Wyo. Code R. 044-0002-15
Effective Date: 12/09/2016 to Current
Rule Type: Current Rules & Regulations
Reference Number: 044.0002.15.12092016
REGULATION GOVERNING RISK RETENTION
These rules and regulations governing risk retention and purchasing groups are adopted pursuant to W.S. §§ 26-2-110 and 26-36-101 et seq.
As used in these rules and regulations:
(i) Any risk retention group chartered in a state other than Wyoming, before offering liability insurance on any risk located, resident or to be performed in this state, shall register with the commissioner, on forms the commissioner designates, sworn to by the president or chief executive officer and the secretary of the risk retention group pursuant to W.S. § 26-36-105.
(i) Any purchasing group which intends to do business in this state, before soliciting any member to insure through the group any 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 party who, under the organizational plan of the group, has authority to bind the group by signature, on forms the commissioner designates, providing such information and documentation as the commissioner shall require pursuant to W.S. § 26-36-109.
(i) Any risk retention group filing its registration or risk purchasing group filing its notice of intent to do business unless otherwise exempted under W.S. § 26-36-109(b), shall submit to the commissioner, contemporaneously with filing its registration 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 designated by the commissioner.
(i) Any registered risk retention group or risk purchasing group shall notify the commissioner in writing within thirty (30) days of any changes to the information contained on the registration form or notice of intent form. The commissioner may request additional information and documentation as necessary. No such request shall delay the effective date of the notice.
(ii) On or before March 1 of each year, each registered risk retention group and risk purchasing group shall file a sworn affidavit by the party authorized to file a registration or notice of intent to do business, certifying to the commissioner the accuracy of the information on file or as amended, and as to its continued intent to be registered and do business.
For the purposes of Section Four of these rules and regulations a liability purchasing group shall be deemed located or situated in the state where it is domiciled.
Any registered risk retention group in this state which utilizes brokers or agents in soliciting, negotiating, procuring or providing liability insurance for its members located or resident in this state shall do so only through brokers or agents licensed in this state. Nothing herein shall be construed to prevent a risk retention group from soliciting, negotiating, procuring or providing liability insurance for its members located or resident in this state directly through its officers, directors, owners, partners, trustees, or full-time salaried employees not licensed as a broker or agent in this state.
(i) Any registered purchasing group in this state which utilizes brokers or agents in soliciting, negotiating, procuring, or providing liability insurance for its members located or resident in this state shall do so only through brokers or agents licensed in this state. Nothing herein shall be construed to prevent a purchasing group from soliciting, negotiating, procuring or providing liability insurance for its members located or resident in this state through an insurer admitted in the state in which the purchasing group is located on a direct basis through the purchasing group's officers, directors, owners, partners, trustees, or full-time salaried employees not licensed as a broker or agent in this state.
Each risk retention group shall file with the commissioner 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 pursuant to the provisions of W.S. § 26-4-103 and W.S. § 26-36-105(d).
Premium taxes and taxes on premiums paid for coverage of risks resident or located in this state by a purchasing group or any member of the purchasing groups shall be:
(i) Imposed at the same rate and subject to the same interest, fines and penalties as that applicable to premium taxes and taxes on premiums paid for similar coverage from a similar insurance source by other insureds; and
(ii) Paid first by such insurance source, and if not by such source by the agent or broker for the purchasing group, and if not by such agent or broker then by the purchasing group, and if not by such purchasing group then by each of its members.
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.
These rules and regulations become effective upon filing with the Secretary of State.