Wyo. Code R. 006-0010-7
Effective Date: 01/06/1998 to 12/07/2001
Rule Type: Superceded Rules & Regulations
Reference Number: 006.0010.7.01061998
REGULATION GOVERNING RISK RETENTION
These rules and regulations governing liability risk retention and purchasing groups are adopted pursuant to Section 16-3-102 through Section 16-3-106 of the Wyoming Administrative Procedures Act, Section 26-2-110 of the Wyoming Insurance Code and Section 26-36-115 of the Wyoming Risk Retention Act.
The Wyoming Risk Retention Act became effective May 22, 1987. It was intended to be consistent with and complementary to the Federal Liability Risk Retention Act of 1986. These rules and regulations are intended to carry out the provisions of the Wyoming Risk Retention Act as they pertain to registrations, notices and informational filings for liability risk retention and purchasing groups, the licensing of risk retention broker agents soliciting for liability risk retention and purchasing groups and the allocation of premium and payment of premium taxes for risks insured by or through liability risk retention and purchasing groups as allowable under and not in conflict with the Federal Liability Risk Retention Act of 1986.
As used in these rules and regulations:
(a) “authorized to transact insurance in this state” and “admitted” means an insurer authorized by a subsisting certificate of authority issued by the commissioner to transact insurance in this state;
(b) “commissioner” means the insurance commissioner of the State of Wyoming;
(c) “Federal Liability Risk Retention Act of 1986” means that federal legislation which authorized qualified individuals or organizations to form special association insurance captives or to join together to purchase liability insurance on a group basis enacted as 15 U.S.C. Section 3901, et seq.;
(d) “liability insurance coverage” means liability insurance policy or endorsement forms under which a liability risk retention group or liability insurer may undertake to indemnify a liability risk retention group or liability purchasing group member against liability arising from similar hazards or risk contingencies including but not limited to those liability insurance coverages commonly referred to in the industry as products--completed operations liability, liquor liability, hospital professional liability, physicians, surgeons, and dentists liability, lawyers professional liability, elevator liability, storekeepers liability, governmental entity general liability, public officials errors and omissions, school board errors and omissions, directors and officers errors and omissions, oil field general liability, day care general liability, outfitters and guides general liability, recreational area liability, long haul truckers liability, garage liability, pollution liability, etc.;
(e) “liability purchasing group” means any group meeting the requirements of a purchasing group contained in the Wyoming Risk Retention Act;
(f) “liability risk retention group” means any group meeting the requirements of a risk retention group contained in the Wyoming Risk Retention Act;
(g) “risk retention broker agent” means any individual, firm or corporation appointed by a liability purchasing group or liability risk retention group for the purpose of providing insurance to the members of the liability purchasing group or liability risk retention group;
(h) “unauthorized” and “non-admitted” means not authorized to transact insurance in this state by a subsisting certificate of authority issued by the commissioner.
(i) “Wyoming Insurance Code” means Title 26 of the Wyoming Statutes Annotated, 1976 Revised Edition which regulates the business of insurance in the State of Wyoming; and
(j) “Wyoming Risk Retention Act” means Chapter 36 of the Wyoming Insurance Code which regulates the business of liability in the State of Wyoming as authorized by the Federal Liability Risk Retention Act of 1986.
The violation of these rules and regulations is punishable under Sections 26-1-107, 26-2-112, 26-3-116, 26-4-105, 26-9-130, 26-9-136, 26-11-119, 26-13-116, 26-13-202, and 26-36-112 of the Wyoming Insurance Code.
(a) Any liability risk retention group chartered in a state other than Wyoming and not holding a subsisting certificate of authority issued by the commissioner of the State of Wyoming, before offering liability insurance as a liability risk retention group on any risk located, resident or to be performed in this state, shall register with the commissioner, on forms the commissioner designates and furnishes, sworn to by the president or chief executive officer and the secretary of the liability risk retention group providing such pursuant to Section 26-36-105 of the Wyoming Risk Retention Act.
