§ 26-9-211 — License denial, nonrenewal or revocation

Wyoming § 26-9-211

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 9: AGENCIES AND ADJUSTERS

Text

(a) The commissioner may, after appropriate notice and
opportunity for hearing pursuant to the Wyoming Administrative
Procedure Act and in accordance with W.S. 26-2-125 through
26-2-129, place on probation, suspend, revoke or refuse to issue
or renew an insurance producer's license or other license issued
under this code, or may levy a civil penalty in accordance with
W.S. 26-1-107 or any combination of actions, for any one (1) or
more of the following causes:
(i) Providing incorrect, misleading, incomplete or
materially untrue information in the license application;
(ii) Violating any insurance laws, or violating any
regulation, subpoena or order of the commissioner or of another
state's insurance commissioner;
(iii) Obtaining or attempting to obtain a license
through misrepresentation or fraud;
(iv) Improperly withholding, misappropriating or
converting any monies or properties received in the course of
doing insurance business;
(v) Intentionally misrepresenting the terms of an
actual or proposed insurance contract or application for
insurance;
(vi) Having been convicted of a felony that relates
to the insurance profession or to the ability to practice as an
insurance producer. For agents whose home state of licensure is
not Wyoming, the commissioner may rely on licensure and
disciplinary actions by the agent’s home state of licensure;
(vii) Having admitted or been found to have committed
any insurance unfair trade practice or fraud;
(viii) Using fraudulent, coercive or dishonest
practices, or demonstrating incompetence, untrustworthiness or
financial irresponsibility in the conduct of business in this
state or elsewhere;
(ix) Having an insurance producer license, or its
equivalent, denied, suspended or revoked in any other state,
province, district or territory;
(x) Forging another's name to an application for
insurance or to any document related to an insurance
transaction;
(xi) Improperly using notes or any other reference
material to complete an examination for an insurance license;
(xii) Failing to comply with an administrative or
court order imposing a child support obligation;
(xiii) Failing to maintain a valid home state
license.
(b) The license of a business entity may be suspended,
revoked or refused if the commissioner finds, after notice and
opportunity for hearing, that an individual licensee's violation
was known by one (1) or more of the partners, officers or
managers acting on behalf of the business entity and the
violation was neither reported to the commissioner nor
corrective action taken.
(c) The commissioner shall retain the authority to enforce
the provisions of and impose any penalty or remedy authorized by
this chapter and this code against any person who is under
investigation for or charged with a violation of this chapter or
this code even if the person's license or registration has been
surrendered or has lapsed by operation of law.
(d) The commissioner may, after providing appropriate
notice and opportunity for hearing as required in subsection (a)
of this section, levy against any person against whom action has
been taken by the commissioner the reasonable costs of
investigation and administrative proceedings, not to exceed five
hundred dollars ($500.00).
(e) For persons for whom Wyoming is the home state of
licensure, if the commissioner is aware at the time the
commissioner takes an action under subsection (a) of this
section that a person will require the written consent of an
insurance regulatory official to engage in the business of
insurance pursuant to 18 U.S.C. § 1033 and the result of the
action under subsection (a) of this section is that the person
will receive or retain a license under this code, the
commissioner shall, upon request, issue the written consent.
(f) If an employer becomes aware that an employee who is
engaged in the business of insurance needs the commissioner's
consent to continue to engage in the business of insurance, the
employer may direct the employee to obtain the necessary consent
and, if the consent is denied, shall take action so that the
employee is not engaged in the business of insurance. In cases
arising under this subsection the commissioner shall give
special weight to evidence, including statements from the
employer, as to whether the employee has or has not engaged in
any activity that relates to the offense requiring the written
consent and that relates adversely to the insurance profession.