State Codes and Statutes

Statutes > Wyoming > Title26 > Chapter9

CHAPTER 9 - AGENCIES AND ADJUSTERS

 

ARTICLE 1 - IN GENERAL

 

26-9-101. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-102. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-103. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-104. Amended and renumbered as W.S. 26-9-226 by Laws 2001, Ch.201, 3.

 

 

26-9-105. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-106. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-107. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-108. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-109. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-110. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-111. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-112. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-113. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-114. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-115. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-116. Amended and renumbered as W.S. 26-9-227 by Laws 2001, Ch.201, 3.

 

 

26-9-117. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-118. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-119. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-120. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-121. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-122. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-123. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-124. Amended and renumbered as W.S. 26-9-223 by Laws 2001, Ch.201, 3.

 

 

26-9-125. Amended and renumbered as W.S. 26-9-224 by Laws 2001, Ch.201, 3.

 

 

26-9-126. Amended and renumbered as W.S. 26-9-225 by Laws 2001, Ch.201, 3.

 

26-9-127. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-128. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-129. Amended and renumbered as W.S. 26-9-228 by Laws 2001, Ch.201, 3.

 

26-9-130. Amended and renumbered as W.S. 26-9-229 by Laws 2001, Ch.201, 3.

 

 

26-9-131. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-132. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-133. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-134. Amended and renumbered as W.S. 26-9-230 by Laws 2001, Ch.201, 3.

 

26-9-135. Amended and renumbered as W.S. 26-9-219 by Laws 2001, Ch.201, 3.

 

26-9-136. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-137. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-138. Renumbered as W.S. 26-9-232 by Laws 2001, Ch. 201, 4.

 

 

26-9-139. Amended and renumbered as W.S. 26-9-220 by Laws 2001, Ch.201, 3.

 

26-9-140. Amended and renumbered as W.S. 26-9-221 by Laws 2001, Ch.201, 3.

 

 

26-9-141. Amended and renumbered as W.S. 26-9-231 by Laws 2001, Ch.201, 3.

 

26-9-142. Amended and renumbered as W.S. 26-9-222 by Laws 2001, Ch.201, 3.

 

 

ARTICLE 2 - INSURANCE PRODUCERS

 

26-9-201. Purpose and scope.

 

This chapter governs the qualificationsand procedures for the licensing of insurance producers. This chapter does notapply to excess and surplus lines brokers licensed pursuant to W.S. 26-11-112except as provided in W.S. 26-9-207(h) and 26-9-208 or as expressly provided inchapter 11 of this code.

 

26-9-202. Definitions.

 

(a) As used in this chapter:

 

(i) "Business entity" means a corporation,association, partnership, limited liability company, limited liabilitypartnership or other legal entity;

 

(ii) "Home state" means the District of Columbia andany state or territory of the United States in which an insurance producermaintains his principal place of residence or principal place of business andis licensed to act as an insurance producer;

 

(iii) "License" means a document issued by thecommissioner authorizing a person to act as an insurance producer for the linesof authority specified in the document. The license itself does not create anyauthority, actual, apparent or inherent, in the holder to represent or commitan insurer;

 

(iv) "Limited line credit insurance" includes creditlife, credit disability, credit property, credit unemployment, involuntaryunemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteedautomobile protection insurance, and any other form of insurance offered inconnection with an extension of credit that is limited to partially or whollyextinguishing that credit obligation that the commissioner determines should bedesignated a form of limited line credit insurance;

 

(v) "Limited line credit insurance producer" means aperson who sells, solicits or negotiates one (1) or more forms of limited linecredit insurance coverage to individuals through a master, corporate, group orindividual policy;

 

(vi) "Limited lines insurance" means those lines ofinsurance referred to in W.S. 26-9-209(c), 26-9-221, 26-29-233, 26-32-101,26-36-113, 26-37-102(a)(iv) or 31-14-120 or any other line of insurance thecommissioner deems necessary to recognize for the purposes of complying withW.S. 26-9-208(e);

 

(vii) "Limited lines producer" means a personauthorized by the commissioner to sell, solicit or negotiate limited linesinsurance;

 

(viii) "Negotiate" means the act of conferring directlywith or offering advice directly to a purchaser or prospective purchaser of aparticular contract of insurance concerning any of the substantive benefits,terms or conditions of the contract, provided that the person engaged in thatact either sells insurance or obtains insurance from insurers for purchasers;

 

(ix) "Sell" means to exchange a contract of insuranceby any means, for money or its equivalent, on behalf of an insurer;

 

(x) "Solicit" means attempting to sell insurance orasking or urging a person to apply for a particular kind of insurance from aparticular insurer;

 

(xi) "Terminate" means the cancellation of therelationship between an insurance producer and the insurer or the terminationof a producer's authority to transact insurance;

 

(xii) "Uniform application" means the current versionof the National Association of Insurance Commissioners' uniform application forresident and nonresident producer licensing;

 

(xiii) "Uniform business entity application" means thecurrent version of the National Association of Insurance Commissioners' uniformbusiness entity application for resident and nonresident business entities.

 

26-9-203. License required.

 

A person shall not sell, solicit ornegotiate insurance in this state for any class or classes of insurance unlessthe person is licensed for that line of authority in accordance with thischapter.

 

26-9-204. Exceptions to licensing.

 

(a) Nothing in this chapter shall be construed to require aninsurer to obtain an insurance producer license. As used in this section, theterm "insurer" does not include an insurer's officers, directors,employees, subsidiaries or affiliates.

 

(b) A license as an insurance producer shall not be required ofthe following:

 

(i) An officer, director or employee of an insurer or of aninsurance producer, provided that the officer, director or employee does notreceive any commission on policies written or sold to insure risks residing,located or to be performed in this state, and:

 

(A) The officer, director or employee's activities areexecutive, administrative, managerial, clerical or a combination of these, andare only indirectly related to the sale, solicitation or negotiation ofinsurance; or

 

(B) The officer, director or employee's function relates tounderwriting, loss control, inspection or the processing, adjusting,investigating or settling of a claim on a contract of insurance; or

 

(C) The officer, director or employee is acting in the capacityof a special agent or agency supervisor assisting insurance producers where theperson's activities are limited to providing technical advice and assistance tolicensed insurance producers and do not include the sale, solicitation ornegotiation of insurance.

 

(ii) A person who receives no commission and provides thefollowing services:

 

(A) Secures and furnishes information for the purpose of grouplife insurance, group property and casualty insurance, group annuities, groupor blanket accident and health or disability insurance; or

 

(B) Secures and furnishes information for the purpose ofenrolling individuals under plans, issuing certificates under plans orotherwise assisting in administering plans; or

 

(C) Performs administrative services related to mass marketedproperty and casualty insurance.

 

(iii) An employer or association or its officers, directors,employees, or the trustees of an employee trust plan, to the extent that theemployers, officers, employees, directors or trustees are engaged in theadministration or operation of a program of employee benefits for theemployer's or association's own employees or the employees of its subsidiariesor affiliates, which program involves the use of insurance issued by aninsurer, as long as the employers, associations, officers, directors, employeesor trustees are not in any manner compensated, directly or indirectly, by thecompany issuing the contracts;

 

(iv) Employees of insurers or organizations employed by insurerswho are engaging in the inspection, rating or classification of risks, or inthe supervision of the training of insurance producers and who are notindividually engaged in the sale, solicitation or negotiation of insurance;

 

(v) A person whose activities in this state are limited toadvertising without the intent to solicit insurance in this state throughcommunications in printed publications or other forms of electronic mass mediawhose distribution is not limited to residents of the state, provided that theperson does not sell, solicit or negotiate insurance that would insure risksresiding, located or to be performed in this state;

 

(vi) A person who is not a resident of this state who sells,solicits or negotiates a contract of insurance for commercial property andcasualty risks to an insured with risks located in more than one (1) stateinsured under that contract, provided that person is otherwise licensed as aninsurance producer to sell, solicit or negotiate the insurance in the state wherethe insured maintains its principal place of business and the contract ofinsurance insures risks located in that state; or

 

(vii) A salaried full-time employee who counsels or advises hisemployer relative to the insurance interests of the employer or of thesubsidiaries or business affiliates of the employer provided the employee doesnot sell or solicit insurance or receive a commission.

 

26-9-205. Application for examination.

 

(a) A resident individual applying for an insurance producerlicense shall pass a written examination unless exempt pursuant to W.S.26-9-209. The examination shall test the knowledge of the individual concerningthe lines of authority for which application is made, the duties andresponsibilities of an insurance producer and the insurance laws andregulations of this state. Examinations required by this section shall bedeveloped and conducted by the commissioner who shall adhere to the applicableinstructions or recommendations of the state board of insurance agents' examinersas provided by W.S. 26-10-104.

 

(b) The commissioner and the state board of insurance agents'examiners may make arrangements, including contracting with an outside testingservice, for administering examinations. If an outside testing service is employed,each individual applying for an examination shall remit the appropriate fee forthe examination to the testing service.

 

26-9-206. Application for license.

 

(a) A person applying for a resident insurance producer licenseshall make application to the commissioner on the uniform application anddeclare under penalty of refusal, suspension or revocation of the license thatthe statements made in the application are true, correct and complete to thebest of the individual's knowledge and belief. Before approving theapplication, the commissioner shall find that the individual:

 

(i) Is at least eighteen (18) years of age;

 

(ii) Has not committed any act that is a ground for denial,suspension or revocation set forth in W.S. 26-9-211;

 

(iii) Has paid the fees set forth in W.S. 26-4-101(a);

 

(iv) Has successfully passed the examinations for the lines ofauthority for which the person has applied; and

 

(v) Has provided the commissioner a credit and investigationreport on the applicant from a recognized and established independentinvestigation and reporting agency. The cost of the report shall be paid by theapplicant.

 

(b) A business entity acting as an insurance producer isrequired to obtain an insurance producer license. Application shall be madeusing the uniform business entity application. Before approving theapplication, the commissioner shall find that:

 

(i) The business entity has paid the fees set forth in W.S.26-4-101(a); and

 

(ii) The business entity has designated a licensed producerresponsible for the business entity's compliance with the insurance laws, rulesand regulations of this state.

 

(c) The commissioner may require any documents reasonablynecessary to verify the information contained in an application.

 

(d) Each insurer that sells, solicits or negotiates any form oflimited line credit insurance shall provide to each individual whose dutieswill include selling, soliciting or negotiating limited line credit insurance aprogram of instruction.

 

26-9-207. License.

 

(a) Unless denied licensure pursuant to W.S. 26-9-211, personswho have met the requirements of W.S. 26-9-205 and 26-9-206 shall be issued aninsurance producer license. An insurance producer may receive qualification fora license in one (1) or more of the following lines of authority:

 

(i) Life - insurance coverage on human lives including benefitsof endowment and annuities, and may include benefits in the event of death ordismemberment by accident and benefits for disability income;

 

(ii) Accident and health or sickness or disability - insurancecoverage for sickness, bodily injury or accidental death and may includebenefits for disability income;

 

(iii) Property - insurance coverage for the direct orconsequential loss or damage to property of every kind;

 

(iv) Casualty - insurance coverage against legal liability,including that for death, injury or disability or damage to real or personalproperty;

 

(v) Variable life and variable annuity products - insurancecoverage provided under variable life insurance contracts and variableannuities;

 

(vi) Personal lines - property and casualty insurance coveragesold to individuals and families for primarily noncommercial purposes;

 

(vii) Credit - limited line credit insurance;

 

(viii) Any other line of insurance permitted under state laws orregulations.

 

(b) An individual insurance producer license shall remain ineffect unless revoked or suspended as long as on or before the last day of themonth of the licensee's birthday in the second year following the issuance orrenewal of the license the continuation fee set forth in W.S. 26-4-101(a) ispaid, the continuing education requirements for resident individual producersare met by the due date and a written request for continuation of the licenseis made to the commissioner on forms prescribed by the commissioner.

 

(c) An individual insurance producer who allows his license tolapse may, within twelve (12) months from the due date of the continuation fee,reinstate the same license without the necessity of passing a writtenexamination. However, a penalty equal to the amount of the unpaid continuationfee shall be required in addition to the unpaid fee for any continuationrequest received after the due date.

 

(d) A licensed insurance producer who is unable to comply withlicense renewal procedures due to military service or some other extenuatingcircumstance such as a long-term medical disability may request a waiver ofthose procedures. The producer may also request a waiver of any examinationrequirement or any other fine or sanction imposed for failure to comply withrenewal procedures.

 

(e) The license shall contain the licensee's name, address,personal identification number, date of issuance, the lines of authority, theexpiration date and any other information the commissioner deems necessary.

 

(f) Licensees shall inform the commissioner by any meansacceptable to the commissioner of a change of address within thirty (30) daysof the change.

 

(g) The commissioner may contract with nongovernmental entities,including the National Association of Insurance Commissioners or any affiliatesor subsidiaries that association oversees, to perform any ministerialfunctions, including the collection of fees, related to producer licensing thatthe commissioner and the nongovernmental entity may deem appropriate.

 

(h) Each service representative, adjuster and surplus linebroker license issued under this code shall continue in force until expired,suspended, revoked or otherwise terminated, if the applicable continuation feespecified in W.S. 26-4-101 is paid to the commissioner, on or before the lastday of the month of the licensee's birthday in the second year following theissuance or renewal of the license, accompanied by a written request forcontinuation made as follows:

 

(i) As to adjuster and surplus line broker licenses, requestmade and signed by the licensee;

 

(ii) As to service representative licenses, request made andsigned by the employer as to whom licensed.

 

(j) Any license referred to in subsection (h) of this sectionis considered expired if the commissioner does not receive the fee and therequest for continuation by midnight on its renewal date, except that anyholder of such a license who allows his license to lapse may, within twelve (12)months from the due date of the continuation fee, reinstate the same licensewithout the necessity of passing a written examination. However, a penaltyequal to the amount of the unpaid continuation fee shall be required inaddition to the unpaid fee for any continuation request received after the duedate.

 

26-9-208. Nonresident licensing.

 

(a) Unless denied licensure pursuant to W.S. 26-9-211, anonresident person shall receive a nonresident producer license if:

 

(i) The person is currently licensed as a resident and is ingood standing in his home state;

 

(ii) The person has submitted the proper request for licensureand has paid the fees required by W.S. 26-4-101(a);

 

(iii) The person has submitted or transmitted to the commissionerthe application for licensure the person submitted to his home state, or inlieu of the same, a completed uniform application; and

 

(iv) The person's home state awards nonresident producerlicenses to residents of this state on the same basis.