(b) Any liability risk retention group chartered in a state other than Wyoming and not holding a subsisting certificate of authority issued by the commissioner of the State of Wyoming which has registered with the commissioner pursuant to Section 3(d) of the Federal Liability Risk Retention Act of 1986 or Section 26-36-105 of the Wyoming Risk Retention Act prior to the effective date of these rules and regulations shall comply with subsection a. of this section by registering in the form prescribed by subsection a. of this section on or before July 1, 1988.
(a) Any liability purchasing group which intends to do business in this state, before soliciting any member to insure through the group any liability risk located, resident or to be performed in this state, shall furnish notice of its intent to do business to the commissioner, sworn to by the president, chief executive officer, secretary, partner, trustee or such other officer or party who, under the organizational plan of the group, has authority to bind the group with his signature, on forms the commissioner designates and furnishes, providing such information and documentation as the commissioner shall require pursuant to Section 26-36-109 of the Wyoming Risk Retention Act.
(b) Any liability purchasing group which has filed with the commissioner its notice of intent to do business pursuant to Section 4(d)(1) of the Federal Liability Risk Retention Act of 1986 or Section 26-36-109 of the Wyoming Risk Retention Act prior to the effective date of these rules and regulations shall comply with subsection a. of this section by registering in the form prescribed by subsection a. of this section on or before July 1, 1988.
(a) Any liability risk retention group, filing its registration to do business as a liability risk retention group in this state pursuant to Section 3(d) of the Federal Liability Risk Retention Act of 1986, Section 26-36-105 of the Wyoming Risk Retention Act or Section 2.1 of these rules and regulations, and any liability purchasing group, not otherwise exempted under Section 26-36-109(b) of the Wyoming Risk Retention Act and subsection c. of this section, filing its notice of intent to do business as a liability purchasing group in this state, pursuant to Section 4(d)(1) of the Federal Liability Risk Retention Act of 1986, Section 26-36-109 of the Wyoming Risk Retention Act or Section 2.2 of these rules and regulations, shall submit to the commissioner, contemporaneously with filing its regulation or notice of intent, a statement of registration irrevocably appointing the commissioner as its agent for the purpose of receiving legal documents and service of process, in the form substantially similar to that contained in subsection b. of this section.
(b) The statement of registration appointing the commissioner as agent for the purpose of receiving legal documents and service of process, required in subsection a. of this section, shall be in substantially the following form with the appropriate information included:
KNOW AL MEN BY THESE PRESENTS:
The (name of group) ,a liability [risk retention] [purchasing] group authorized to transact liability insurance under the Federal Liability Risk Retention Act of 1986 and Chapter 36 of the Wyoming Insurance Code, domiciled in the State of And whose principal place of business is located at (city) (state) (zip) does hereby constitute, designate and appoint the Insurance Commissioner of the State of Wyoming, and his successors in office, as its true and lawful agent to receive legal documents and service of process issued against said liability [risk retention] [purchasing] group in the State of Wyoming. This appointment shall be irrevocable, shall be binding upon the group, and its successors in interest, as to the assets and liabilities of the group and shall remain in full force and effect for so long as there is in force any contract or certificate insuring any member [of the liability risk retention group] [of the liability purchasing group] in the State of Wyoming or any obligation of the group arising out of its transactions in the State of Wyoming.
The liability [risk retention] [purchasing] group hereby designates the following person as the person to whom legal documents and process against it served shall be forwarded by the Insurance Commissioner:
(name) , (title) (company or group name), , (street address) (city) , (state) (zip)
IN WITNESS WHEREOF, the said liability [risk retention] [purchasing] group has caused this appointment to be duly executed this day of , 19 .
(name of group)
SEAL BY: [President, Chief Executive Officer, Secretary, Partner, Trustee, or title of the officer or party who under the organization of the group has authority to bind the group with his signature].
