LATEST PUBLIC SERVICE ANNOUNCEMENTS

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LATEST NEWS

Memo Regarding Designated Home State Adjuster Licensing

This memorandum serves to modify the July 7, 2022 memorandum on Designated Home State Licensing. After discussions with industry and other states, the Department is updating our stance to include reciprocating all resident state adjuster licenses, provided the licensee carries lines of authority that can be reciprocated by Wyoming. Designated home state licensing is only acceptable in the event that the adjuster is unable to obtain an adjuster license in their resident state. Some states may not require adjuster licensing for adjusters employed by insurers, but do allow adjusters employed by insurers to become licensed.

If a licensed adjuster has a resident address in a state which offers adjuster licensing, but holds a DHS license in a different state, that adjuster's license will not be renewed until an acceptable license is procured. If an applicant resides in a state which offers adjuster licensing but holds a DHS license in a different state, that application will not be approved until an acceptable license is procured. If an applicant that resides in a state that offers adjuster licensing applies for a Wyoming DHS license that application will not be approved.

All non-resident adjusters licensed in Wyoming are strongly encouraged to review their resident state licensing practices and be certain that they are meeting the requirements of this memorandum. Adjuster licensing renewals and applications will be delayed if the applicant's home state licensing is not acceptable.

If you have any questions please reach out to the Wyoming Department of Insurance Licensing Section at insurancelicensing@wyo.gov or 307-777-7319.

Memo Regarding Medical Malpractice Insurance Reporting Requirements

Pursuant to Wyo. Stat. § 26-3-124, any insurer writing coverage for health care malpractice in Wyoming is required to file an annual report with the commissioner of all claims and awards or settlements given in cases against health care providers involving medical malpractice. At this time, there appears to be a competitive market for medical malpractice insurance in Wyoming. As a result, the Department of Insurance (the "Department") is proposing changes to the reporting requirements of Wyo. Stat. § 26-3-124 to change the mandatory annual reporting of medical malpractice information to reporting required at the discretion of the Commissioner upon at least six (6) months advance notice.

This proposed change is intended to reduce the reporting burden on insurers providing medical malpractice insurance, but to allow for collection of the statutorily identified information should the information again be needed. The Department encourages all insurers writing medical malpractice insurance in Wyoming to monitor this proposed legislation to ensure that all public comments are received for consideration by the Wyoming legislation.

Any questions regarding the proposed legislation may be directed to Tana Howard, Deputy Insurance Commissioner, at 307-777-7401 or by emailing tana.howard@wyo.gov.

Memo Regarding Termination of Appointments

It has come to the attention of the Department that some insurers and producers are not aware of their rights and responsibilities with respect to termination of appointments, employment contracts, or other insurance business relationships between insurers and producers. This Memorandum is intended to clarify the statutory requirements on both insurers and producers should this circumstance arise.

Pursuant to Wyo. Stat. § 26-9-214, if an insurer terminates the appointment, employment, contract or other insurance business relationship with an insurance producer for any reason, there are specific notification requirements for the insurer as follows:

  1. Within thirty (30) days following the effective date of the termination, the insurer must notify the Department using a form prescribed by the commissioner. Under Chapter 16 of the Department rules and regulations, if the termination is for cause and involves activities that could lead to probation, suspension, revocation or refusal to issue or renew a license pursuant to Wyo. Stat. § 26-9-211, the Department requires the insurer to use the Termination for Cause form*. The insurer must provide supporting documentation or other information pertaining to the termination or activity of the producer to the Department. An insurer has a continuing duty to update the information provided to the Department regarding the reason for the termination if additional relevant information is subsequently discovered.

  2. Within fifteen (15) days after notifying the commissioner of the termination of the business relationship with the producer, the insurer is also required to mail a copy of the termination notification to the producer at his/her last known address.

When a producer receives the written notification from the insurer regarding the termination of the business relationship, the producer then has the opportunity to provide rebuttal information to the Department regarding the allegations in the termination notice. If the producer wishes to rebut the allegations of the insurer, the producer must follow the deadlines identified in Wyo. Stat. § 26-9-214(d). Specifically:

  1. Within thirty (30) days after the producer has received the notification of termination, he/she may file with the Department written comments concerning the substance of the termination notification. A copy of the producer's written comments must also be sent to the insurer.

The statute is explicit that the obligation to provide rebuttal information to the Department is on the producer and not on the insurer. The process identified in Wyo. Stat. § 26-9-214 affords the producer the opportunity to present their position regarding the termination.

If there are further questions regarding the reporting obligations with regard to termination of appointments, please feel free to contact Bryan Stevens, Licensing Supervisor, at the Wyoming Department of Insurance.

The mission of this agency is to enforce the insurance laws and regulations of the State impartially, honestly, and expeditiously; to serve the consumer of insurance; to encourage a healthy insurance marketplace; and to promote change to better serve the public interest. To this end, the highest ethical, professional, and work quality standards will be exercised in all formal and informal relationships with individuals, agencies, and companies affected by the policies and actions of the department. It is our commitment to be the best insurance regulatory agency in the United States.