 

(b) The commissioner may verify the producer's licensing statusthrough the producer database maintained by the National Association ofInsurance Commissioners, its affiliates or subsidiaries.

 

(c) A nonresident producer who moves from one (1) state toanother or a resident producer who moves from this state to another state shallfile a change of address and provide certification from the new resident statewithin thirty (30) days of the change of legal residence. No fee or licenseapplication is required.

 

(d) Notwithstanding any other provision of this chapter, aperson licensed as a surplus lines producer in his home state shall receive anonresident surplus lines producer license pursuant to subsection (a) of thissection. Except as to subsection (a) of this section, nothing in this sectionotherwise amends or supercedes any provision of chapter 11 of this code.

 

(e) Notwithstanding any other provision of this chapter, aperson licensed as a limited line credit insurance or other type of limitedlines producer in his home state shall receive a nonresident limited linesproducer license, pursuant to subsection (a) of this section, granting the samescope of authority as granted under the license issued by the producer's homestate. For the purposes of this subsection, limited line insurance is anyauthority granted by the home state which restricts the authority of thelicense to less than the total authority prescribed in the associated majorlines pursuant to W.S. 26-9-207(a)(i) through (vi).

 

26-9-209. Exemption from examination.

 

(a) An individual who applies for an insurance producer licensein this state who was previously licensed for the same lines of authority inanother state shall not be required to complete an examination. This exemptionis only available if the person is currently licensed in that state or if theapplication is received within ninety (90) days of the cancellation of theapplicant's previous license and if the prior state issues a certificationthat, at the time of cancellation, the applicant was in good standing in thatstate or the state's producer database records, maintained by the NationalAssociation of Insurance Commissioners, its affiliates or subsidiaries,indicate that the producer is or was licensed in good standing for the line ofauthority requested.

 

(b) A person licensed as an insurance producer in another statewho moves to this state shall make application within ninety (90) days ofestablishing legal residence to become a resident licensee pursuant to W.S.26-9-206. No examination shall be required of that person to obtain any line ofauthority previously held in the prior state except where the commissionerdetermines otherwise by regulation.

 

(c) No examination shall be required of persons representingpublic carriers who, in the course of that representation, solicit or sellinsurance incidental to the transportation of persons or to the storage ortransportation of property. Persons exempted from examination pursuant to thissubsection may be issued a limited insurance representative license by thecommissioner upon submission of an application approved by the commissioner andpayment of the fee specified in W.S. 26-4-101. A license issued under thissubsection shall continue in force until expired, suspended, revoked orotherwise terminated, if the applicable continuation fee specified in W.S.26-4-101 is paid to the commissioner, on or before the last day of the month ofthe licensee's birthday in the second year following the issuance or renewal ofthe license. Licensees under this subsection shall be subject to theapplication requirements established by the commissioner, the provisions ofW.S. 26-9-211 and chapter 13 of this code but shall not be subject to the otherprovisions of this code.

 

26-9-210. Temporary licensing.

 

(a) The commissioner may issue a temporary insurance producerlicense for a period not to exceed one hundred eighty (180) days withoutrequiring an examination if the commissioner deems that the temporary licenseis necessary for the servicing of an insurance business in the following cases:

 

(i) To the surviving spouse or court-appointed personalrepresentative of a licensed insurance producer who dies or becomes mentally orphysically disabled to allow adequate time for the sale of the insurancebusiness owned by the producer or for the recovery or return of the producer tothe business or to provide for the training and licensing of new personnel tooperate the producer's business;

 

(ii) To a member or employee of a business entity licensed as aninsurance producer, upon the death or disability of an individual designated inthe business entity application or the license;

 

(iii) To the designee of a licensed insurance producer enteringactive service in the armed forces of the United States; or

 

(iv) In any other circumstance where the commissioner deems thatthe public interest will best be served by the issuance of this license.

 

(b) The commissioner may by order limit the authority of anytemporary licensee in any way deemed necessary to protect insureds and thepublic. The commissioner may require the temporary licensee to have a suitablesponsor who is a licensed producer or insurer and who assumes responsibilityfor all acts of the temporary licensee and may impose other similarrequirements designed to protect insureds and the public. The commissioner mayby order revoke a temporary license if the interest of insureds or the publicare endangered. A temporary license may not continue after the owner or thepersonal representative disposes of the business.

 

26-9-211. License denial, nonrenewal or revocation.

 

(a) The commissioner may, after appropriate notice andopportunity for hearing pursuant to the Wyoming Administrative Procedure Actand in accordance with W.S. 26-2-125 through 26-2-129, place on probation,suspend, revoke or refuse to issue or renew an insurance producer's license orother license issued under this code, or may levy a civil penalty in accordancewith W.S. 26-1-107 or any combination of actions, for any one (1) or more ofthe following causes:

 

(i) Providing incorrect, misleading, incomplete or materiallyuntrue information in the license application;

 

(ii) Violating any insurance laws, or violating any regulation,subpoena or order of the commissioner or of another state's insurancecommissioner;

 

(iii) Obtaining or attempting to obtain a license throughmisrepresentation or fraud;

 

(iv) Improperly withholding, misappropriating or converting anymonies or properties received in the course of doing insurance business;

 

(v) Intentionally misrepresenting the terms of an actual orproposed insurance contract or application for insurance;

 

(vi) Having been convicted of a felony;

 

(vii) Having admitted or been found to have committed anyinsurance unfair trade practice or fraud;

 

(viii) Using fraudulent, coercive or dishonest practices, ordemonstrating incompetence, untrustworthiness or financial irresponsibility inthe conduct of business in this state or elsewhere;

 

(ix) Having an insurance producer license, or its equivalent,denied, suspended or revoked in any other state, province, district orterritory;

 

(x) Forging another's name to an application for insurance orto any document related to an insurance transaction;

 

(xi) Improperly using notes or any other reference material tocomplete an examination for an insurance license; or

 

(xii) Failing to comply with an administrative or court orderimposing a child support obligation.

 

(b) The license of a business entity may be suspended, revokedor refused if the commissioner finds, after notice and opportunity for hearing,that an individual licensee's violation was known by one (1) or more of thepartners, officers or managers acting on behalf of the business entity and theviolation was neither reported to the commissioner nor corrective action taken.

 

(c) The commissioner shall retain the authority to enforce theprovisions of and impose any penalty or remedy authorized by this chapter andthis code against any person who is under investigation for or charged with aviolation of this chapter or this code even if the person's license orregistration has been surrendered or has lapsed by operation of law.

 

26-9-212. Commissions.

 

(a) An insurer or insurance producer shall not pay acommission, service fee, brokerage or other valuable consideration to a personfor selling, soliciting or negotiating insurance in this state if that personis required to be licensed under this chapter and is not so licensed.

 

(b) A person shall not accept a commission, service fee,brokerage or other valuable consideration for selling, soliciting ornegotiating insurance in this state if that person is required to be licensedunder this chapter and is not so licensed.

 

(c) Renewal or other deferred commissions may be paid to aperson for selling, soliciting or negotiating insurance in this state if theperson was required to be licensed under this chapter at the time of the sale,solicitation or negotiation and was so licensed at that time.

 

(d) An insurer or insurance producer may pay or assigncommissions, brokerages or other valuable consideration to an insurance agencyor to persons who do not sell, solicit or negotiate insurance in this state,unless the payment would violate W.S. 26-13-110 or 26-13-112.

 

26-9-213. Appointments.

 

(a) An insurance producer shall not act as an agent of aninsurer unless the insurance producer becomes an appointed agent of thatinsurer. An insurance producer who is not acting as an agent of an insurer isnot required to become appointed.

 

(b) To appoint a producer as its agent, the appointing insurershall file, in a format approved by the commissioner, a notice of appointmentwithin fifteen (15) days from the date the agency contract is executed or thefirst insurance application is submitted. An insurer may also elect to appointa producer to all or some insurers within the insurer's holding company systemor group by the filing of a single appointment request.

 

(c) Upon receipt of the notice of appointment, the commissionershall verify within a reasonable time that the insurance producer is eligiblefor appointment. If the insurance producer is determined to be ineligible forappointment, the commissioner shall notify the insurer.

 

(d) An insurer shall pay an appointment fee, in the amount setforth in W.S. 26-4-101(a), for each insurance producer appointed by theinsurer.

 

(e) An insurer shall remit, on or before March 31 and in amanner prescribed by the commissioner, an annual continuation appointment feein the amount set forth in W.S. 26-4-101(a).

 

26-9-214. Notification to commissioner of termination.

 

(a) An insurer or authorized representative of the insurer thatterminates the appointment, employment, contract or other insurance businessrelationship with a producer for any reason shall notify the commissionerwithin thirty (30) days following the effective date of the termination, usinga format prescribed by the commissioner. Upon written request of thecommissioner, the insurer shall provide additional information, documents,records or other data pertaining to the termination or activity of theproducer.

 

(b) The insurer or the authorized representative of the insurershall promptly notify the commissioner in a format acceptable to thecommissioner if, upon further review or investigation, the insurer discoversadditional information that would have been reportable to the commissionerunder subsection (a) of this section had the insurer known of its existence.

 

(c) Within fifteen (15) days after making the notificationrequired by subsections (a) and (b) of this section, the insurer shall mail acopy of the notification to the producer at his last known address.

 

(d) Within thirty (30) days after the producer has received theoriginal or additional notification, the producer may file written commentsconcerning the substance of the notification with the commissioner. Theproducer shall, by the same means, simultaneously send a copy of the commentsto the reporting insurer, and the comments shall be part of the commissioner'sfile and accompany every copy of a report distributed or disclosed for anyreason about the producer as permitted under subsection (e) or (f) of thissection.

 

(e) Any documents, materials or other information in thecontrol or possession of the department that is furnished by an insurer,producer or an employee or agent thereof acting on behalf of the insurer orproducer, or obtained by the commissioner in an investigation pursuant to thissection shall be confidential by law and privileged, shall not be subject to W.S.16-4-201 through 16-4-205, shall not be subject to subpoena, and shall not besubject to discovery or admissible in evidence in any private civil action. Thecommissioner is authorized to use the documents, materials or other informationin the furtherance of any regulatory or legal action brought as a part of thecommissioner's duties. Neither the commissioner nor any person who receiveddocuments, materials or other information while acting under the authority ofthe commissioner shall be permitted or required to testify in any private civilaction concerning any confidential documents, materials or information subjectto this subsection or subsection (f) of this section. In order to assist inthe performance of the commissioner's duties under this code, the commissioner:

 

(i) May share documents, materials or other information,including the confidential and privileged documents, materials or informationsubject to this subsection, with other state, federal and internationalregulatory agencies, with the National Association of Insurance Commissioners,its affiliates or subsidiaries, and with state, federal and international lawenforcement authorities, provided that the recipient agrees to maintain theconfidentiality and privileged status of the document, material or otherinformation;

 

(ii) May receive documents, materials or information, includingotherwise confidential and privileged documents, materials or information, fromthe National Association of Insurance Commissioners, its affiliates or subsidiariesand from regulatory and law enforcement officials of other foreign or domesticjurisdictions, and shall maintain as confidential or privileged any document,material or information received with notice or the understanding that it isconfidential or privileged under the laws of the jurisdiction that is thesource of the document, material or information; and

 

(iii) May enter into agreements governing sharing and use ofinformation consistent with this subsection.

 

(f) No waiver of any applicable privilege or claim ofconfidentiality in the documents, materials or information shall occur as aresult of disclosure to the commissioner under this section or as a result ofsharing as authorized in subsection (e) of this section. Nothing in this chaptershall prohibit the commissioner from releasing final, adjudicated actionsincluding termination causes to a database or other clearinghouse servicemaintained by the National Association of Insurance Commissioners, itsaffiliates or subsidiaries.

 

(g) An insurer, the authorized representative of the insurer,or producer that fails to report as required under the provisions of thissection or that is found to have reported with actual malice by a court ofcompetent jurisdiction may, after notice and opportunity for hearing, have itslicense or certificate of authority suspended or revoked and may be fined inaccordance with W.S. 26-1-107.

 

26-9-215. Reciprocity.

 

(a) The commissioner shall waive any requirements for anonresident license applicant with a valid license from his home state, exceptthe requirements imposed by W.S. 26-9-208, if the applicant's home state awardsnonresident licenses to residents of this state on the same basis.

 

(b) In order to carry out the provisions of subsection (a) ofthis section, the commissioner may negotiate and enter into reciprocalarrangements with the insurance supervisory official of any other state orprovince.

 

26-9-216. Reporting of actions.

 

(a) A resident or nonresident insurance producer shall report tothe commissioner any administrative action taken against the producer inanother jurisdiction or by another governmental agency in this state withinthirty (30) days of the final disposition of the matter. This report shallinclude a copy of the order, consent to order or other relevant legaldocuments.

 

(b) Within thirty (30) days of the initial pretrial hearingdate, a resident or nonresident insurance producer shall report to thecommissioner any criminal prosecution of the producer taken in any jurisdiction.The report shall include a copy of the initial complaint filed, the orderresulting from the hearing and any other relevant legal documents.

 

26-9-217. Regulations; limitation.

 

(a) The commissioner may, in accordance with W.S. 26-2-110promulgate reasonable regulations as are necessary or proper to carry out thepurposes of this chapter.

 

(b) Repealed By Laws 2007, Ch. 43, 1.

 

26-9-218. Service representatives.

 

(a) No individual in this state shall act as or hold himselfout to be a service representative as defined in W.S. 26-1-102(a)(xxv) unlessthen licensed as such under this section.

 

(b) An application for a license to act as a servicerepresentative shall be made to the commissioner on forms prescribed by thecommissioner. No examination is required. The commissioner may conductinvestigations concerning the applicant's qualifications, business affiliationsand any other matter he deems necessary to determine compliance with thischapter or for the public's protection.

 

(c) The commissioner shall collect the appropriate applicationand license fees as provided in W.S. 26-4-101.

 

(d) The commissioner shall issue a service representativelicense to qualified individuals meeting the requirements of this section andthis code. The license is valid for no more than twenty-four (24) months andmay be renewed in the same manner as an insurance producer's license.

 

(e) All provisions of this chapter apply to licensees underthis section to the extent they are not in conflict with this section.

 

26-9-219. Adjuster's license; exception; notification.

 

(a) Application for license as an adjuster shall be made to thecommissioner on forms he prescribes and furnishes. The commissioner shall issuethe license as to qualified individuals upon payment of the license applicationfee stated in W.S. 26-4-101.

