Wyo. Code R. 044-0002-31
Effective Date: 07/20/1979 to 12/31/1996
Rule Type: Superceded Rules & Regulations
Reference Number: 044.0002.31.07201979
insurance/general/31_Policy_Fee,Premium_Regs.
Agency INSURANCE Insurance Dept.
Program G E N E R A L
General Agency, Board or Commission Rules
Chapter Name Policy Fee, Premium Regs.
Chapter No.31
Date Filed 07/20/79 Expr Date
Supr Date
Repeal Date
Document Type RULES
Chapter XXXI
Effective July 1, 1979
This regulation is promulgated by authority of W.S. 26-2-110 and pursuant to the terms and provisions of the Wyoming Administrative Procedure Act, W.S. 9-4-101 to 9-4-115.
This regulation is promulgated to ensure disclosure of all costs of insurance, to provide for filing and prior approval by the Insurance Department of such costs and to make certain that all sums collected as consideration for insurance are properly taxed.
(Section) 3 Applicability This regulation shall apply to all direct insurance written in this State.
As used herein, a policy fee means any sum of money by whatever name called, collected from an insured, directly or indirectly, 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.
Every filing of rates by an insurer, after the effective date of this regulation, which includes the charging or calculation of a policy fee, shall separately state the same and provide supporting information as to its reasonableness. The fact that such policy fee may be payable directly or indirectly to the agent or broker of the insurer shall not exempt an insurer from the requirements of this section.
(Section) 6 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 thereon. Such tax shall be paid by the insurer and shall not be charged to any individual insured, agent or broker.
(Section) 7 Penalties Any violation of the provisions of this regulation shall subject the violator, or the principal of said violator or both to the sanctions provided by W.S. 26-1-115, or revocations or suspensions of licenses or both.
(Section) 8 Severability clause
If any of the applications or provisions of this regulation are held invalid, the invalidity shall not affect other applications or provisions of this regulation which can be given effect without the invalid applications or provisions, and to this end this regulation is severable.
(Section) 9 Effective date This regulation shall become effective on 1 July 1979.