Wyo. Code R. 044-0002-22
Effective Date: 12/31/1996 to 12/09/2016
Rule Type: Superceded Rules & Regulations
Reference Number: 044.0002.22.12311996
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 Administrative Procedure Act W.S. 16-3-101 et. seq. and the Wyoming Insurance Code W.S. 26-2-110, W.S. 26-2-116 and supplements and defines W.S. 26-39-101 et. seq. of the Insurance Code.
Section 2. Scope
This regulation shall apply to those insurers who are within the scope of W.S. 26-39-101 et seq.
Section 3. Definitions
As used in these regulations:
(a) “Like Insureds” for the purposes of W.S. 26-39-103 shall mean those insureds who: (i) Are of the same underwriting risk classification as designated or approved by the Wyoming Insurance Commissioner; and (ii) Are insured under disability insurance policies providing the same type of coverage. Each of the following coverages shall be deemed a type of coverage: (A) Hospital-surgical expense coverage; (B) Major medical expense coverage; (C) Hospital indemnity coverage; (D) Disability income coverage; (E) Accident only coverage; (F) Specified disease coverage; (G) Medicare supplement coverage; (H) Mortgage disability coverage; (I) Long-term care coverage; (J) Short-term non-renewable coverage; and (K) Such other coverages as designated or approved by the Commissioner.
(b) 'Person' shall have the meaning set forth in W.S. 26-1-102(a)(xx).
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 no longer offers for sale any individual, group or blanket disability insurance contracts in Wyoming from a particular block of business and has not sold a new contract in Wyoming in that block of business during the preceding calendar year.
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 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 4 of this regulation;
(b) A listing of the number of insureds at the beginning of the calendar year in each block, the number of insureds added or canceled from that block during the year and the number of insureds at the end of the calendar year in each block.
(c) Such other information the Insurance Commissioner deems necessary to fulfill his duties under the Wyoming Insurance Code.
Any person who violates any provision of this regulation or files false or fraudulent information required under Section 5, shall be punishable in accordance with W.S. 26-1-107 and, in addition, may have any license or certificate of authority issued by this Department suspended or revoked pursuant to W.S. 26-9-136 and W.S. 26-3-116.
If any provision of this regulation 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.
This regulation becomes effective immediately upon filing with the Secretary of State.