 

(b) To be licensed as an adjuster the applicant shall:

 

(i) Be an adult;

 

(ii) Be a resident of Wyoming or of another state which permitsresidents of Wyoming to act as adjusters in that state;

 

(iii) Be a full-time salaried employee of a licensed adjuster ora graduate of a recognized law school, or have had experience or specialeducation or training in the handling of loss claims under insurance contractsof sufficient duration and extent to make him competent to fulfill theresponsibilities of an adjuster;

 

(iv) Be trustworthy and of good reputation;

 

(v) Have and maintain an office accessible to the public andkeep therein the usual and customary records in paper, electronic or otherappropriate format, pertaining to transactions under the license; and

 

(vi) Within one (1) year prior to submitting the application forthe license, have taken and passed a written examination in a form prescribedby the commissioner. The commissioner may waive written examination of anonresident applicant if the applicant is licensed as an adjuster in his homestate, is in good standing in his home state and his home state grants thisstate's resident adjusters a similar privilege.

 

(c) A Wyoming adjuster's license is required of any adjusterwho by physical appearance or through electronic or other means, acts in thisstate on behalf of an insurer for the purpose of investigating or makingadjustment of a particular loss under an insurance policy unless the loss is ofan unusual, uncommon or unique nature requiring special expertise or knowledgenot readily available among adjusters licensed in this state, or for theadjustment of a series of losses resulting from a catastrophe common to thoselosses. Any insurer on whose behalf an adjuster who is not licensed in Wyominginvestigates or adjusts a loss in this state, whether by physical appearance orthrough electronic or other means, shall notify the commissioner of such actionprior to the unlicensed adjuster acting in this state.

 

26-9-220. Insurance consultants.

 

(a) No person shall be held out to the public as an insuranceconsultant for hire unless a license as such has been issued in accordance withthis section.

 

(b) An application for a license to act as an insuranceconsultant for hire shall be made to the commissioner on forms he prescribes.The commissioner shall require that the applicant, within one (1) year prior tosubmitting the application for the license, have taken and passed a writtenexamination in a form prescribed by the commissioner. The commissioner maywaive written examination of a nonresident applicant if the applicant islicensed as a consultant in his home state, is in good standing in his homestate and his home state grants this state's resident consultants a similarprivilege. The commissioner may conduct investigations concerning theapplicant's qualifications, residence, business affiliations and any othermatter he deems necessary to determine compliance with this chapter or for thepublic's protection.

 

(c) The commissioner shall collect an application fee, a feefor the license, if issued, and a renewal fee, as provided in W.S. 26-4-101. Nolicense is valid for longer than twenty-four (24) months. A license may be renewedin the same manner as an insurance producer's license.

 

(d) All provisions of this chapter apply to licensees underthis section to the extent that they are not in conflict with this section.

 

(e) This section does not apply to licensed attorneys.

 

(f) An insurance producer who is also licensed as a consultantunder this section shall not act in the dual capacity of an insurance producerand a consultant in the same insurance transaction.

 

26-9-221. Limited license.

 

(a) The commissioner may issue to an applicant a limitedlicense governing credit life insurance or covering credit disabilityinsurance.

 

(b) Nothing in this section shall be interpreted as requiring:

 

(i) An insurance producer licensed to transact life insurancebe licensed as a limited life producer to transact credit life insurance; or

 

(ii) An insurance producer licensed to transact disabilityinsurance be licensed as a limited disability producer to transact creditdisability insurance.

 

(c) The commissioner shall collect an application fee, a feefor the license, if issued and a renewal fee as provided in W.S. 26-4-101. Alimited license is subject to the same license and appointment renewalprocedures as an insurance producer's license.

 

(d) To the extent that they are not in conflict with thissection, all provisions of the Wyoming Insurance Code apply to licensees underthis section.

 

26-9-222. Insurance marketers; requirements; penalties; rulemakingauthority.

 

(a) An individual located in this state but not licensed as aninsurance producer shall not commit nor bind any insurance policy but maysolicit or take applications for insurance on risks not resident, located or tobe performed in Wyoming if:

 

(i) The individual is named in and listed under the resident insuranceproducer's license of a business entity as an insurance marketer and isemployed by the business entity;

 

(ii) The business entity who directly or indirectly employs theinsurance marketer is licensed as a resident insurance producer pursuant to thischapter and pays a licensing fee for each insurance marketer in an amountdetermined by the insurance commissioner of not to exceed twenty dollars($20.00);

 

(iii) The insurance marketer is a Wyoming resident;

 

(iv) The insurance marketer is not compensated based upon salesof insurance products or on a commission basis;

 

(v) Any persons who are responsible for the direct supervisionand verification of the insurance transactions of the insurance marketers arelicensed as resident Wyoming insurance producers pursuant to this chapter;

 

(vi) As required by the insurance commissioner, it can bedemonstrated to the Wyoming insurance department that the insurance productbeing solicited has been approved by the insurance supervisory official of thestate whose residents are being contacted by the insurance marketer, and thatthe insurance supervisory official of that state has been notified as to themethod of marketing that product; and

 

(vii) The method and procedures utilized to supervise and verifythe insurance transactions of the insurance marketers are filed with andapproved by the Wyoming insurance department prior to solicitation by theinsurance marketers.

 

(b) Any violations of the Wyoming Insurance Code by aninsurance marketer constitutes a violation of the code by the persons whoemploy, supervise or verify the transactions of the insurance marketers andsubjects those persons to civil or criminal penalties or the suspension orrevocation of any insurance licenses issued by the Wyoming insurancedepartment.

 

(c) The commissioner shall adopt reasonable rules andregulations necessary to carry out the provisions of this section in accordancewith W.S. 26-2-110.

 

26-9-223. Repealed by Laws 2004, Ch. 7, 2.

 

26-9-224. Scope of broker's authority; broker's commissions.

 

(a) Any insurance producer acting in the capacity of a brokeris not an agent or other representative of an insurer and does not have powerby his own acts to obligate the insurer upon any risk or by any insurancetransaction.

 

(b) An insurer or insurance producer has the right to pay to aninsurance producer acting in the capacity of a broker and licensed under thischapter the customary commissions upon insurance placed through the produceracting as a broker.

 

26-9-225. Broker and agent license combinations.

 

The sole relationship between an insuranceproducer acting in the capacity of a broker and an insurer as to which he isthen appointed as an agent, as to transactions arising during the existence ofthat agency appointment, is that of insurer and agent and not that of insurerand broker.

 

 

26-9-226. "Controlled business" restrictions.

 

(a) The commissioner shall not grant, renew, continue or permitto exist any license as an insurance producer if he finds that the license hasbeen or is being used principally for the purpose of writing "controlledbusiness" as follows:

 

(i) Insurance on his own interests or those of his family or ofhis employer; or

 

(ii) Insurance or annuity contracts covering himself or membersof his family, or the officers, directors, stockholders, partners or employeesof a partnership, association or corporation of which he or a member of hisfamily is an officer, director, stockholder, partner, associate or employee.

 

(b) A license is deemed to have been or intended to be usedprincipally for the purpose of writing controlled business if the commissionerfinds that during any twelve (12) month period the aggregate commissions earnedfrom controlled business as specified in this section have exceeded or probablywill exceed the aggregate commissions to be earned on other business written byan applicant or licensee during the same period.

 

(c) If commissions on controlled business transacted by aninsurance producer payable in one (1) calendar year exceed the commissions onother insurance business transacted by the licensee and payable in the sameyear, the receipt of the excess commissions is an unlawful rebate.

 

(d) This section does not apply to:

 

(i) Insurance of the interest of:

 

(A) A motor vehicle sales or financing agency in a motorvehicle it sells or finances;

 

(B) A real property mortgagee in the mortgaged property.

 

(ii) Credit life insurance and credit disability insurance.

 

26-9-227. Authority under license to transact business;nontransferability.

 

Anylicensee under this chapter may transact business as authorized by the licensethroughout the state of Wyoming. No city, county or other political subdivisionof this state shall require any other or further permit, registration orauthority for transactions by the licensee therein.

 

26-9-228. Place of business of licensees; display of licenses;records.

 

(a) Each resident insurance producer shall have and maintain inthis state a place of business accessible to the public and in which thelicensee principally conducts transactions under his license. The address ofthe place shall appear upon the license, and the licensee shall promptly notifythe commissioner in writing of any change thereof as provided by W.S.26-9-207(f). Nothing in this section prohibits maintenance of a place ofbusiness in the licensee's residence in this state.

 

(b) The licenses of an insurance producer under this chaptershall be conspicuously displayed in the place of business in a part thereofcustomarily open to the public.

 

(c) The insurance producer shall keep at his place of businessa complete record of transactions under his license. The record shall show, asto each insurance policy or contract placed by or through the licensee, thenames of the insurer and insured, the number, expiration date of, premiumpayable as to the policy or contract and any other information the commissionerreasonably requires. The insurance producer shall keep the record availablefor inspection for a period of at least three (3) years after completion of thetransactions.

 

(d) The requirements of subsection (c) of this section aresatisfied if the records specified in this section may be obtained immediatelyfrom a central storage place, or elsewhere by on line computer terminalslocated at the licensee's place of business.

 

26-9-229. Reporting and accounting for premiums.

 

(a) Any premiums or return premiums received by an insuranceproducer are trust funds received in a fiduciary capacity, and the producer, inthe regular course of business, shall account for and pay the funds to theinsured, insurer or insurance producer entitled thereto.

 

(b) The licensee shall establish a separate trust account forpremiums specified in subsection (a) of this section and shall not use theaccount for or commingle it with his own funds. He shall maintain an accuraterecord and itemization of the funds deposited in the account.

 

(c) Any insurance producer who diverts or appropriates anyfunds, to which he is not lawfully entitled, to his own use is guilty ofembezzlement and upon conviction shall be punished as provided by law.

 

26-9-230. Service of process on nonresident producers.

 

 

(a) Application for and acceptance of a license as anonresident insurance producer constitutes irrevocable appointment of thecommissioner as the attorney of the licensee for the acceptance of service ofprocess issued in this state in any action or proceeding against the licenseearising out of the licensing or any transactions under the license.

 

(b) Duplicate copies of process shall be served upon thecommissioner or other person in apparent charge of his office during hisabsence, accompanied by payment to the commissioner a process fee as providedin W.S. 26-4-101. Upon receiving the service the commissioner shall promptlyforward a copy thereof by registered or certified mail, with return receiptrequested, to the nonresident licensee at his business address last of recordwith the commissioner.

 

(c) Process served upon the commissioner and copy thereofforwarded as provided in this section for all purposes constitutes personalservice thereof upon the licensee.

 

26-9-231. Continuing education.

 

(a) Resident insurance producers, title agents licensedpursuant to W.S. 26-23-318, service representatives, adjusters, nonresidentadjusters not exempted under subsection (f) of this section, and other residentpersons required to be licensed under this chapter shall complete twenty-four(24) classroom hours of continuing education within each two (2) year licensingperiod. Of the twenty-four (24) hours at least three (3) shall relate toethical requirements. The requirements of this section do not apply tononresident insurance producers, those persons who hold licenses for any kindsof insurance for which an examination is not required, nor shall they apply toany such limited or restricted licenses as the commissioner may exempt.

 

(b) Any person teaching any approved continuing educationcourse or lecturing at any approved seminar shall qualify for the same numberof classroom hours granted to the person taking the course or seminar.

 

(c) The commissioner may promulgate rules and regulationsnecessary to carry out the purposes of this section.

 

(d) Repealed By Laws 2004, Chapter 7, 2.

 

(e) For good cause shown, the commissioner may grant anextension of up to one (1) year to complete the required continuing education.

 

(f) Every person subject to this section shall furnish, in aform satisfactory to the commissioner, written certification as to the courses,programs or seminars of instruction taken by that person. The certificationshall be executed by or on behalf of the sponsoring organization within a sixty(60) day period following the course, program or seminar. A nonresident adjusterrequired to complete continuing education in his state of domicile is exemptfrom the provisions of this section. A nonresident adjuster domiciled in astate without a continuing education requirement is subject to the requirementsof this section.

 

(g) The commissioner is authorized to assess every personsubject to this section a fee of thirty dollars ($30.00) in addition to thelicense fee and payable at the time of license renewal, for the support ofcontinuing education. The fee for support of continuing education shall bedeposited in the general fund.

 

(h) Any person failing to submit proof required by rule of thecommissioner of having met the requirements of this section and who has notbeen granted an extension of time within which to comply shall not have hislicense renewed until the person demonstrates to the satisfaction o

State Codes and Statutes

Statutes > Wyoming > Title26 > Chapter9

CHAPTER 9 - AGENCIES AND ADJUSTERS

 

ARTICLE 1 - IN GENERAL

 

26-9-101. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-102. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-103. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-104. Amended and renumbered as W.S. 26-9-226 by Laws 2001, Ch.201, 3.

 

 

26-9-105. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-106. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-107. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-108. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-109. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-110. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-111. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-112. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-113. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-114. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-115. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-116. Amended and renumbered as W.S. 26-9-227 by Laws 2001, Ch.201, 3.

 

 

26-9-117. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-118. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-119. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-120. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-121. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-122. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-123. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-124. Amended and renumbered as W.S. 26-9-223 by Laws 2001, Ch.201, 3.

 

 

26-9-125. Amended and renumbered as W.S. 26-9-224 by Laws 2001, Ch.201, 3.

 

 

26-9-126. Amended and renumbered as W.S. 26-9-225 by Laws 2001, Ch.201, 3.

 

26-9-127. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-128. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-129. Amended and renumbered as W.S. 26-9-228 by Laws 2001, Ch.201, 3.

 

26-9-130. Amended and renumbered as W.S. 26-9-229 by Laws 2001, Ch.201, 3.

 

 

26-9-131. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-132. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-133. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-134. Amended and renumbered as W.S. 26-9-230 by Laws 2001, Ch.201, 3.

 

26-9-135. Amended and renumbered as W.S. 26-9-219 by Laws 2001, Ch.201, 3.

 

26-9-136. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-137. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-138. Renumbered as W.S. 26-9-232 by Laws 2001, Ch. 201, 4.

 

 

26-9-139. Amended and renumbered as W.S. 26-9-220 by Laws 2001, Ch.201, 3.

 

26-9-140. Amended and renumbered as W.S. 26-9-221 by Laws 2001, Ch.201, 3.

 

 

26-9-141. Amended and renumbered as W.S. 26-9-231 by Laws 2001, Ch.201, 3.

