects charges, collateral
or premiums from, or adjusts or settles claims on residents of
this state, in connection with life, annuity, health, or
stop-loss coverage offered or provided by an insurer, but does
not include any of the following:
(A) An employer on behalf of its employees or
the employees of one (1) or more subsidiary or affiliated
corporations of such employer;
(B) A union on behalf of its members;
(C) A fully self-funded insurance plan meeting
the definition of employee benefit plan as set forth in the
Employee Retirement Income Security Act of 1974;
(D) An insurance company licensed in this state;
(E) A prepaid hospital or medical care plan;
(F) An insurance agent or broker licensed in
this state when acting as an insurance agent or broker;
(G) A creditor on behalf of its debtors with
respect to insurance covering a debt between the creditor and
its debtors;
(H) A bank, credit union or other financial
institution which is subject to supervision or examination by
federal or state banking authorities when acting as a bank,
credit union or other financial institution and not as an
administrator;
(J) A credit card company which advances for and
collects premiums or charges from its credit card holders who
have authorized it to do so, provided such company does not
adjust or settle claims;
(K) A person who adjusts or settles claims in
the normal course of the person's practice or employment as an
attorney at law or an adjuster licensed in this state and who
does not collect charges or premiums in connection with
insurance coverage or annuities.