County of ) ss )
The foregoing instrument was acknowledged and executed before me this
Notary Public
SEAL
My commission expires:
(c) Nothing in this section shall apply in the case of a liability purchasing group:
(i) Which was domiciled before April 1, 1986, and is domiciled on and after October 27, 1986 in any state of the United States;
(ii) Which before October 27, 1986 purchased insurance from an insurance carrier licensed in any state, and since October 27, 1986 purchased its insurance from an insurance carrier licensed in any state;
(iii) Which was a liability purchasing group under the requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986; and
(iv) which does not purchase insurance that was not authorized for purposes of an exemption under that act, as in effect before October 27, 1986.
(a) Any liability risk retention group, which has registered with the commissioner and provided him information pursuant to Section 26-36-105 of the Wyoming Risk Retention Act and Section 2.1 of these rules and regulations, shall notify the commissioner in writing within thirty (30) days of any changes in its operations, which result in the registration then on file containing false, inaccurate or misleading information, including the solicitation or writing of any liability insurance coverage in addition to that for which it is registered, so as to correct such false, inaccurate, or misleading information. The commissioner may request such additional information and documentation pertaining to such notice as he deems necessary provided, however, no such request shall delay the effective date of the notice.
(b) Any liability purchasing group, which filed with the commissioner a notice of intent to do business and provided him information pursuant to Section 26-36-109 of the Wyoming Risk Retention Act and Section 2.2 of these rules and regulations, shall notify the commissioner in writing within thirty (30) days of any changes in its operations, which result in the notice of intent to do business then on file containing false, inaccurate or misleading information, including the solicitation or writing of any liability insurance coverage in addition to that for which it has notified the commissioner, so as to correct such false, inaccurate or misleading information. The commissioner may request such additional information and documentation pertaining to such notice as he deems necessary provided, however, no such request shall delay the effective date of the notice.
(c) Any liability risk retention group, which has registered with the commissioner and provided him information pursuant to Section 26-36-105 of the Wyoming Risk Retention Act and Section 2.1 of these rules and regulations, and any liability purchasing group, which has filed with the commissioner a notice of intent to do business and provided him information pursuant to Section 26-36-109 of the Wyoming Risk Retention Act and Section 2.2 of these rules and regulations, on or before March 1 of each year, by sworn affidavit of the officer or party qualified and authorized to file an original registration or notice of intent to do business, shall certify to the commissioner as to the continued accuracy of the information on file or as amended by notice filed pursuant to subsections a. or b. of this section, and as to its continued intent to be registered and do business in this state.
No insurance policy or contract form, or application form if written application is required and is made a part of the policy to contract, or printed rider or endorsement form or form of renewal certificate shall be delivered or issued for delivery to any liability purchasing group domiciled in this state, or any member thereof, by any insurer authorized to transact insurance in this state unless the form is filed with and approved by the commissioner pursuant to the provisions of Chapter 15 of the Wyoming Insurance Code pertaining to insurance contract as they shall apply to the liability purchasing group.
No person, resident or nonresident in this state, shall act as or hold himself out in this state to be a risk retention broker agent for a liability risk retention group, or liability purchasing group which solicits members for the purpose of selling liability insurance coverage, purchases liability insurance coverage for group members located within this state or otherwise does business in this state unless then licensed as such under these rules and regulations.
Risk retention broker agent for the purpose of licensing does not include:
(a) Any officer, director, owner, partner, trustee or full-time salaried employee of a liability risk retention group or liability purchasing group;
(b) Any officer, director, owner, partner, or full-time salaried employee of a professional management firm employed by a liability risk retention group or liability purchasing group as an independent contractor to manage the operations of the liability risk retention group or liability purchasing group; or
(c) Any telemarketing or mass mailing organization or any radio or television station or network or, newspaper or magazine publisher or distributor which makes statements or carries advertisements for a liability risk retention group or liability purchasing group to the extent only general, non-risk specific information is given concerning the Federal Liability Risk Retention Act, the Wyoming Liability Risk Retention Act and the liability risk retention group or liability purchasing group and no application for insurance is received, no underwriting information is taken, and no insurance rate or premium is quoted or collected.
