Bill > SF0052

This bill makes several amendments to Wyoming's insurance code, focusing on clarifying and updating various provisions related to insurance transactions, certificates of authority, and regulatory requirements. The bill expands the definition of "insurance transaction" to include all insurance-related transactions, not just those primarily for personal, family, or household needs. It removes the distinction between "original" and subsequent certificates of authority, making requirements more uniform across all insurance entities. The bill introduces a new requirement for insurers to update their contact information with the insurance commissioner within 30 days of any changes. Additionally, the bill modifies service of process procedures, changing from registered to certified mail, and updates reporting requirements for administrative actions and criminal prosecutions for insurance licensees. The bill also clarifies the applicability of property and casualty insurance statutes and removes certain previous disclosure requirements. Notably, the bill repeals the requirement for insurers to deliver expired certificates of authority to the insurance commissioner and eliminates some specific reporting obligations. These changes aim to streamline insurance regulations, reduce administrative burdens, and update existing laws to reflect current practices in the insurance industry. The bill will become effective on July 1, 2025.

Government Affairs

Corporations, Elections and Political Subdivisions (J)

https://www.wyoleg.gov/Legislation/2025/SF0052