Wyoming Administrative Code Agency 044 - Insurance Dept
1. Wyoming Administrative Code (WAC)
The Wyoming Administrative Code is the collection of all administrative rules adopted by Wyoming state agencies. Think of it as a detailed set of instructions that agencies use to implement and enforce state laws. These rules are created under the authority of laws passed by the Wyoming Legislature.
Statutes vs. Rules:
Statutes (Wyoming Statutes) are laws passed by the legislature.
Administrative rules (in the WAC) explain how agencies will follow those laws in practice.
Each agency is assigned a number. The rules created by that agency appear under that number in the WAC.
2. Agency 044 – Wyoming Department of Insurance
Agency 044 refers specifically to the Wyoming Department of Insurance (DOI).
The Department of Insurance is the state regulatory body for insurance in Wyoming. Its mission is to:
Ensure that insurance companies are financially stable.
Protect consumers from unfair insurance practices.
Monitor compliance with Wyoming insurance laws.
The Department handles multiple areas, including:
Licensing insurance companies, agents, and brokers.
Reviewing and approving insurance policies and rates.
Investigating complaints about insurance companies or agents.
Ensuring solvency and fair business practices in the insurance industry.
3. Content of Agency 044 Rules
The rules in Agency 044 are organized into chapters or sections, each focusing on a different area of insurance regulation. While the exact numbering can vary, typical areas include:
a. Licensing
Requirements for insurance agents, brokers, and adjusters.
Continuing education rules.
Procedures for suspension, revocation, or denial of licenses.
b. Insurance Company Operations
Capital and surplus requirements for insurers.
Financial reporting requirements.
Rules for mergers, acquisitions, and withdrawals from Wyoming.
c. Policy Forms and Rates
Procedures for submitting and approving insurance forms.
Rules about rate filings for life, health, property, and casualty insurance.
Guidelines for premium calculations and exceptions.
d. Consumer Protections
Rules about unfair trade practices and deceptive acts.
Procedures for handling complaints.
Requirements for disclosure to policyholders.
e. Health Insurance
Rules about coverage requirements.
Reporting standards for health insurers.
f. Other Specialized Insurance Areas
Workers’ compensation.
Title insurance.
Captive insurance companies.
4. Authority
The Department derives its rulemaking authority from Wyoming Statutes, Title 26 (Insurance Code). The rules in the WAC explain how the DOI interprets and enforces these statutes. Agencies are required to follow a formal process before adopting rules, which includes:
Public notice of the proposed rule.
Opportunity for public comment.
Filing the final rule with the Secretary of State.
5. Why Agency 044 is Important
For Consumers: Ensures that insurance companies are fair and financially stable.
For Insurance Professionals: Provides clear standards for licensing, operations, and ethics.
For the State: Helps the legislature enforce insurance laws efficiently without needing to pass a new law for every detail.
✅ Summary:
The Wyoming Administrative Code, Agency 044 contains all the official rules that the Wyoming Department of Insurance follows to regulate insurance in the state. This includes licensing, company operations, consumer protection, policy forms, rates, and other specialized insurance rules. These rules implement the statutes from the Wyoming Legislature and are legally binding for insurers, agents, and brokers operating in Wyoming.
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