 

26-9-142. Amended and renumbered as W.S. 26-9-222 by Laws 2001, Ch.201, 3.

 

 

ARTICLE 2 - INSURANCE PRODUCERS

 

26-9-201. Purpose and scope.

 

This chapter governs the qualificationsand procedures for the licensing of insurance producers. This chapter does notapply to excess and surplus lines brokers licensed pursuant to W.S. 26-11-112except as provided in W.S. 26-9-207(h) and 26-9-208 or as expressly provided inchapter 11 of this code.

 

26-9-202. Definitions.

 

(a) As used in this chapter:

 

(i) "Business entity" means a corporation,association, partnership, limited liability company, limited liabilitypartnership or other legal entity;

 

(ii) "Home state" means the District of Columbia andany state or territory of the United States in which an insurance producermaintains his principal place of residence or principal place of business andis licensed to act as an insurance producer;

 

(iii) "License" means a document issued by thecommissioner authorizing a person to act as an insurance producer for the linesof authority specified in the document. The license itself does not create anyauthority, actual, apparent or inherent, in the holder to represent or commitan insurer;

 

(iv) "Limited line credit insurance" includes creditlife, credit disability, credit property, credit unemployment, involuntaryunemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteedautomobile protection insurance, and any other form of insurance offered inconnection with an extension of credit that is limited to partially or whollyextinguishing that credit obligation that the commissioner determines should bedesignated a form of limited line credit insurance;

 

(v) "Limited line credit insurance producer" means aperson who sells, solicits or negotiates one (1) or more forms of limited linecredit insurance coverage to individuals through a master, corporate, group orindividual policy;

 

(vi) "Limited lines insurance" means those lines ofinsurance referred to in W.S. 26-9-209(c), 26-9-221, 26-29-233, 26-32-101,26-36-113, 26-37-102(a)(iv) or 31-14-120 or any other line of insurance thecommissioner deems necessary to recognize for the purposes of complying withW.S. 26-9-208(e);

 

(vii) "Limited lines producer" means a personauthorized by the commissioner to sell, solicit or negotiate limited linesinsurance;

 

(viii) "Negotiate" means the act of conferring directlywith or offering advice directly to a purchaser or prospective purchaser of aparticular contract of insurance concerning any of the substantive benefits,terms or conditions of the contract, provided that the person engaged in thatact either sells insurance or obtains insurance from insurers for purchasers;

 

(ix) "Sell" means to exchange a contract of insuranceby any means, for money or its equivalent, on behalf of an insurer;

 

(x) "Solicit" means attempting to sell insurance orasking or urging a person to apply for a particular kind of insurance from aparticular insurer;

 

(xi) "Terminate" means the cancellation of therelationship between an insurance producer and the insurer or the terminationof a producer's authority to transact insurance;

 

(xii) "Uniform application" means the current versionof the National Association of Insurance Commissioners' uniform application forresident and nonresident producer licensing;

 

(xiii) "Uniform business entity application" means thecurrent version of the National Association of Insurance Commissioners' uniformbusiness entity application for resident and nonresident business entities.

 

26-9-203. License required.

 

A person shall not sell, solicit ornegotiate insurance in this state for any class or classes of insurance unlessthe person is licensed for that line of authority in accordance with thischapter.

 

26-9-204. Exceptions to licensing.

 

(a) Nothing in this chapter shall be construed to require aninsurer to obtain an insurance producer license. As used in this section, theterm "insurer" does not include an insurer's officers, directors,employees, subsidiaries or affiliates.

 

(b) A license as an insurance producer shall not be required ofthe following:

 

(i) An officer, director or employee of an insurer or of aninsurance producer, provided that the officer, director or employee does notreceive any commission on policies written or sold to insure risks residing,located or to be performed in this state, and:

 

(A) The officer, director or employee's activities areexecutive, administrative, managerial, clerical or a combination of these, andare only indirectly related to the sale, solicitation or negotiation ofinsurance; or

 

(B) The officer, director or employee's function relates tounderwriting, loss control, inspection or the processing, adjusting,investigating or settling of a claim on a contract of insurance; or

 

(C) The officer, director or employee is acting in the capacityof a special agent or agency supervisor assisting insurance producers where theperson's activities are limited to providing technical advice and assistance tolicensed insurance producers and do not include the sale, solicitation ornegotiation of insurance.

 

(ii) A person who receives no commission and provides thefollowing services:

 

(A) Secures and furnishes information for the purpose of grouplife insurance, group property and casualty insurance, group annuities, groupor blanket accident and health or disability insurance; or

 

(B) Secures and furnishes information for the purpose ofenrolling individuals under plans, issuing certificates under plans orotherwise assisting in administering plans; or

 

(C) Performs administrative services related to mass marketedproperty and casualty insurance.

 

(iii) An employer or association or its officers, directors,employees, or the trustees of an employee trust plan, to the extent that theemployers, officers, employees, directors or trustees are engaged in theadministration or operation of a program of employee benefits for theemployer's or association's own employees or the employees of its subsidiariesor affiliates, which program involves the use of insurance issued by aninsurer, as long as the employers, associations, officers, directors, employeesor trustees are not in any manner compensated, directly or indirectly, by thecompany issuing the contracts;

 

(iv) Employees of insurers or organizations employed by insurerswho are engaging in the inspection, rating or classification of risks, or inthe supervision of the training of insurance producers and who are notindividually engaged in the sale, solicitation or negotiation of insurance;

 

(v) A person whose activities in this state are limited toadvertising without the intent to solicit insurance in this state throughcommunications in printed publications or other forms of electronic mass mediawhose distribution is not limited to residents of the state, provided that theperson does not sell, solicit or negotiate insurance that would insure risksresiding, located or to be performed in this state;

 

(vi) A person who is not a resident of this state who sells,solicits or negotiates a contract of insurance for commercial property andcasualty risks to an insured with risks located in more than one (1) stateinsured under that contract, provided that person is otherwise licensed as aninsurance producer to sell, solicit or negotiate the insurance in the state wherethe insured maintains its principal place of business and the contract ofinsurance insures risks located in that state; or

 

(vii) A salaried full-time employee who counsels or advises hisemployer relative to the insurance interests of the employer or of thesubsidiaries or business affiliates of the employer provided the employee doesnot sell or solicit insurance or receive a commission.

 

26-9-205. Application for examination.

 

(a) A resident individual applying for an insurance producerlicense shall pass a written examination unless exempt pursuant to W.S.26-9-209. The examination shall test the knowledge of the individual concerningthe lines of authority for which application is made, the duties andresponsibilities of an insurance producer and the insurance laws andregulations of this state. Examinations required by this section shall bedeveloped and conducted by the commissioner who shall adhere to the applicableinstructions or recommendations of the state board of insurance agents' examinersas provided by W.S. 26-10-104.

 

(b) The commissioner and the state board of insurance agents'examiners may make arrangements, including contracting with an outside testingservice, for administering examinations. If an outside testing service is employed,each individual applying for an examination shall remit the appropriate fee forthe examination to the testing service.

 

26-9-206. Application for license.

 

(a) A person applying for a resident insurance producer licenseshall make application to the commissioner on the uniform application anddeclare under penalty of refusal, suspension or revocation of the license thatthe statements made in the application are true, correct and complete to thebest of the individual's knowledge and belief. Before approving theapplication, the commissioner shall find that the individual:

 

(i) Is at least eighteen (18) years of age;

 

(ii) Has not committed any act that is a ground for denial,suspension or revocation set forth in W.S. 26-9-211;

 

(iii) Has paid the fees set forth in W.S. 26-4-101(a);

 

(iv) Has successfully passed the examinations for the lines ofauthority for which the person has applied; and

 

(v) Has provided the commissioner a credit and investigationreport on the applicant from a recognized and established independentinvestigation and reporting agency. The cost of the report shall be paid by theapplicant.

 

(b) A business entity acting as an insurance producer isrequired to obtain an insurance producer license. Application shall be madeusing the uniform business entity application. Before approving theapplication, the commissioner shall find that:

 

(i) The business entity has paid the fees set forth in W.S.26-4-101(a); and

 

(ii) The business entity has designated a licensed producerresponsible for the business entity's compliance with the insurance laws, rulesand regulations of this state.

 

(c) The commissioner may require any documents reasonablynecessary to verify the information contained in an application.

 

(d) Each insurer that sells, solicits or negotiates any form oflimited line credit insurance shall provide to each individual whose dutieswill include selling, soliciting or negotiating limited line credit insurance aprogram of instruction.

 

26-9-207. License.

 

(a) Unless denied licensure pursuant to W.S. 26-9-211, personswho have met the requirements of W.S. 26-9-205 and 26-9-206 shall be issued aninsurance producer license. An insurance producer may receive qualification fora license in one (1) or more of the following lines of authority:

 

(i) Life - insurance coverage on human lives including benefitsof endowment and annuities, and may include benefits in the event of death ordismemberment by accident and benefits for disability income;

 

(ii) Accident and health or sickness or disability - insurancecoverage for sickness, bodily injury or accidental death and may includebenefits for disability income;

 

(iii) Property - insurance coverage for the direct orconsequential loss or damage to property of every kind;

 

(iv) Casualty - insurance coverage against legal liability,including that for death, injury or disability or damage to real or personalproperty;

 

(v) Variable life and variable annuity products - insurancecoverage provided under variable life insurance contracts and variableannuities;

 

(vi) Personal lines - property and casualty insurance coveragesold to individuals and families for primarily noncommercial purposes;

 

(vii) Credit - limited line credit insurance;

 

(viii) Any other line of insurance permitted under state laws orregulations.

 

(b) An individual insurance producer license shall remain ineffect unless revoked or suspended as long as on or before the last day of themonth of the licensee's birthday in the second year following the issuance orrenewal of the license the continuation fee set forth in W.S. 26-4-101(a) ispaid, the continuing education requirements for resident individual producersare met by the due date and a written request for continuation of the licenseis made to the commissioner on forms prescribed by the commissioner.

 

(c) An individual insurance producer who allows his license tolapse may, within twelve (12) months from the due date of the continuation fee,reinstate the same license without the necessity of passing a writtenexamination. However, a penalty equal to the amount of the unpaid continuationfee shall be required in addition to the unpaid fee for any continuationrequest received after the due date.

 

(d) A licensed insurance producer who is unable to comply withlicense renewal procedures due to military service or some other extenuatingcircumstance such as a long-term medical disability may request a waiver ofthose procedures. The producer may also request a waiver of any examinationrequirement or any other fine or sanction imposed for failure to comply withrenewal procedures.

 

(e) The license shall contain the licensee's name, address,personal identification number, date of issuance, the lines of authority, theexpiration date and any other information the commissioner deems necessary.

 

(f) Licensees shall inform the commissioner by any meansacceptable to the commissioner of a change of address within thirty (30) daysof the change.

 

(g) The commissioner may contract with nongovernmental entities,including the National Association of Insurance Commissioners or any affiliatesor subsidiaries that association oversees, to perform any ministerialfunctions, including the collection of fees, related to producer licensing thatthe commissioner and the nongovernmental entity may deem appropriate.

 

(h) Each service representative, adjuster and surplus linebroker license issued under this code shall continue in force until expired,suspended, revoked or otherwise terminated, if the applicable continuation feespecified in W.S. 26-4-101 is paid to the commissioner, on or before the lastday of the month of the licensee's birthday in the second year following theissuance or renewal of the license, accompanied by a written request forcontinuation made as follows:

 

(i) As to adjuster and surplus line broker licenses, requestmade and signed by the licensee;

 

(ii) As to service representative licenses, request made andsigned by the employer as to whom licensed.

 

(j) Any license referred to in subsection (h) of this sectionis considered expired if the commissioner does not receive the fee and therequest for continuation by midnight on its renewal date, except that anyholder of such a license who allows his license to lapse may, within twelve (12)months from the due date of the continuation fee, reinstate the same licensewithout the necessity of passing a written examination. However, a penaltyequal to the amount of the unpaid continuation fee shall be required inaddition to the unpaid fee for any continuation request received after the duedate.

 

26-9-208. Nonresident licensing.

 

(a) Unless denied licensure pursuant to W.S. 26-9-211, anonresident person shall receive a nonresident producer license if:

 

(i) The person is currently licensed as a resident and is ingood standing in his home state;

 

(ii) The person has submitted the proper request for licensureand has paid the fees required by W.S. 26-4-101(a);

 

(iii) The person has submitted or transmitted to the commissionerthe application for licensure the person submitted to his home state, or inlieu of the same, a completed uniform application; and

 

(iv) The person's home state awards nonresident producerlicenses to residents of this state on the same basis.

 

(b) The commissioner may verify the producer's licensing statusthrough the producer database maintained by the National Association ofInsurance Commissioners, its affiliates or subsidiaries.

 

(c) A nonresident producer who moves from one (1) state toanother or a resident producer who moves from this state to another state shallfile a change of address and provide certification from the new resident statewithin thirty (30) days of the change of legal residence. No fee or licenseapplication is required.

 

(d) Notwithstanding any other provision of this chapter, aperson licensed as a surplus lines producer in his home state shall receive anonresident surplus lines producer license pursuant to subsection (a) of thissection. Except as to subsection (a) of this section, nothing in this sectionotherwise amends or supercedes any provision of chapter 11 of this code.

 

(e) Notwithstanding any other provision of this chapter, aperson licensed as a limited line credit insurance or other type of limitedlines producer in his home state shall receive a nonresident limited linesproducer license, pursuant to subsection (a) of this section, granting the samescope of authority as granted under the license issued by the producer's homestate. For the purposes of this subsection, limited line insurance is anyauthority granted by the home state which restricts the authority of thelicense to less than the total authority prescribed in the associated majorlines pursuant to W.S. 26-9-207(a)(i) through (vi).

 

26-9-209. Exemption from examination.

 

(a) An individual who applies for an insurance producer licensein this state who was previously licensed for the same lines of authority inanother state shall not be required to complete an examination. This exemptionis only available if the person is currently licensed in that state or if theapplication is received within ninety (90) days of the cancellation of theapplicant's previous license and if the prior state issues a certificationthat, at the time of cancellation, the applicant was in good standing in thatstate or the state's producer database records, maintained by the NationalAssociation of Insurance Commissioners, its affiliates or subsidiaries,indicate that the producer is or was licensed in good standing for the line ofauthority requested.

 

(b) A person licensed as an insurance producer in another statewho moves to this state shall make application within ninety (90) days ofestablishing legal residence to become a resident licensee pursuant to W.S.26-9-206. No examination shall be required of that person to obtain any line ofauthority previously held in the prior state except where the commissionerdetermines otherwise by regulation.

