Wyo. Code R. 044-0002-18
Effective Date: 01/27/2016 to Current
Rule Type: Current Rules & Regulations
Reference Number: 044.0002.18.01272016
These regulations governing consultants are promulgated by the authority of and pursuant to the Wyoming Administrative Procedure Act, W.S. §§ 16-3-101 through 16-3-115, W.S. § 26-2-110, W.S. § 26-9-217 and W.S. § 26-9-220.
(a) As used in these regulations 'Consultant' means any person who, for a fee, engages in the business of offering to another person any advice, counsel, opinion or service with respect to insurance needs, insurance risks, or concerning the benefits, coverages or provisions under any policy of insurance that could be issued in this state, or involving the advantages or disadvantages of any such policy of insurance, or any formal plan of managing pure risk and is not compensated by an insurer, or insurance producer for the advice given.
(i) Consultants as defined in this section shall include:
(A) A public adjustor or
(B) Any other person who, for compensation as an independent contractor, or as the employee of an independent contractor, or for fee or commission, on behalf of the insured investigates and negotiates settlement of claims arising under insurance contracts or who is engaged in the business of advising insureds with respect to the benefits or advantages promised under insurance contracts that could be or have been issued in this state.
(ii) Consultants, as defined in this section shall not include: A licensed attorney;
(A) Any licensed insurance producer who gives advice incidental to the normal course of insurance business and does not charge a fee other than commissions received from the insurance written; or
(B) Any person who gives incidental advice in the normal course of a business or professional activity, other than insurance consulting, if neither that person nor that person's employer receives compensation, direct or indirect, on account of any insurance transaction that results from that advice.
(a) In addition to the requirements contained in W.S. § 26-9-220, to be licensed as a consultant the applicant shall:
(i) Be at least 18 years old;
(ii) Be a resident of Wyoming or of another state which permits residents of Wyoming to act as consultants in that state;
(iii) Not have committed any act that is grounds for denial, suspension or revocation set forth in W.S. § 26-9-211; and
(iv) Have and maintain an office accessible to the public and keep therein the usual and customary records pertaining to transactions under the license except that this provision does not prohibit maintenance of the office in the licensee's home.
This regulation becomes effective immediately upon filing with the Secretary of State.