The commissioner shall not issue, continue, or permit to exist any risk retention broker-agent license except in compliance with these rules and regulations and any individual applying for or holding such a license shall:
been filed with the commissioner and containing a written appointment by the liability purchasing group, liability risk retention group or insurer for the position or kind of insurance specified in the application.
(a) Each application shall be accompanied by the applicable license fee, appointment fee and examination fee in the amounts specified in Section 26-4-101 of the Wyoming Insurance Code for a resident casualty agent; and
(b) The commissioner shall charge and the licensee shall pay a full additional license fee for each individual exceeding one (1) named in or registered as to the license issued to a firm or corporation.
(a) The commissioner shall require each applicant for license as a risk retention broker agent unless exempted therefrom under Section 3.8 of these rules and regulations to take a written examination as to his competence to act as a risk retention broker agent; and
(b) If the applicant is a firm or corporation, the examination shall be taken by each individual who is to be named in or registered as to the license.
No examination is required of:
(a) Any applicant for license who was licensed in this state as a risk retention broker agent, casualty insurance agent or surplus line broker, other than a temporary license, within the twelve (12) months immediately preceding the date of application, unless the previous license was revoked, suspended or continuation thereof refused by the commissioner; and
(b) Any applicant for license who is licensed in their state of domicile as a casualty insurance agent or surplus line broker, other than a temporary license, on the date of application, if the insurance supervisory official of their state of domicile certifies that the applicant is licensed as a resident agent or surplus line broker in that state, is in good standing and has complied with that state's qualification standards therefor.
Prior to issuance of an appointment as a risk retention broker agent for any unauthorized liability risk retention group or unauthorized insurer, the applicant shall file with the commissioner, and shall keep in force or as long as such an appointment remains in effect, a bond in favor of the State of Wyoming in the penal sum of one thousand dollars ($1000.00), with an authorized corporate surety the commissioner approves, conditioned that he will conduct business under his risk retention broker agent license in accordance with the Wyoming Risk Retention Act and these rules and regulations and that he will promptly remit the taxes in the manner prescribed in Part Five of these rules and regulations. Any risk retention broker agent licensed as a surplus line broker in the State of Wyoming and maintaining a bond pursuant to Section 26-11-114 of the Wyoming Insurance Code or previously appointed by an unauthorized liability risk retention group or unauthorized insurer and maintaining a bond pursuant to this section shall not be subject to any additional bond requirement. The aggregate liability of the surety for any claims on the bond shall not exceed the penal sum of the bond. The bond shall not be terminated unless not less than thirty (30) days prior written notice thereof is given to the licensee and filed with the commissioner.
Each risk retention broker agent license shall continue in force, subject to the payment of an annual continuation fee by midnight on March 31, of each year until expired, suspend, revoked or otherwise terminated, as provided for an agent license by Section 26-9-117 of the Wyoming Insurance Code.
(a) The commissioner may suspend or revoke any risk retention broker agent license for any applicable cause for which a general lines agent's license may be suspended or revoked.
(b) The procedures provided by Chapter 9 of the Wyoming Insurance Code for suspension or revocation of licenses apply to suspension or revocation of a risk retention broker agent's license.
Application for and acceptance of a risk retention broker agent license under these rules and regulations by any person not a resident of this state constitutes the irrevocable appointment of the commissioner as the agent of the licensee for the acceptance of service of process issued in this state in any action or proceeding against the licensee arising out of the licensing or any transaction under the license.
To the extent the general provisions of Chapter 9 of the Wyoming Insurance Code as they pertain to agents are not inconsistent with the Federal Liability Risk Retention Act of 1986, the Wyoming Risk Retention Act and these rules and regulations, those general provisions shall apply to risk retention broker agents.
For the purposes of Part Four of these rules and regulations a liability purchasing group shall be deemed located or situated in the state where it is domiciled.