 

(c) No examination shall be required of persons representingpublic carriers who, in the course of that representation, solicit or sellinsurance incidental to the transportation of persons or to the storage ortransportation of property. Persons exempted from examination pursuant to thissubsection may be issued a limited insurance representative license by thecommissioner upon submission of an application approved by the commissioner andpayment of the fee specified in W.S. 26-4-101. A license issued under thissubsection shall continue in force until expired, suspended, revoked orotherwise terminated, if the applicable continuation fee specified in W.S.26-4-101 is paid to the commissioner, on or before the last day of the month ofthe licensee's birthday in the second year following the issuance or renewal ofthe license. Licensees under this subsection shall be subject to theapplication requirements established by the commissioner, the provisions ofW.S. 26-9-211 and chapter 13 of this code but shall not be subject to the otherprovisions of this code.

 

26-9-210. Temporary licensing.

 

(a) The commissioner may issue a temporary insurance producerlicense for a period not to exceed one hundred eighty (180) days withoutrequiring an examination if the commissioner deems that the temporary licenseis necessary for the servicing of an insurance business in the following cases:

 

(i) To the surviving spouse or court-appointed personalrepresentative of a licensed insurance producer who dies or becomes mentally orphysically disabled to allow adequate time for the sale of the insurancebusiness owned by the producer or for the recovery or return of the producer tothe business or to provide for the training and licensing of new personnel tooperate the producer's business;

 

(ii) To a member or employee of a business entity licensed as aninsurance producer, upon the death or disability of an individual designated inthe business entity application or the license;

 

(iii) To the designee of a licensed insurance producer enteringactive service in the armed forces of the United States; or

 

(iv) In any other circumstance where the commissioner deems thatthe public interest will best be served by the issuance of this license.

 

(b) The commissioner may by order limit the authority of anytemporary licensee in any way deemed necessary to protect insureds and thepublic. The commissioner may require the temporary licensee to have a suitablesponsor who is a licensed producer or insurer and who assumes responsibilityfor all acts of the temporary licensee and may impose other similarrequirements designed to protect insureds and the public. The commissioner mayby order revoke a temporary license if the interest of insureds or the publicare endangered. A temporary license may not continue after the owner or thepersonal representative disposes of the business.

 

26-9-211. License denial, nonrenewal or revocation.

 

(a) The commissioner may, after appropriate notice andopportunity for hearing pursuant to the Wyoming Administrative Procedure Actand in accordance with W.S. 26-2-125 through 26-2-129, place on probation,suspend, revoke or refuse to issue or renew an insurance producer's license orother license issued under this code, or may levy a civil penalty in accordancewith W.S. 26-1-107 or any combination of actions, for any one (1) or more ofthe following causes:

 

(i) Providing incorrect, misleading, incomplete or materiallyuntrue information in the license application;

 

(ii) Violating any insurance laws, or violating any regulation,subpoena or order of the commissioner or of another state's insurancecommissioner;

 

(iii) Obtaining or attempting to obtain a license throughmisrepresentation or fraud;

 

(iv) Improperly withholding, misappropriating or converting anymonies or properties received in the course of doing insurance business;

 

(v) Intentionally misrepresenting the terms of an actual orproposed insurance contract or application for insurance;

 

(vi) Having been convicted of a felony;

 

(vii) Having admitted or been found to have committed anyinsurance unfair trade practice or fraud;

 

(viii) Using fraudulent, coercive or dishonest practices, ordemonstrating incompetence, untrustworthiness or financial irresponsibility inthe conduct of business in this state or elsewhere;

 

(ix) Having an insurance producer license, or its equivalent,denied, suspended or revoked in any other state, province, district orterritory;

 

(x) Forging another's name to an application for insurance orto any document related to an insurance transaction;

 

(xi) Improperly using notes or any other reference material tocomplete an examination for an insurance license; or

 

(xii) Failing to comply with an administrative or court orderimposing a child support obligation.

 

(b) The license of a business entity may be suspended, revokedor refused if the commissioner finds, after notice and opportunity for hearing,that an individual licensee's violation was known by one (1) or more of thepartners, officers or managers acting on behalf of the business entity and theviolation was neither reported to the commissioner nor corrective action taken.

 

(c) The commissioner shall retain the authority to enforce theprovisions of and impose any penalty or remedy authorized by this chapter andthis code against any person who is under investigation for or charged with aviolation of this chapter or this code even if the person's license orregistration has been surrendered or has lapsed by operation of law.

 

26-9-212. Commissions.

 

(a) An insurer or insurance producer shall not pay acommission, service fee, brokerage or other valuable consideration to a personfor selling, soliciting or negotiating insurance in this state if that personis required to be licensed under this chapter and is not so licensed.

 

(b) A person shall not accept a commission, service fee,brokerage or other valuable consideration for selling, soliciting ornegotiating insurance in this state if that person is required to be licensedunder this chapter and is not so licensed.

 

(c) Renewal or other deferred commissions may be paid to aperson for selling, soliciting or negotiating insurance in this state if theperson was required to be licensed under this chapter at the time of the sale,solicitation or negotiation and was so licensed at that time.

 

(d) An insurer or insurance producer may pay or assigncommissions, brokerages or other valuable consideration to an insurance agencyor to persons who do not sell, solicit or negotiate insurance in this state,unless the payment would violate W.S. 26-13-110 or 26-13-112.

 

26-9-213. Appointments.

 

(a) An insurance producer shall not act as an agent of aninsurer unless the insurance producer becomes an appointed agent of thatinsurer. An insurance producer who is not acting as an agent of an insurer isnot required to become appointed.

 

(b) To appoint a producer as its agent, the appointing insurershall file, in a format approved by the commissioner, a notice of appointmentwithin fifteen (15) days from the date the agency contract is executed or thefirst insurance application is submitted. An insurer may also elect to appointa producer to all or some insurers within the insurer's holding company systemor group by the filing of a single appointment request.

 

(c) Upon receipt of the notice of appointment, the commissionershall verify within a reasonable time that the insurance producer is eligiblefor appointment. If the insurance producer is determined to be ineligible forappointment, the commissioner shall notify the insurer.

 

(d) An insurer shall pay an appointment fee, in the amount setforth in W.S. 26-4-101(a), for each insurance producer appointed by theinsurer.

 

(e) An insurer shall remit, on or before March 31 and in amanner prescribed by the commissioner, an annual continuation appointment feein the amount set forth in W.S. 26-4-101(a).

 

26-9-214. Notification to commissioner of termination.

 

(a) An insurer or authorized representative of the insurer thatterminates the appointment, employment, contract or other insurance businessrelationship with a producer for any reason shall notify the commissionerwithin thirty (30) days following the effective date of the termination, usinga format prescribed by the commissioner. Upon written request of thecommissioner, the insurer shall provide additional information, documents,records or other data pertaining to the termination or activity of theproducer.

 

(b) The insurer or the authorized representative of the insurershall promptly notify the commissioner in a format acceptable to thecommissioner if, upon further review or investigation, the insurer discoversadditional information that would have been reportable to the commissionerunder subsection (a) of this section had the insurer known of its existence.

 

(c) Within fifteen (15) days after making the notificationrequired by subsections (a) and (b) of this section, the insurer shall mail acopy of the notification to the producer at his last known address.

 

(d) Within thirty (30) days after the producer has received theoriginal or additional notification, the producer may file written commentsconcerning the substance of the notification with the commissioner. Theproducer shall, by the same means, simultaneously send a copy of the commentsto the reporting insurer, and the comments shall be part of the commissioner'sfile and accompany every copy of a report distributed or disclosed for anyreason about the producer as permitted under subsection (e) or (f) of thissection.

 

(e) Any documents, materials or other information in thecontrol or possession of the department that is furnished by an insurer,producer or an employee or agent thereof acting on behalf of the insurer orproducer, or obtained by the commissioner in an investigation pursuant to thissection shall be confidential by law and privileged, shall not be subject to W.S.16-4-201 through 16-4-205, shall not be subject to subpoena, and shall not besubject to discovery or admissible in evidence in any private civil action. Thecommissioner is authorized to use the documents, materials or other informationin the furtherance of any regulatory or legal action brought as a part of thecommissioner's duties. Neither the commissioner nor any person who receiveddocuments, materials or other information while acting under the authority ofthe commissioner shall be permitted or required to testify in any private civilaction concerning any confidential documents, materials or information subjectto this subsection or subsection (f) of this section. In order to assist inthe performance of the commissioner's duties under this code, the commissioner:

 

(i) May share documents, materials or other information,including the confidential and privileged documents, materials or informationsubject to this subsection, with other state, federal and internationalregulatory agencies, with the National Association of Insurance Commissioners,its affiliates or subsidiaries, and with state, federal and international lawenforcement authorities, provided that the recipient agrees to maintain theconfidentiality and privileged status of the document, material or otherinformation;

 

(ii) May receive documents, materials or information, includingotherwise confidential and privileged documents, materials or information, fromthe National Association of Insurance Commissioners, its affiliates or subsidiariesand from regulatory and law enforcement officials of other foreign or domesticjurisdictions, and shall maintain as confidential or privileged any document,material or information received with notice or the understanding that it isconfidential or privileged under the laws of the jurisdiction that is thesource of the document, material or information; and

 

(iii) May enter into agreements governing sharing and use ofinformation consistent with this subsection.

 

(f) No waiver of any applicable privilege or claim ofconfidentiality in the documents, materials or information shall occur as aresult of disclosure to the commissioner under this section or as a result ofsharing as authorized in subsection (e) of this section. Nothing in this chaptershall prohibit the commissioner from releasing final, adjudicated actionsincluding termination causes to a database or other clearinghouse servicemaintained by the National Association of Insurance Commissioners, itsaffiliates or subsidiaries.

 

(g) An insurer, the authorized representative of the insurer,or producer that fails to report as required under the provisions of thissection or that is found to have reported with actual malice by a court ofcompetent jurisdiction may, after notice and opportunity for hearing, have itslicense or certificate of authority suspended or revoked and may be fined inaccordance with W.S. 26-1-107.

 

26-9-215. Reciprocity.

 

(a) The commissioner shall waive any requirements for anonresident license applicant with a valid license from his home state, exceptthe requirements imposed by W.S. 26-9-208, if the applicant's home state awardsnonresident licenses to residents of this state on the same basis.

 

(b) In order to carry out the provisions of subsection (a) ofthis section, the commissioner may negotiate and enter into reciprocalarrangements with the insurance supervisory official of any other state orprovince.

 

26-9-216. Reporting of actions.

 

(a) A resident or nonresident insurance producer shall report tothe commissioner any administrative action taken against the producer inanother jurisdiction or by another governmental agency in this state withinthirty (30) days of the final disposition of the matter. This report shallinclude a copy of the order, consent to order or other relevant legaldocuments.

 

(b) Within thirty (30) days of the initial pretrial hearingdate, a resident or nonresident insurance producer shall report to thecommissioner any criminal prosecution of the producer taken in any jurisdiction.The report shall include a copy of the initial complaint filed, the orderresulting from the hearing and any other relevant legal documents.

 

26-9-217. Regulations; limitation.

 

(a) The commissioner may, in accordance with W.S. 26-2-110promulgate reasonable regulations as are necessary or proper to carry out thepurposes of this chapter.

 

(b) Repealed By Laws 2007, Ch. 43, 1.

 

26-9-218. Service representatives.

 

(a) No individual in this state shall act as or hold himselfout to be a service representative as defined in W.S. 26-1-102(a)(xxv) unlessthen licensed as such under this section.

 

(b) An application for a license to act as a servicerepresentative shall be made to the commissioner on forms prescribed by thecommissioner. No examination is required. The commissioner may conductinvestigations concerning the applicant's qualifications, business affiliationsand any other matter he deems necessary to determine compliance with thischapter or for the public's protection.

 

(c) The commissioner shall collect the appropriate applicationand license fees as provided in W.S. 26-4-101.

 

(d) The commissioner shall issue a service representativelicense to qualified individuals meeting the requirements of this section andthis code. The license is valid for no more than twenty-four (24) months andmay be renewed in the same manner as an insurance producer's license.

 

(e) All provisions of this chapter apply to licensees underthis section to the extent they are not in conflict with this section.

 

26-9-219. Adjuster's license; exception; notification.

 

(a) Application for license as an adjuster shall be made to thecommissioner on forms he prescribes and furnishes. The commissioner shall issuethe license as to qualified individuals upon payment of the license applicationfee stated in W.S. 26-4-101.

 

(b) To be licensed as an adjuster the applicant shall:

 

(i) Be an adult;

 

(ii) Be a resident of Wyoming or of another state which permitsresidents of Wyoming to act as adjusters in that state;

 

(iii) Be a full-time salaried employee of a licensed adjuster ora graduate of a recognized law school, or have had experience or specialeducation or training in the handling of loss claims under insurance contractsof sufficient duration and extent to make him competent to fulfill theresponsibilities of an adjuster;

 

(iv) Be trustworthy and of good reputation;

 

(v) Have and maintain an office accessible to the public andkeep therein the usual and customary records in paper, electronic or otherappropriate format, pertaining to transactions under the license; and

 

(vi) Within one (1) year prior to submitting the application forthe license, have taken and passed a written examination in a form prescribedby the commissioner. The commissioner may waive written examination of anonresident applicant if the applicant is licensed as an adjuster in his homestate, is in good standing in his home state and his home state grants thisstate's resident adjusters a similar privilege.

 

(c) A Wyoming adjuster's license is required of any adjusterwho by physical appearance or through electronic or other means, acts in thisstate on behalf of an insurer for the purpose of investigating or makingadjustment of a particular loss under an insurance policy unless the loss is ofan unusual, uncommon or unique nature requiring special expertise or knowledgenot readily available among adjusters licensed in this state, or for theadjustment of a series of losses resulting from a catastrophe common to thoselosses. Any insurer on whose behalf an adjuster who is not licensed in Wyominginvestigates or adjusts a loss in this state, whether by physical appearance orthrough electronic or other means, shall notify the commissioner of such actionprior to the unlicensed adjuster acting in this state.

 

26-9-220. Insurance consultants.

 

(a) No person shall be held out to the public as an insuranceconsultant for hire unless a license as such has been issued in accordance withthis section.

