2018 Wyoming Statutes
TITLE 26 - INSURANCE CODE
CHAPTER 5 - KINDS OF INSURANCE, LIMITS OF RISK, REINSURANCE
SECTION 26-5-116 - Rules and regulations; reporting.
26-5-116. Rules and regulations; reporting.
(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) 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
(ii) 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.
