Wyo. Code R. 044-0002-33
Effective Date: 02/21/2018 to Current
Rule Type: Current Rules & Regulations
Reference Number: 044.0002.33.02212018
UNFAIR TRADE PRACTICES REGULATION
This regulation is promulgated pursuant to W.S. §§ 16-3-101 through 16-3-115, 26-2-110, 26-9-217, and 26-13-101 et seq.
The following are acts or practices which constitute unfair discrimination between individuals or risks of the same class and essentially the same hazard. This regulation is not exclusive and other acts not herein specified may also be deemed to be violations:
(a) Refusing to issue, refusing to renew, cancelling, mandating increased deductibles or limiting the amount of insurance coverage on a property or casualty risk, by whatever means direct or indirect, because of the geographic location of the risk, unless it is:
(i) For a business purpose which is not a mere pretext for unfair discrimination,
(ii) Required by law or regulatory mandate.
(b) Refusing to issue, refusing to renew, cancelling, mandating increased deductibles or limiting the amount of insurance coverage on a residential property risk, or the personal property contained therein, by whatever means direct or indirect, because of the age of the residential property, unless it is:
(i) For a business purpose which is not a mere pretext for unfair discrimination,
(ii) Required by law.
(c) Refusing to insure, refusing to continue to insure, limiting the amount, extent or kind of coverage available to an individual, or charging an individual a different rate for the same coverage solely because of blindness or partial blindness, except where the refusal, limitation, or rate differential is based on sound actuarial principles or is related to actual or reasonably anticipated experience.
(a) An insurance producer or consultant may not use a senior-specific certification or professional designation that indicates or implies in such a way as to mislead a purchaser or prospective purchaser that the insurance producer or consultant has special certification or training in advising or servicing seniors in connection with the solicitation, sale or purchase of an annuity, accident and health, or life insurance product, or in the provision of advice as to the value of or the advisability of purchasing or selling an annuity, accident and health, or life insurance product, either directly or indirectly through publications or writings, or by issuing or promulgating analyses or reports related to an annuity, accident and health, or life insurance product.
(b) The prohibited use of senior-specific certifications or professional designations is an untrue, deceptive, misleading, dishonest, or untrustworthy act or practice and includes, but is not limited to, the following:
(i) Use of a certification or professional designation by an insurance producer who has not actually earned or is otherwise ineligible to use the certification or designation;
(ii) Use of a nonexistent or self-conferred certification or professional designation;
(iii) Use of a certification or professional designation that indicates or implies a level of occupational qualifications obtained through education, training or experience that the insurance producer using the certification or designation does not have; and
(iv) Use of a certification or professional designation obtained from a certifying or designating organization that:
(A) Is primarily engaged in the business of instruction in sales or marketing;
(B) Does not have reasonable standards or procedures for assuring the competency of its certificants or designees;
(C) Does not have reasonable standards or procedures for monitoring and disciplining its certificants or designees for improper or unethical conduct; or
(D) Does not have reasonable continuing education requirements for its certificants or designees in order to maintain the certificate or designation.
(c) There is a rebuttable presumption that a certifying or designating organization is not disqualified solely for purposes of subsection (b)(iv) when the certification or designation issued from the organization does not primarily apply to sales or marketing and when the organization or the certification or designation in question has been accredited by:
(i) The American National Standards Institute (ANSI);
(ii) The National Commission for Certifying Agencies; or
(iii) Any organization that is on the U.S. Department of Education’s list entitled “Accrediting Agencies Recognized for Title IV Purposes.”
(d) In determining whether a combination of words or an acronym standing for a combination of words constitutes a certification or professional designation indicating or implying that a person has special certification or training in advising or servicing seniors, factors to be considered shall include:
(i) Use of one or more words such as “senior,” “retirement,” “elder,” or like words combined with one or more words such as “certified,” “registered,” “chartered,” “advisor,” “specialist,” “consultant,” “planner,” or like words, in the name of the certification or professional designation; and
(ii) The manner in which those words are combined.
(e) For purposes of this regulation, a job title within an organization that is licensed or registered by a state or federal financial services regulatory agency is not a certification or professional designation, unless it is used in a manner that would confuse or mislead a reasonable consumer, when the job title:
(i) Indicates seniority or standing within the organization; or
(ii) Specifies an individual’s area of specialization within the organization.
For purposes of subsection (e), financial services regulatory agency includes, but is not limited to, an agency that regulates insurers, insurance producers, broker-dealers, investment advisers, or investment companies as defined under the federal Investment Company Act of 1940.
(a) This section applies to the adjustment of physical damage claims under all motor vehicle policies issued in the State of Wyoming including, but not limited to, private passenger automobiles, recreational vehicles, commercial vehicles, motorcycles, or any other risk insured as a motor vehicle or trailer.
(b) Insurers shall adjust personal property losses, be it first or third party claims, by utilizing one of the following options:
(i) Pay for the loss in its entirety in money based on an appraisal of the damage sustained by insured’s vehicle;
(ii) Repair the damaged property; or
(iii) Replace the damaged property.
(a) All persons shall respond to Department inquiries, including, but not limited to, document and information requests during market conduct and financial examinations, investigations of complaints, and any other formal or informal investigation or examination conducted for the purpose of determining compliance with Wyoming law shall be as follows:
(i) Unless another time period is specified by statute, regulation or by the Department either electronically or in another written form, a complete and accurate response to any inquiry from the Division shall be provided within twenty (20) calendar days from the date of the inquiry.
(ii) “Complete and accurate response” means a written response that includes all of the information, documents and explanation requested in the Department’s inquiry. If the requested information is not available the response shall include a detailed explanation of why it cannot be provided.
(iii) If additional time is required to respond to any Department inquiry, the person shall submit a written request for an extension of time to the commissioner. The request for an extension of time shall:
(A) Be made no later than 5:00 PM Mountain Time on the business day prior to the response due date;
(B) Include a specific period of time for the extension; and
(C) State in detail the reasons necessitating the extension.
(iv) An extension may be granted, at the discretion of the commissioner, for good cause shown. When a request for an extension is granted, the person shall provide a complete and accurate response within the new time period granted. If an extension is not granted, or the person requesting the extension does not receive written confirmation from the commissioner that the extension is granted, the original response due date applies.
This regulation shall become effective upon filing with the Secretary of State.