Any risk retention broker agent licensed in this state and any liability risk retention group or liability purchasing group registered in this state pursuant to Chapter 36 of the Wyoming Insurance Code and these rules and regulations operating as a direct producer in this state may procure and provide liability insurance for liability risk retention group or liability purchasing group members located in this state without regard to any requirement that a diligent effort be made to procure and provide such liability insurance from among insurers authorized to transact that kind and class of insurance in this state and without regard to any advantage which might be secured for such members regarding a lower premium rate or terms of the insurance contract.
Any risk retention broker agent effecting insurance on any risk located, resident or to be performed within or properly allocated to this state with an unauthorized liability risk retention group or unauthorized insurer, pursuant to the Federal Liability Risk Retention Act of 1986, the Wyoming Risk Retention Act, and these rules and regulations, shall file with the commissioner a bordereau memorandum in a form the commissioner prescribes or accepts, setting forth the facts concerning the placement of such insurance so as to identify the coverage and the tax payable to the state relative thereto pursuant to Section 26-11-106(b) of the Wyoming Insurance Code. The risk retention broker agent shall file this bordereau with the commissioner on or before March 31 of each year in which the premium or consideration is due. Any risk retention broker agent may contract with the unauthorized liability risk retention group or unauthorized insurer or with a liability purchasing group for which it acts to provide for the unauthorized liability risk retention group, the unauthorized insurer or the liability purchasing group filing this bordereau on behalf of the risk retention broker agent in accordance with this section, provided the risk retention broker agent notifies the commissioner of such delegation and files with the commissioner a copy of the contract authorizing such alternative method of filing prior to the effective date of such delegation.
(a) Any liability risk retention group required to register in this state pursuant to Section 3(d) of the Federal Liability Risk Retention Act of 1986, Section 26-36-105 of the Wyoming Risk Retention Act or Section 2.1 of these rules and regulations which utilizes risk retention broker agents in soliciting, negotiating, procuring or providing liability insurance for its members located or resident within this state shall do so only through risk retention broker agents licensed in this state pursuant to Chapters 9, 11 and 36 of the Wyoming Insurance Code and those rules and regulations, provided, however, nothing herein shall be construed to prevent such a liability risk retention group from soliciting, negotiating, procuring or providing liability insurance for its members located or resident within this state directly through its officers, directors, owners, partners, trustees, or full-time salaried employees not so licensed in this state.
(b) Any liability purchasing group required to file notice of its intent to do business in this state pursuant to Section 4(d)(1) of the Federal Liability Risk Retention Act of 1986, Section 26-36-109 of the Wyoming Risk Retention Act or Section 2.2 of these rules and regulations which utilizes risk retention broker agents in soliciting, negotiating, procuring, or providing liability insurance for its members located or resident within this state shall do so only through risk retention broker agents licensed in this state pursuant to Chapters 9, 11 and 36 of the Wyoming Insurance Code and these rules and regulations, provided, however, nothing herein shall be construed to prevent such a liability purchasing group from soliciting, negotiating, procuring or providing liability insurance for its members located or resident within this state through an insurer admitted in the state in which the liability purchasing group is located on a direct basis through the liability purchasing group's officers, directors, owners, partners, trustees, or full-time salaried employees not licensed as risk retention broker agents in this state.
A liability purchasing group may not purchase liability insurance covering risks located, resident or to be performed within or properly allocated to this state from a liability risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the liability purchasing group is located unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus line laws and regulations of the state in which the liability purchasing group is located.
Notwithstanding the provisions of Section 26-9-133(b) of the Wyoming Insurance Code or any treaty entered into by the commissioner and the insurance supervisory official of any other state pursuant to Section 26-9-133(c) of the Wyoming Insurance Code to the contrary, any risk retention broker agent licensed in this state by the commissioner shall have the right under his license to solicit Wyoming liability risk retention group and Wyoming liability purchasing group business and members in Wyoming on behalf of the liability risk retention group or liability purchasing group by which he is appointed.
