Insurance Dept.

General Agency, Board or Commission Rules

Effective Date: 12/09/2016 to Current

Rule Type: Current Rules & Regulations

Reference Number: 044.0002.22.12092016

CHAPTER 22

REGULATION GOVERNING CLOSED BLOCKS OF BUSINESS

Section 1. Authority

This regulation governing closed blocks of business is promulgated by the authority of and pursuant to the Wyoming Insurance Code W.S. §§ 26-2-110 and 26-39-101 et. seq.

Section 2. Definitions

"Like Insureds" for the purposes of W.S. § 26-39-103 shall mean those insureds who:

(a) Are of the same underwriting risk classification as designated or approved by the Wyoming Insurance Commissioner; and

(b) Are insured under disability insurance policies providing the same type of coverage. Each of the following coverages shall be deemed a type of coverage:

1. (i) Hospital-surgical expense coverage;
2. (ii) Major medical expense coverage;
3. (iii) Hospital indemnity coverage;
4. (iv) Disability income coverage;
5. (v) Accident only coverage;
6. (vi) Specified disease coverage;
7. (vii) Medicare supplement coverage;
8. (viii) Mortgage disability coverage;
9. (ix) Long-term care coverage;
10. (x) Short-term non-renewable coverage; and
11. (xi) Such other coverages as designated or approved by the Commissioner.

Section 3. Closed Blocks

An insurer will be presumed to have closed a block of business in Wyoming pursuant to W.S. § 26-39-102(a)(ii), if the insurer has not marketed or sold a new contract in Wyoming in that block of business during the preceding calendar year.

Section 4. Reporting Requirements

On or before March 1 of each year, any insurer who has sold an individual group or blanket disability contract or certificate, excluding credit disability insurance as defined in W.S. § 26-21-102(a)(ii), in Wyoming in the past calendar year shall submit a report containing the following information:

(a) A listing for the preceding calendar year of all blocks of business which still have Wyoming insureds as policy or certificate holders within each block as well as an indication as to whether each block has been closed according to the standard set forth in Section 3 of this regulation;

(b) A listing of the number of insureds on the first and last days of the reporting year in each block, and the number of insureds added or canceled from that block during reporting year.

(c) Such other information as the Insurance Commissioner deems necessary.

Section 5. Effective Date

This regulation becomes effective immediately upon filing with the Secretary of State.