 

(b) An application for a license to act as an insuranceconsultant for hire shall be made to the commissioner on forms he prescribes.The commissioner shall require that the applicant, within one (1) year prior tosubmitting the application for the license, have taken and passed a writtenexamination in a form prescribed by the commissioner. The commissioner maywaive written examination of a nonresident applicant if the applicant islicensed as a consultant in his home state, is in good standing in his homestate and his home state grants this state's resident consultants a similarprivilege. The commissioner may conduct investigations concerning theapplicant's qualifications, residence, business affiliations and any othermatter he deems necessary to determine compliance with this chapter or for thepublic's protection.

 

(c) The commissioner shall collect an application fee, a feefor the license, if issued, and a renewal fee, as provided in W.S. 26-4-101. Nolicense is valid for longer than twenty-four (24) months. A license may be renewedin the same manner as an insurance producer's license.

 

(d) All provisions of this chapter apply to licensees underthis section to the extent that they are not in conflict with this section.

 

(e) This section does not apply to licensed attorneys.

 

(f) An insurance producer who is also licensed as a consultantunder this section shall not act in the dual capacity of an insurance producerand a consultant in the same insurance transaction.

 

26-9-221. Limited license.

 

(a) The commissioner may issue to an applicant a limitedlicense governing credit life insurance or covering credit disabilityinsurance.

 

(b) Nothing in this section shall be interpreted as requiring:

 

(i) An insurance producer licensed to transact life insurancebe licensed as a limited life producer to transact credit life insurance; or

 

(ii) An insurance producer licensed to transact disabilityinsurance be licensed as a limited disability producer to transact creditdisability insurance.

 

(c) The commissioner shall collect an application fee, a feefor the license, if issued and a renewal fee as provided in W.S. 26-4-101. Alimited license is subject to the same license and appointment renewalprocedures as an insurance producer's license.

 

(d) To the extent that they are not in conflict with thissection, all provisions of the Wyoming Insurance Code apply to licensees underthis section.

 

26-9-222. Insurance marketers; requirements; penalties; rulemakingauthority.

 

(a) An individual located in this state but not licensed as aninsurance producer shall not commit nor bind any insurance policy but maysolicit or take applications for insurance on risks not resident, located or tobe performed in Wyoming if:

 

(i) The individual is named in and listed under the resident insuranceproducer's license of a business entity as an insurance marketer and isemployed by the business entity;

 

(ii) The business entity who directly or indirectly employs theinsurance marketer is licensed as a resident insurance producer pursuant to thischapter and pays a licensing fee for each insurance marketer in an amountdetermined by the insurance commissioner of not to exceed twenty dollars($20.00);

 

(iii) The insurance marketer is a Wyoming resident;

 

(iv) The insurance marketer is not compensated based upon salesof insurance products or on a commission basis;

 

(v) Any persons who are responsible for the direct supervisionand verification of the insurance transactions of the insurance marketers arelicensed as resident Wyoming insurance producers pursuant to this chapter;

 

(vi) As required by the insurance commissioner, it can bedemonstrated to the Wyoming insurance department that the insurance productbeing solicited has been approved by the insurance supervisory official of thestate whose residents are being contacted by the insurance marketer, and thatthe insurance supervisory official of that state has been notified as to themethod of marketing that product; and

 

(vii) The method and procedures utilized to supervise and verifythe insurance transactions of the insurance marketers are filed with andapproved by the Wyoming insurance department prior to solicitation by theinsurance marketers.

 

(b) Any violations of the Wyoming Insurance Code by aninsurance marketer constitutes a violation of the code by the persons whoemploy, supervise or verify the transactions of the insurance marketers andsubjects those persons to civil or criminal penalties or the suspension orrevocation of any insurance licenses issued by the Wyoming insurancedepartment.

 

(c) The commissioner shall adopt reasonable rules andregulations necessary to carry out the provisions of this section in accordancewith W.S. 26-2-110.

 

26-9-223. Repealed by Laws 2004, Ch. 7, 2.

 

26-9-224. Scope of broker's authority; broker's commissions.

 

(a) Any insurance producer acting in the capacity of a brokeris not an agent or other representative of an insurer and does not have powerby his own acts to obligate the insurer upon any risk or by any insurancetransaction.

 

(b) An insurer or insurance producer has the right to pay to aninsurance producer acting in the capacity of a broker and licensed under thischapter the customary commissions upon insurance placed through the produceracting as a broker.

 

26-9-225. Broker and agent license combinations.

 

The sole relationship between an insuranceproducer acting in the capacity of a broker and an insurer as to which he isthen appointed as an agent, as to transactions arising during the existence ofthat agency appointment, is that of insurer and agent and not that of insurerand broker.

 

 

26-9-226. "Controlled business" restrictions.

 

(a) The commissioner shall not grant, renew, continue or permitto exist any license as an insurance producer if he finds that the license hasbeen or is being used principally for the purpose of writing "controlledbusiness" as follows:

 

(i) Insurance on his own interests or those of his family or ofhis employer; or

 

(ii) Insurance or annuity contracts covering himself or membersof his family, or the officers, directors, stockholders, partners or employeesof a partnership, association or corporation of which he or a member of hisfamily is an officer, director, stockholder, partner, associate or employee.

 

(b) A license is deemed to have been or intended to be usedprincipally for the purpose of writing controlled business if the commissionerfinds that during any twelve (12) month period the aggregate commissions earnedfrom controlled business as specified in this section have exceeded or probablywill exceed the aggregate commissions to be earned on other business written byan applicant or licensee during the same period.

 

(c) If commissions on controlled business transacted by aninsurance producer payable in one (1) calendar year exceed the commissions onother insurance business transacted by the licensee and payable in the sameyear, the receipt of the excess commissions is an unlawful rebate.

 

(d) This section does not apply to:

 

(i) Insurance of the interest of:

 

(A) A motor vehicle sales or financing agency in a motorvehicle it sells or finances;

 

(B) A real property mortgagee in the mortgaged property.

 

(ii) Credit life insurance and credit disability insurance.

 

26-9-227. Authority under license to transact business;nontransferability.

 

Anylicensee under this chapter may transact business as authorized by the licensethroughout the state of Wyoming. No city, county or other political subdivisionof this state shall require any other or further permit, registration orauthority for transactions by the licensee therein.

 

26-9-228. Place of business of licensees; display of licenses;records.

 

(a) Each resident insurance producer shall have and maintain inthis state a place of business accessible to the public and in which thelicensee principally conducts transactions under his license. The address ofthe place shall appear upon the license, and the licensee shall promptly notifythe commissioner in writing of any change thereof as provided by W.S.26-9-207(f). Nothing in this section prohibits maintenance of a place ofbusiness in the licensee's residence in this state.

 

(b) The licenses of an insurance producer under this chaptershall be conspicuously displayed in the place of business in a part thereofcustomarily open to the public.

 

(c) The insurance producer shall keep at his place of businessa complete record of transactions under his license. The record shall show, asto each insurance policy or contract placed by or through the licensee, thenames of the insurer and insured, the number, expiration date of, premiumpayable as to the policy or contract and any other information the commissionerreasonably requires. The insurance producer shall keep the record availablefor inspection for a period of at least three (3) years after completion of thetransactions.

 

(d) The requirements of subsection (c) of this section aresatisfied if the records specified in this section may be obtained immediatelyfrom a central storage place, or elsewhere by on line computer terminalslocated at the licensee's place of business.

 

26-9-229. Reporting and accounting for premiums.

 

(a) Any premiums or return premiums received by an insuranceproducer are trust funds received in a fiduciary capacity, and the producer, inthe regular course of business, shall account for and pay the funds to theinsured, insurer or insurance producer entitled thereto.

 

(b) The licensee shall establish a separate trust account forpremiums specified in subsection (a) of this section and shall not use theaccount for or commingle it with his own funds. He shall maintain an accuraterecord and itemization of the funds deposited in the account.

 

(c) Any insurance producer who diverts or appropriates anyfunds, to which he is not lawfully entitled, to his own use is guilty ofembezzlement and upon conviction shall be punished as provided by law.

 

26-9-230. Service of process on nonresident producers.

 

 

(a) Application for and acceptance of a license as anonresident insurance producer constitutes irrevocable appointment of thecommissioner as the attorney of the licensee for the acceptance of service ofprocess issued in this state in any action or proceeding against the licenseearising out of the licensing or any transactions under the license.

 

(b) Duplicate copies of process shall be served upon thecommissioner or other person in apparent charge of his office during hisabsence, accompanied by payment to the commissioner a process fee as providedin W.S. 26-4-101. Upon receiving the service the commissioner shall promptlyforward a copy thereof by registered or certified mail, with return receiptrequested, to the nonresident licensee at his business address last of recordwith the commissioner.

 

(c) Process served upon the commissioner and copy thereofforwarded as provided in this section for all purposes constitutes personalservice thereof upon the licensee.

 

26-9-231. Continuing education.

 

(a) Resident insurance producers, title agents licensedpursuant to W.S. 26-23-318, service representatives, adjusters, nonresidentadjusters not exempted under subsection (f) of this section, and other residentpersons required to be licensed under this chapter shall complete twenty-four(24) classroom hours of continuing education within each two (2) year licensingperiod. Of the twenty-four (24) hours at least three (3) shall relate toethical requirements. The requirements of this section do not apply tononresident insurance producers, those persons who hold licenses for any kindsof insurance for which an examination is not required, nor shall they apply toany such limited or restricted licenses as the commissioner may exempt.

 

(b) Any person teaching any approved continuing educationcourse or lecturing at any approved seminar shall qualify for the same numberof classroom hours granted to the person taking the course or seminar.

 

(c) The commissioner may promulgate rules and regulationsnecessary to carry out the purposes of this section.

 

(d) Repealed By Laws 2004, Chapter 7, 2.

 

(e) For good cause shown, the commissioner may grant anextension of up to one (1) year to complete the required continuing education.

 

(f) Every person subject to this section shall furnish, in aform satisfactory to the commissioner, written certification as to the courses,programs or seminars of instruction taken by that person. The certificationshall be executed by or on behalf of the sponsoring organization within a sixty(60) day period following the course, program or seminar. A nonresident adjusterrequired to complete continuing education in his state of domicile is exemptfrom the provisions of this section. A nonresident adjuster domiciled in astate without a continuing education requirement is subject to the requirementsof this section.

 

(g) The commissioner is authorized to assess every personsubject to this section a fee of thirty dollars ($30.00) in addition to thelicense fee and payable at the time of license renewal, for the support ofcontinuing education. The fee for support of continuing education shall bedeposited in the general fund.

 

(h) Any person failing to submit proof required by rule of thecommissioner of having met the requirements of this section and who has notbeen granted an extension of time within which to comply shall not have hislicense renewed until the person demonstrates to the satisfaction o


State Codes and Statutes

State Codes and Statutes

Statutes > Wyoming > Title26 > Chapter9

CHAPTER 9 - AGENCIES AND ADJUSTERS

 

ARTICLE 1 - IN GENERAL

 

26-9-101. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-102. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-103. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-104. Amended and renumbered as W.S. 26-9-226 by Laws 2001, Ch.201, 3.

 

 

26-9-105. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-106. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-107. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-108. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-109. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-110. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-111. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-112. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-113. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-114. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-115. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-116. Amended and renumbered as W.S. 26-9-227 by Laws 2001, Ch.201, 3.

 

 

26-9-117. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-118. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-119. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-120. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-121. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-122. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-123. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-124. Amended and renumbered as W.S. 26-9-223 by Laws 2001, Ch.201, 3.

 

 

26-9-125. Amended and renumbered as W.S. 26-9-224 by Laws 2001, Ch.201, 3.

 

 

26-9-126. Amended and renumbered as W.S. 26-9-225 by Laws 2001, Ch.201, 3.

 

26-9-127. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-128. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-129. Amended and renumbered as W.S. 26-9-228 by Laws 2001, Ch.201, 3.

 

26-9-130. Amended and renumbered as W.S. 26-9-229 by Laws 2001, Ch.201, 3.

 

 

26-9-131. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-132. Repealed by Laws 2001, Ch. 201, 5.

 

26-9-133. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-134. Amended and renumbered as W.S. 26-9-230 by Laws 2001, Ch.201, 3.

 

26-9-135. Amended and renumbered as W.S. 26-9-219 by Laws 2001, Ch.201, 3.

 

26-9-136. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-137. Repealed by Laws 2001, Ch. 201, 5.

 

 

26-9-138. Renumbered as W.S. 26-9-232 by Laws 2001, Ch. 201, 4.

 

 

26-9-139. Amended and renumbered as W.S. 26-9-220 by Laws 2001, Ch.201, 3.

 

26-9-140. Amended and renumbered as W.S. 26-9-221 by Laws 2001, Ch.201, 3.

 

 

26-9-141. Amended and renumbered as W.S. 26-9-231 by Laws 2001, Ch.201, 3.

 

26-9-142. Amended and renumbered as W.S. 26-9-222 by Laws 2001, Ch.201, 3.

 

 

ARTICLE 2 - INSURANCE PRODUCERS

 

26-9-201. Purpose and scope.

 

This chapter governs the qualificationsand procedures for the licensing of insurance producers. This chapter does notapply to excess and surplus lines brokers licensed pursuant to W.S. 26-11-112except as provided in W.S. 26-9-207(h) and 26-9-208 or as expressly provided inchapter 11 of this code.

 

26-9-202. Definitions.

 

(a) As used in this chapter:

 

(i) "Business entity" means a corporation,association, partnership, limited liability company, limited liabilitypartnership or other legal entity;

 

(ii) "Home state" means the District of Columbia andany state or territory of the United States in which an insurance producermaintains his principal place of residence or principal place of business andis licensed to act as an insurance producer;

 

(iii) "License" means a document issued by thecommissioner authorizing a person to act as an insurance producer for the linesof authority specified in the document. The license itself does not create anyauthority, actual, apparent or inherent, in the holder to represent or commitan insurer;

 

(iv) "Limited line credit insurance" includes creditlife, credit disability, credit property, credit unemployment, involuntaryunemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteedautomobile protection insurance, and any other form of insurance offered inconnection with an extension of credit that is limited to partially or whollyextinguishing that credit obligation that the commissioner determines should bedesignated a form of limited line credit insurance;

 

(v) "Limited line credit insurance producer" means aperson who sells, solicits or negotiates one (1) or more forms of limited linecredit insurance coverage to individuals through a master, corporate, group orindividual policy;

 

(vi) "Limited lines insurance" means those lines ofinsurance referred to in W.S. 26-9-209(c), 26-9-221, 26-29-233, 26-32-101,26-36-113, 26-37-102(a)(iv) or 31-14-120 or any other line of insurance thecommissioner deems necessary to recognize for the purposes of complying withW.S. 26-9-208(e);

 

(vii) "Limited lines producer" means a personauthorized by the commissioner to sell, solicit or negotiate limited linesinsurance;

 

(viii) "Negotiate" means the act of conferring directlywith or offering advice directly to a purchaser or prospective purchaser of aparticular contract of insurance concerning any of the substantive benefits,terms or conditions of the contract, provided that the person engaged in thatact either sells insurance or obtains insurance from insurers for purchasers;

 

(ix) "Sell" means to exchange a contract of insuranceby any means, for money or its equivalent, on behalf of an insurer;

 

(x) "Solicit" means attempting to sell insurance orasking or urging a person to apply for a particular kind of insurance from aparticular insurer;

 

(xi) "Terminate" means the cancellation of therelationship between an insurance producer and the insurer or the terminationof a producer's authority to transact insurance;

 

(xii) "Uniform application" means the current versionof the National Association of Insurance Commissioners' uniform application forresident and nonresident producer licensing;

 

(xiii) "Uniform business entity application" means thecurrent version of the National Association of Insurance Commissioners' uniformbusiness entity application for resident and nonresident business entities.