Any liability purchasing group risk located, resident or to be performed within this state insured under a policy issued by an insurer, not a liability risk retention group authorized to transact insurance in this state shall be subject to the provisions of Chapter 31 of the Wyoming Insurance Code pertaining to the Wyoming Insurance Guaranty Association as they shall apply.
(a) Each liability risk retention group authorized or formerly authorized to transact insurance in this state shall file with the commissioner on or before March 1 each year, or within any extended period the commissioner grants, not to exceed thirty (30) days, a report of all premiums paid to it for risks insured by it located, resident or to be performed within or properly allocated to this state in a form the commissioner prescribes and requires of all authorized and formerly authorized insurers in this state pursuant to the provisions of Section 26-4-103 of the Wyoming Insurance Code and shall specifically identify and report on behalf of its risk retention broker agents, in a form the commissioner prescribes, that portion of its total premiums for Wyoming liability risks which have been placed by or allocated to any risk retention broker agent.
(b) Each liability risk retention group authorized or formerly authorized to transact insurance in this state at the same time the report in subsection a. of this section is filed, shall pay to the state treasurer through the commissioner for the privilege of transacting business in this state, a tax upon its net Wyoming premiums and net Wyoming considerations as required of all authorized and formerly authorized insurers in this state pursuant to Section 26-4-103 of the Wyoming Insurance Code for risks located, resident or to be performed within this state or properly allocated to this state at a rate of two and one-half percent (2 1/2%) subject to any credit allowed against its tax liability pursuant to Section 26-4-104 of the Wyoming Insurance Code.
(a) Each liability risk retention group, not authorized or formerly authorized to transact insurance in this state, which has registered with the commissioner and has transacted business in this state pursuant to Section 3(d) of the Federal Liability Risk Retention Act, Section 26-36-105 of the Wyoming Risk Retention Act and Section 2.1 of these rules and regulations, shall file with the commissioner on or before March 1 each year, or within any extended period the commissioner grants, not to exceed thirty (30) days, a report of all premiums paid to it for risks insured by it located, resident or to be performed within or properly allocated to this state in a form the commissioner prescribes and requires of all authorized and formerly authorized insurers in this state pursuant to Section 26-4-103 of the Wyoming Insurance Code and shall specifically identify and report on behalf of its risk retention broker agents, in a form the commissioner prescribes, that portion of its total premiums for Wyoming liability risks which have been placed by or allocated to any such risk retention broker agent.
(b) To the extent a liability risk retention group not authorized or formerly authorized to transact insurance in this state, which has registered with the commissioner and has transacted business in this state pursuant to Section 3(d) of the Federal Liability Risk Retention Act, Section 26-36-105 of the Wyoming Risk Retention Act and Section 2.1 of these rules and regulations, has utilized risk retention broker agents licensed in this state to transact insurance in this state, a tax shall be reported and paid, in a form the commissioner prescribes, on or before March 1 each year, or within any extended period the commissioner grants, not to exceed thirty (30) days, by the risk retention broker agents, through the liability risk retention group reporting and paying on their behalf, to the state treasurer through the commissioner, on the net Wyoming premiums and net Wyoming considerations for risks located, resident or to be performed within or properly allocated to this state, at a rate of two and one-half percent (2 1/2%) pursuant to Section 26-4-103 of the Wyoming Insurance Code and Section 26-36-105(d) of the Wyoming Risk Retention Act.
(c) To the extent a liability risk retention group not authorized or formerly authorized to transact insurance in this state, which has registered with the commissioner and has transacted business in this state pursuant to Section 3(d) of the Federal Liability Risk Retention Act, Section 26-36-105 of the Wyoming Risk Retention Act and Section 2.1 of these rules and regulations, has not utilized risk retention broker agents licensed in this state to transact insurance in this state, a tax shall be reported and paid in a form the commissioner prescribes, on or before March 1 each year, or within any extended period the commissioner grants, not to exceed thirty (30) days, by the liability risk retention group to the state treasurer through the commissioner on the net Wyoming premiums and net Wyoming considerations for risks located, resident or to be performed or properly allocated to this state at a rate of two and one-half percent (2 1/2%) pursuant to Section 26-4-103 of the Wyoming Insurance Code and Section 26-36-105(d) of the Wyoming Risk Retention Act.
