Insurance Dept.

General Agency, Board or Commission Rules

Chapter 68: Regulation Governing Opt-Out Provisions of the Interstate Insurance Product Regulation Compact (IIPRC)

Effective Date: 09/25/2023 to Current

Rule Type: Current Rules & Regulations

Reference Number: 044.0002.68.09252023

CHAPTER 68

REGULATION GOVERNING OPT-OUT PROVISIONS OF THE INTERSTATE INSURANCE PRODUCT REGULATION COMPACT (IIPRC)

Section 1. Authority. This regulation is promulgated pursuant to W.S. §§ 26-2-110, 26-15-201 and 16-3-101, et seq.

Section 2. Purpose. The purpose of this regulation is to exercise the opt-out provisions of the Interstate Insurance Product Regulation Compact (IIPRC) pursuant to W.S § 26-15-201, Article VII.

Section 3. Uniform Standards as Applied.

(a) Group Disability:

(i) The Commissioner has considered the Uniform Standards as applied to the Group Disability Income Insurance Product Line adopted by the IIPRC on June 8, 2016 and finds the protections offered to Wyoming citizens are not adequate.

(ii) The Wyoming Insurance Department declines to participate in the IIPRC Uniform Standards as applied to the Group Disability Income Insurance Product Line.

(b) Individual Disability:

(i) The commissioner has considered the Uniform Standards as applied to the Individual Disability Income Insurance Product Line adopted by the IIPRC on August 3, 2018 and finds the protections offered to Wyoming citizens are not adequate.

(ii) The Wyoming Insurance Department declines to participate in the IIPRC Uniform standards as applied to the Individual Disability Income Insurance Product Line.

(c) Individual Disability Income Buy-Sell Policy Insurance Policies:

(i) The commissioner has considered the Uniform Standards as applied to the Individual Disability Income Buy-Sell Policy Insurance Policies adopted by the IIPRC on March 24, 2023, and finds the protections offered to Wyoming citizens are not adequate.

(ii) The Wyoming Insurance Department declines to participate in the IIPRC Uniform standards as applied to the Individual Disability Income Buy-Sell Policy Insurance Policies.

(d) Individual Disability Income Key Person Replacement Insurance Policies:

(i) The commissioner has considered the Uniform Standards as applied to the

Individual Disability Income Key Person Replacement Insurance Policies adopted by the IIPRC on March 24, 2023, and finds the protections offered to Wyoming citizens are not adequate.

(ii) The Wyoming Insurance Department declines to participate in the IIPRC Uniform standards as applied to the Individual Disability Income Key Person Replacement Insurance Policies.

Section 4. Effective Date. This regulation becomes effective immediately upon filing with the Secretary of State.