 

26-9-203. License required.

 

A person shall not sell, solicit ornegotiate insurance in this state for any class or classes of insurance unlessthe person is licensed for that line of authority in accordance with thischapter.

 

26-9-204. Exceptions to licensing.

 

(a) Nothing in this chapter shall be construed to require aninsurer to obtain an insurance producer license. As used in this section, theterm "insurer" does not include an insurer's officers, directors,employees, subsidiaries or affiliates.

 

(b) A license as an insurance producer shall not be required ofthe following:

 

(i) An officer, director or employee of an insurer or of aninsurance producer, provided that the officer, director or employee does notreceive any commission on policies written or sold to insure risks residing,located or to be performed in this state, and:

 

(A) The officer, director or employee's activities areexecutive, administrative, managerial, clerical or a combination of these, andare only indirectly related to the sale, solicitation or negotiation ofinsurance; or

 

(B) The officer, director or employee's function relates tounderwriting, loss control, inspection or the processing, adjusting,investigating or settling of a claim on a contract of insurance; or

 

(C) The officer, director or employee is acting in the capacityof a special agent or agency supervisor assisting insurance producers where theperson's activities are limited to providing technical advice and assistance tolicensed insurance producers and do not include the sale, solicitation ornegotiation of insurance.

 

(ii) A person who receives no commission and provides thefollowing services:

 

(A) Secures and furnishes information for the purpose of grouplife insurance, group property and casualty insurance, group annuities, groupor blanket accident and health or disability insurance; or

 

(B) Secures and furnishes information for the purpose ofenrolling individuals under plans, issuing certificates under plans orotherwise assisting in administering plans; or

 

(C) Performs administrative services related to mass marketedproperty and casualty insurance.

 

(iii) An employer or association or its officers, directors,employees, or the trustees of an employee trust plan, to the extent that theemployers, officers, employees, directors or trustees are engaged in theadministration or operation of a program of employee benefits for theemployer's or association's own employees or the employees of its subsidiariesor affiliates, which program involves the use of insurance issued by aninsurer, as long as the employers, associations, officers, directors, employeesor trustees are not in any manner compensated, directly or indirectly, by thecompany issuing the contracts;

 

(iv) Employees of insurers or organizations employed by insurerswho are engaging in the inspection, rating or classification of risks, or inthe supervision of the training of insurance producers and who are notindividually engaged in the sale, solicitation or negotiation of insurance;

 

(v) A person whose activities in this state are limited toadvertising without the intent to solicit insurance in this state throughcommunications in printed publications or other forms of electronic mass mediawhose distribution is not limited to residents of the state, provided that theperson does not sell, solicit or negotiate insurance that would insure risksresiding, located or to be performed in this state;

 

(vi) A person who is not a resident of this state who sells,solicits or negotiates a contract of insurance for commercial property andcasualty risks to an insured with risks located in more than one (1) stateinsured under that contract, provided that person is otherwise licensed as aninsurance producer to sell, solicit or negotiate the insurance in the state wherethe insured maintains its principal place of business and the contract ofinsurance insures risks located in that state; or

 

(vii) A salaried full-time employee who counsels or advises hisemployer relative to the insurance interests of the employer or of thesubsidiaries or business affiliates of the employer provided the employee doesnot sell or solicit insurance or receive a commission.

 

26-9-205. Application for examination.

 

(a) A resident individual applying for an insurance producerlicense shall pass a written examination unless exempt pursuant to W.S.26-9-209. The examination shall test the knowledge of the individual concerningthe lines of authority for which application is made, the duties andresponsibilities of an insurance producer and the insurance laws andregulations of this state. Examinations required by this section shall bedeveloped and conducted by the commissioner who shall adhere to the applicableinstructions or recommendations of the state board of insurance agents' examinersas provided by W.S. 26-10-104.

 

(b) The commissioner and the state board of insurance agents'examiners may make arrangements, including contracting with an outside testingservice, for administering examinations. If an outside testing service is employed,each individual applying for an examination shall remit the appropriate fee forthe examination to the testing service.

 

26-9-206. Application for license.

 

(a) A person applying for a resident insurance producer licenseshall make application to the commissioner on the uniform application anddeclare under penalty of refusal, suspension or revocation of the license thatthe statements made in the application are true, correct and complete to thebest of the individual's knowledge and belief. Before approving theapplication, the commissioner shall find that the individual:

 

(i) Is at least eighteen (18) years of age;

 

(ii) Has not committed any act that is a ground for denial,suspension or revocation set forth in W.S. 26-9-211;

 

(iii) Has paid the fees set forth in W.S. 26-4-101(a);

 

(iv) Has successfully passed the examinations for the lines ofauthority for which the person has applied; and

 

(v) Has provided the commissioner a credit and investigationreport on the applicant from a recognized and established independentinvestigation and reporting agency. The cost of the report shall be paid by theapplicant.

 

(b) A business entity acting as an insurance producer isrequired to obtain an insurance producer license. Application shall be madeusing the uniform business entity application. Before approving theapplication, the commissioner shall find that:

 

(i) The business entity has paid the fees set forth in W.S.26-4-101(a); and

 

(ii) The business entity has designated a licensed producerresponsible for the business entity's compliance with the insurance laws, rulesand regulations of this state.

 

(c) The commissioner may require any documents reasonablynecessary to verify the information contained in an application.

 

(d) Each insurer that sells, solicits or negotiates any form oflimited line credit insurance shall provide to each individual whose dutieswill include selling, soliciting or negotiating limited line credit insurance aprogram of instruction.

 

26-9-207. License.

 

(a) Unless denied licensure pursuant to W.S. 26-9-211, personswho have met the requirements of W.S. 26-9-205 and 26-9-206 shall be issued aninsurance producer license. An insurance producer may receive qualification fora license in one (1) or more of the following lines of authority:

 

(i) Life - insurance coverage on human lives including benefitsof endowment and annuities, and may include benefits in the event of death ordismemberment by accident and benefits for disability income;

 

(ii) Accident and health or sickness or disability - insurancecoverage for sickness, bodily injury or accidental death and may includebenefits for disability income;

 

(iii) Property - insurance coverage for the direct orconsequential loss or damage to property of every kind;

 

(iv) Casualty - insurance coverage against legal liability,including that for death, injury or disability or damage to real or personalproperty;

 

(v) Variable life and variable annuity products - insurancecoverage provided under variable life insurance contracts and variableannuities;

 

(vi) Personal lines - property and casualty insurance coveragesold to individuals and families for primarily noncommercial purposes;

 

(vii) Credit - limited line credit insurance;

 

(viii) Any other line of insurance permitted under state laws orregulations.

 

(b) An individual insurance producer license shall remain ineffect unless revoked or suspended as long as on or before the last day of themonth of the licensee's birthday in the second year following the issuance orrenewal of the license the continuation fee set forth in W.S. 26-4-101(a) ispaid, the continuing education requirements for resident individual producersare met by the due date and a written request for continuation of the licenseis made to the commissioner on forms prescribed by the commissioner.

 

(c) An individual insurance producer who allows his license tolapse may, within twelve (12) months from the due date of the continuation fee,reinstate the same license without the necessity of passing a writtenexamination. However, a penalty equal to the amount of the unpaid continuationfee shall be required in addition to the unpaid fee for any continuationrequest received after the due date.

 

(d) A licensed insurance producer who is unable to comply withlicense renewal procedures due to military service or some other extenuatingcircumstance such as a long-term medical disability may request a waiver ofthose procedures. The producer may also request a waiver of any examinationrequirement or any other fine or sanction imposed for failure to comply withrenewal procedures.

 

(e) The license shall contain the licensee's name, address,personal identification number, date of issuance, the lines of authority, theexpiration date and any other information the commissioner deems necessary.

 

(f) Licensees shall inform the commissioner by any meansacceptable to the commissioner of a change of address within thirty (30) daysof the change.

 

(g) The commissioner may contract with nongovernmental entities,including the National Association of Insurance Commissioners or any affiliatesor subsidiaries that association oversees, to perform any ministerialfunctions, including the collection of fees, related to producer licensing thatthe commissioner and the nongovernmental entity may deem appropriate.

 

(h) Each service representative, adjuster and surplus linebroker license issued under this code shall continue in force until expired,suspended, revoked or otherwise terminated, if the applicable continuation feespecified in W.S. 26-4-101 is paid to the commissioner, on or before the lastday of the month of the licensee's birthday in the second year following theissuance or renewal of the license, accompanied by a written request forcontinuation made as follows:

 

(i) As to adjuster and surplus line broker licenses, requestmade and signed by the licensee;

 

(ii) As to service representative licenses, request made andsigned by the employer as to whom licensed.

 

(j) Any license referred to in subsection (h) of this sectionis considered expired if the commissioner does not receive the fee and therequest for continuation by midnight on its renewal date, except that anyholder of such a license who allows his license to lapse may, within twelve (12)months from the due date of the continuation fee, reinstate the same licensewithout the necessity of passing a written examination. However, a penaltyequal to the amount of the unpaid continuation fee shall be required inaddition to the unpaid fee for any continuation request received after the duedate.

 

26-9-208. Nonresident licensing.

 

(a) Unless denied licensure pursuant to W.S. 26-9-211, anonresident person shall receive a nonresident producer license if:

 

(i) The person is currently licensed as a resident and is ingood standing in his home state;

 

(ii) The person has submitted the proper request for licensureand has paid the fees required by W.S. 26-4-101(a);

 

(iii) The person has submitted or transmitted to the commissionerthe application for licensure the person submitted to his home state, or inlieu of the same, a completed uniform application; and

 

(iv) The person's home state awards nonresident producerlicenses to residents of this state on the same basis.

 

(b) The commissioner may verify the producer's licensing statusthrough the producer database maintained by the National Association ofInsurance Commissioners, its affiliates or subsidiaries.

 

(c) A nonresident producer who moves from one (1) state toanother or a resident producer who moves from this state to another state shallfile a change of address and provide certification from the new resident statewithin thirty (30) days of the change of legal residence. No fee or licenseapplication is required.

 

(d) Notwithstanding any other provision of this chapter, aperson licensed as a surplus lines producer in his home state shall receive anonresident surplus lines producer license pursuant to subsection (a) of thissection. Except as to subsection (a) of this section, nothing in this sectionotherwise amends or supercedes any provision of chapter 11 of this code.

 

(e) Notwithstanding any other provision of this chapter, aperson licensed as a limited line credit insurance or other type of limitedlines producer in his home state shall receive a nonresident limited linesproducer license, pursuant to subsection (a) of this section, granting the samescope of authority as granted under the license issued by the producer's homestate. For the purposes of this subsection, limited line insurance is anyauthority granted by the home state which restricts the authority of thelicense to less than the total authority prescribed in the associated majorlines pursuant to W.S. 26-9-207(a)(i) through (vi).

 

26-9-209. Exemption from examination.

 

(a) An individual who applies for an insurance producer licensein this state who was previously licensed for the same lines of authority inanother state shall not be required to complete an examination. This exemptionis only available if the person is currently licensed in that state or if theapplication is received within ninety (90) days of the cancellation of theapplicant's previous license and if the prior state issues a certificationthat, at the time of cancellation, the applicant was in good standing in thatstate or the state's producer database records, maintained by the NationalAssociation of Insurance Commissioners, its affiliates or subsidiaries,indicate that the producer is or was licensed in good standing for the line ofauthority requested.

 

(b) A person licensed as an insurance producer in another statewho moves to this state shall make application within ninety (90) days ofestablishing legal residence to become a resident licensee pursuant to W.S.26-9-206. No examination shall be required of that person to obtain any line ofauthority previously held in the prior state except where the commissionerdetermines otherwise by regulation.

 

(c) No examination shall be required of persons representingpublic carriers who, in the course of that representation, solicit or sellinsurance incidental to the transportation of persons or to the storage ortransportation of property. Persons exempted from examination pursuant to thissubsection may be issued a limited insurance representative license by thecommissioner upon submission of an application approved by the commissioner andpayment of the fee specified in W.S. 26-4-101. A license issued under thissubsection shall continue in force until expired, suspended, revoked orotherwise terminated, if the applicable continuation fee specified in W.S.26-4-101 is paid to the commissioner, on or before the last day of the month ofthe licensee's birthday in the second year following the issuance or renewal ofthe license. Licensees under this subsection shall be subject to theapplication requirements established by the commissioner, the provisions ofW.S. 26-9-211 and chapter 13 of this code but shall not be subject to the otherprovisions of this code.

 

26-9-210. Temporary licensing.

 

(a) The commissioner may issue a temporary insurance producerlicense for a period not to exceed one hundred eighty (180) days withoutrequiring an examination if the commissioner deems that the temporary licenseis necessary for the servicing of an insurance business in the following cases:

 

(i) To the surviving spouse or court-appointed personalrepresentative of a licensed insurance producer who dies or becomes mentally orphysically disabled to allow adequate time for the sale of the insurancebusiness owned by the producer or for the recovery or return of the producer tothe business or to provide for the training and licensing of new personnel tooperate the producer's business;

 

(ii) To a member or employee of a business entity licensed as aninsurance producer, upon the death or disability of an individual designated inthe business entity application or the license;

 

(iii) To the designee of a licensed insurance producer enteringactive service in the armed forces of the United States; or

 

(iv) In any other circumstance where the commissioner deems thatthe public interest will best be served by the issuance of this license.