Each insurer authorized and formerly authorized to transact insurance in this state, which provides insurance for members of a liability purchasing group on risks located, resident or to be performed in this state, at the same time it files its report required pursuant to Section 26-4-104(a) of the Wyoming Insurance Code, shall file with the commissioner a specific report of all premiums paid to it for liability purchasing group risks insured by it located, resident or to be performed within and properly allocated to this state in a form the commissioner prescribes.
(a) Each insurer not authorized or formerly authorized transact insurance in this state which provides insurance for members of a liability purchasing group on risks located, resident or to be performed in this state, shall file with the commissioner on or before March 1 each year, or within any extended period the commissioner grants, not to exceed thirty (30) days, a report of all premiums paid to it during the immediately preceding calendar year for liability purchasing group risks insured by it located, resident or to be performed in this state in a form the commissioner prescribes and requires of all authorized and formerly authorized insurers in this state pursuant to Section 26-4-103 of the Wyoming Insurance Code and shall specifically identify and report on behalf of its risk retention broker agents, in a form the commissioner prescribes, that portion of its total premiums for Wyoming liability risks which have been placed by or allocated to any risk retention broker agent.
(b) To the extent an insurer not authorized or formerly authorized to transact insurance in this state has utilized risk retention broker agents licensed in this state to insure liability purchasing group risks located, resident or to be performed within or properly allocated to this state, a surplus line tax shall be reported and paid in a form the commissioner prescribes, on or before March 1 each year, or with any extended period the commissioner grants, not to exceed thirty (30) days, by the risk retention broker agent, through the insurer reporting and paying on their behalf, to the state treasurer through the commissioner, on the net Wyoming premiums and net Wyoming considerations received during the immediately preceding calendar year for risks located, resident or to be performed within or properly allocated to this state at a rate of three percent (3%) as required of all surplus line insurance sold in this state pursuant to Section 26-11-118 of the Wyoming Insurance Code.
(c) To the extent an insurer not authorized or formerly authorized to transact insurance in this state has not utilized risk retention broker agents licensed in this state when insuring liability purchasing group risks located, resident or to be performed within or properly allocated to this state, a surplus line tax shall be reported and paid in a form the commissioner prescribes, on or before March 1 each year, or within any extended period the commissioner grants, not to exceed thirty (30) days, by the insurer to the state treasurer through the commissioner on the net Wyoming premiums and net Wyoming considerations received during the immediately preceding calendar year for risks located, resident or to be performed within or properly allocated to this state at a rate of three percent (3%) as required of all surplus line insurance sold in this state pursuant to Section 26-11-118 of the Wyoming Insurance Code.
(a) If an insurer, liability risk retention group or risk retention broker agent does not pay the tax on or before March 31 of the year in which due, in accordance with the Wyoming Risk Retention Act and these rules and regulations, the tax is delinquent, and the commissioner may enforce payment thereof by the seizure, distraint and sale of any of the insurer's, the liability risk retention group's or the risk retention broker agent's property within Wyoming.
(b) If a risk retention broker agent fails to remit through an unauthorized insurer or unauthorized liability risk retention group the tax due on the business of an unauthorized insurer or unauthorized liability risk retention group prior to April 1 after the tax is due, and if in the commissioner's opinion the failure is without just cause, the risk retention broker agent is liable for a twenty-five dollar ($25.00) fine for each day of delinquency commencing with April 1 of the year for which the tax is due.
If any provision of these rules and regulations or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of these rules and regulations and the application of such provision to other persons and circumstances shall not be affected thereby.
These rules and regulations become effective on May 1, 1988.