Insurance Dept.

General Agency, Board or Commission Rules

Effective Date: 12/09/2016 to Current

Rule Type: Current Rules & Regulations

Reference Number: 044.0002.31.12092016

CHAPTER 31

POLICY FEE--PREMIUM REGULATION

Section 1. Authority

This regulation is promulgated by authority of W.S. §§ 26-2-110, 26-3-102, 26-4-103 and 16-3-101 et. seq.

Section 2. Applicability

This regulation shall apply to all direct insurance written in this State.

Section 3. Definition of Policy Fee

A policy fee means any sum of money by whatever name called that is directly or indirectly, collected from an insured, by an insurer or its insurance agent or broker as a consideration for insurance, which sum of money is added to the premium the insured would otherwise pay. A policy fee shall not be interpreted to include the cost of medical examinations required by a life insurer pursuant to W.S. § 26-13-121(b), nor shall it include sums collected for taxes by surplus lines brokers.

Section 4. Premium Tax

Any policy fee collected or charged shall be included in an insurer's premium income and the appropriate premium tax shall be paid pursuant to W.S. §§ 26-3-102 and 26-4-103. Such tax shall be paid by the insurer and shall not be charged to any individual insured, agent or broker.

Section 5. Effective Date

This regulation shall become effective upon filing with the Secretary of State.