 

(b) The commissioner may by order limit the authority of anytemporary licensee in any way deemed necessary to protect insureds and thepublic. The commissioner may require the temporary licensee to have a suitablesponsor who is a licensed producer or insurer and who assumes responsibilityfor all acts of the temporary licensee and may impose other similarrequirements designed to protect insureds and the public. The commissioner mayby order revoke a temporary license if the interest of insureds or the publicare endangered. A temporary license may not continue after the owner or thepersonal representative disposes of the business.

 

26-9-211. License denial, nonrenewal or revocation.

 

(a) The commissioner may, after appropriate notice andopportunity for hearing pursuant to the Wyoming Administrative Procedure Actand in accordance with W.S. 26-2-125 through 26-2-129, place on probation,suspend, revoke or refuse to issue or renew an insurance producer's license orother license issued under this code, or may levy a civil penalty in accordancewith W.S. 26-1-107 or any combination of actions, for any one (1) or more ofthe following causes:

 

(i) Providing incorrect, misleading, incomplete or materiallyuntrue information in the license application;

 

(ii) Violating any insurance laws, or violating any regulation,subpoena or order of the commissioner or of another state's insurancecommissioner;

 

(iii) Obtaining or attempting to obtain a license throughmisrepresentation or fraud;

 

(iv) Improperly withholding, misappropriating or converting anymonies or properties received in the course of doing insurance business;

 

(v) Intentionally misrepresenting the terms of an actual orproposed insurance contract or application for insurance;

 

(vi) Having been convicted of a felony;

 

(vii) Having admitted or been found to have committed anyinsurance unfair trade practice or fraud;

 

(viii) Using fraudulent, coercive or dishonest practices, ordemonstrating incompetence, untrustworthiness or financial irresponsibility inthe conduct of business in this state or elsewhere;

 

(ix) Having an insurance producer license, or its equivalent,denied, suspended or revoked in any other state, province, district orterritory;

 

(x) Forging another's name to an application for insurance orto any document related to an insurance transaction;

 

(xi) Improperly using notes or any other reference material tocomplete an examination for an insurance license; or

 

(xii) Failing to comply with an administrative or court orderimposing a child support obligation.

 

(b) The license of a business entity may be suspended, revokedor refused if the commissioner finds, after notice and opportunity for hearing,that an individual licensee's violation was known by one (1) or more of thepartners, officers or managers acting on behalf of the business entity and theviolation was neither reported to the commissioner nor corrective action taken.

 

(c) The commissioner shall retain the authority to enforce theprovisions of and impose any penalty or remedy authorized by this chapter andthis code against any person who is under investigation for or charged with aviolation of this chapter or this code even if the person's license orregistration has been surrendered or has lapsed by operation of law.

 

26-9-212. Commissions.

 

(a) An insurer or insurance producer shall not pay acommission, service fee, brokerage or other valuable consideration to a personfor selling, soliciting or negotiating insurance in this state if that personis required to be licensed under this chapter and is not so licensed.

 

(b) A person shall not accept a commission, service fee,brokerage or other valuable consideration for selling, soliciting ornegotiating insurance in this state if that person is required to be licensedunder this chapter and is not so licensed.

 

(c) Renewal or other deferred commissions may be paid to aperson for selling, soliciting or negotiating insurance in this state if theperson was required to be licensed under this chapter at the time of the sale,solicitation or negotiation and was so licensed at that time.

 

(d) An insurer or insurance producer may pay or assigncommissions, brokerages or other valuable consideration to an insurance agencyor to persons who do not sell, solicit or negotiate insurance in this state,unless the payment would violate W.S. 26-13-110 or 26-13-112.

 

26-9-213. Appointments.

 

(a) An insurance producer shall not act as an agent of aninsurer unless the insurance producer becomes an appointed agent of thatinsurer. An insurance producer who is not acting as an agent of an insurer isnot required to become appointed.

 

(b) To appoint a producer as its agent, the appointing insurershall file, in a format approved by the commissioner, a notice of appointmentwithin fifteen (15) days from the date the agency contract is executed or thefirst insurance application is submitted. An insurer may also elect to appointa producer to all or some insurers within the insurer's holding company systemor group by the filing of a single appointment request.

 

(c) Upon receipt of the notice of appointment, the commissionershall verify within a reasonable time that the insurance producer is eligiblefor appointment. If the insurance producer is determined to be ineligible forappointment, the commissioner shall notify the insurer.

 

(d) An insurer shall pay an appointment fee, in the amount setforth in W.S. 26-4-101(a), for each insurance producer appointed by theinsurer.

 

(e) An insurer shall remit, on or before March 31 and in amanner prescribed by the commissioner, an annual continuation appointment feein the amount set forth in W.S. 26-4-101(a).

 

26-9-214. Notification to commissioner of termination.

 

(a) An insurer or authorized representative of the insurer thatterminates the appointment, employment, contract or other insurance businessrelationship with a producer for any reason shall notify the commissionerwithin thirty (30) days following the effective date of the termination, usinga format prescribed by the commissioner. Upon written request of thecommissioner, the insurer shall provide additional information, documents,records or other data pertaining to the termination or activity of theproducer.

 

(b) The insurer or the authorized representative of the insurershall promptly notify the commissioner in a format acceptable to thecommissioner if, upon further review or investigation, the insurer discoversadditional information that would have been reportable to the commissionerunder subsection (a) of this section had the insurer known of its existence.

 

(c) Within fifteen (15) days after making the notificationrequired by subsections (a) and (b) of this section, the insurer shall mail acopy of the notification to the producer at his last known address.

 

(d) Within thirty (30) days after the producer has received theoriginal or additional notification, the producer may file written commentsconcerning the substance of the notification with the commissioner. Theproducer shall, by the same means, simultaneously send a copy of the commentsto the reporting insurer, and the comments shall be part of the commissioner'sfile and accompany every copy of a report distributed or disclosed for anyreason about the producer as permitted under subsection (e) or (f) of thissection.

 

(e) Any documents, materials or other information in thecontrol or possession of the department that is furnished by an insurer,producer or an employee or agent thereof acting on behalf of the insurer orproducer, or obtained by the commissioner in an investigation pursuant to thissection shall be confidential by law and privileged, shall not be subject to W.S.16-4-201 through 16-4-205, shall not be subject to subpoena, and shall not besubject to discovery or admissible in evidence in any private civil action. Thecommissioner is authorized to use the documents, materials or other informationin the furtherance of any regulatory or legal action brought as a part of thecommissioner's duties. Neither the commissioner nor any person who receiveddocuments, materials or other information while acting under the authority ofthe commissioner shall be permitted or required to testify in any private civilaction concerning any confidential documents, materials or information subjectto this subsection or subsection (f) of this section. In order to assist inthe performance of the commissioner's duties under this code, the commissioner:

 

(i) May share documents, materials or other information,including the confidential and privileged documents, materials or informationsubject to this subsection, with other state, federal and internationalregulatory agencies, with the National Association of Insurance Commissioners,its affiliates or subsidiaries, and with state, federal and international lawenforcement authorities, provided that the recipient agrees to maintain theconfidentiality and privileged status of the document, material or otherinformation;

 

(ii) May receive documents, materials or information, includingotherwise confidential and privileged documents, materials or information, fromthe National Association of Insurance Commissioners, its affiliates or subsidiariesand from regulatory and law enforcement officials of other foreign or domesticjurisdictions, and shall maintain as confidential or privileged any document,material or information received with notice or the understanding that it isconfidential or privileged under the laws of the jurisdiction that is thesource of the document, material or information; and

 

(iii) May enter into agreements governing sharing and use ofinformation consistent with this subsection.

 

(f) No waiver of any applicable privilege or claim ofconfidentiality in the documents, materials or information shall occur as aresult of disclosure to the commissioner under this section or as a result ofsharing as authorized in subsection (e) of this section. Nothing in this chaptershall prohibit the commissioner from releasing final, adjudicated actionsincluding termination causes to a database or other clearinghouse servicemaintained by the National Association of Insurance Commissioners, itsaffiliates or subsidiaries.

 

(g) An insurer, the authorized representative of the insurer,or producer that fails to report as required under the provisions of thissection or that is found to have reported with actual malice by a court ofcompetent jurisdiction may, after notice and opportunity for hearing, have itslicense or certificate of authority suspended or revoked and may be fined inaccordance with W.S. 26-1-107.

 

26-9-215. Reciprocity.

 

(a) The commissioner shall waive any requirements for anonresident license applicant with a valid license from his home state, exceptthe requirements imposed by W.S. 26-9-208, if the applicant's home state awardsnonresident licenses to residents of this state on the same basis.

 

(b) In order to carry out the provisions of subsection (a) ofthis section, the commissioner may negotiate and enter into reciprocalarrangements with the insurance supervisory official of any other state orprovince.

 

26-9-216. Reporting of actions.

 

(a) A resident or nonresident insurance producer shall report tothe commissioner any administrative action taken against the producer inanother jurisdiction or by another governmental agency in this state withinthirty (30) days of the final disposition of the matter. This report shallinclude a copy of the order, consent to order or other relevant legaldocuments.

 

(b) Within thirty (30) days of the initial pretrial hearingdate, a resident or nonresident insurance producer shall report to thecommissioner any criminal prosecution of the producer taken in any jurisdiction.The report shall include a copy of the initial complaint filed, the orderresulting from the hearing and any other relevant legal documents.

 

26-9-217. Regulations; limitation.

 

(a) The commissioner may, in accordance with W.S. 26-2-110promulgate reasonable regulations as are necessary or proper to carry out thepurposes of this chapter.

 

(b) Repealed By Laws 2007, Ch. 43, 1.

 

26-9-218. Service representatives.

 

(a) No individual in this state shall act as or hold himselfout to be a service representative as defined in W.S. 26-1-102(a)(xxv) unlessthen licensed as such under this section.

 

(b) An application for a license to act as a servicerepresentative shall be made to the commissioner on forms prescribed by thecommissioner. No examination is required. The commissioner may conductinvestigations concerning the applicant's qualifications, business affiliationsand any other matter he deems necessary to determine compliance with thischapter or for the public's protection.

 

(c) The commissioner shall collect the appropriate applicationand license fees as provided in W.S. 26-4-101.

 

(d) The commissioner shall issue a service representativelicense to qualified individuals meeting the requirements of this section andthis code. The license is valid for no more than twenty-four (24) months andmay be renewed in the same manner as an insurance producer's license.

 

(e) All provisions of this chapter apply to licensees underthis section to the extent they are not in conflict with this section.

 

26-9-219. Adjuster's license; exception; notification.

 

(a) Application for license as an adjuster shall be made to thecommissioner on forms he prescribes and furnishes. The commissioner shall issuethe license as to qualified individuals upon payment of the license applicationfee stated in W.S. 26-4-101.

 

(b) To be licensed as an adjuster the applicant shall:

 

(i) Be an adult;

 

(ii) Be a resident of Wyoming or of another state which permitsresidents of Wyoming to act as adjusters in that state;

 

(iii) Be a full-time salaried employee of a licensed adjuster ora graduate of a recognized law school, or have had experience or specialeducation or training in the handling of loss claims under insurance contractsof sufficient duration and extent to make him competent to fulfill theresponsibilities of an adjuster;

 

(iv) Be trustworthy and of good reputation;

 

(v) Have and maintain an office accessible to the public andkeep therein the usual and customary records in paper, electronic or otherappropriate format, pertaining to transactions under the license; and

 

(vi) Within one (1) year prior to submitting the application forthe license, have taken and passed a written examination in a form prescribedby the commissioner. The commissioner may waive written examination of anonresident applicant if the applicant is licensed as an adjuster in his homestate, is in good standing in his home state and his home state grants thisstate's resident adjusters a similar privilege.

 

(c) A Wyoming adjuster's license is required of any adjusterwho by physical appearance or through electronic or other means, acts in thisstate on behalf of an insurer for the purpose of investigating or makingadjustment of a particular loss under an insurance policy unless the loss is ofan unusual, uncommon or unique nature requiring special expertise or knowledgenot readily available among adjusters licensed in this state, or for theadjustment of a series of losses resulting from a catastrophe common to thoselosses. Any insurer on whose behalf an adjuster who is not licensed in Wyominginvestigates or adjusts a loss in this state, whether by physical appearance orthrough electronic or other means, shall notify the commissioner of such actionprior to the unlicensed adjuster acting in this state.

 

26-9-220. Insurance consultants.

 

(a) No person shall be held out to the public as an insuranceconsultant for hire unless a license as such has been issued in accordance withthis section.

 

(b) An application for a license to act as an insuranceconsultant for hire shall be made to the commissioner on forms he prescribes.The commissioner shall require that the applicant, within one (1) year prior tosubmitting the application for the license, have taken and passed a writtenexamination in a form prescribed by the commissioner. The commissioner maywaive written examination of a nonresident applicant if the applicant islicensed as a consultant in his home state, is in good standing in his homestate and his home state grants this state's resident consultants a similarprivilege. The commissioner may conduct investigations concerning theapplicant's qualifications, residence, business affiliations and any othermatter he deems necessary to determine compliance with this chapter or for thepublic's protection.

 

(c) The commissioner shall collect an application fee, a feefor the license, if issued, and a renewal fee, as provided in W.S. 26-4-101. Nolicense is valid for longer than twenty-four (24) months. A license may be renewedin the same manner as an insurance producer's license.

 

(d) All provisions of this chapter apply to licensees underthis section to the extent that they are not in conflict with this section.

 

(e) This section does not apply to licensed attorneys.

 

(f) An insurance producer who is also licensed as a consultantunder this section shall not act in the dual capacity of an insurance producerand a consultant in the same insurance transaction.

 

26-9-221. Limited license.

 

(a) The commissioner may issue to an applicant a limitedlicense governing credit life insurance or covering credit disabilityinsurance.

 

(b) Nothing in this section shall be interpreted as requiring:

 

(i) An insurance producer licensed to transact life insurancebe licensed as a limited life producer to transact credit life insurance; or

 

(ii) An insurance producer licensed to transact disabilityinsurance be licensed as a limited disability producer to transact creditdisability insurance.

 

(c) The commissioner shall collect an application fee, a feefor the license, if issued and a renewal fee as provided in W.S. 26-4-101. Alimited license is subject to the same license and appointment renewalprocedures as an insurance producer's license.

 

(d) To the extent that they are not in conflict with thissection, all provisions of the Wyoming Insurance Code apply to licensees underthis section.

 

26-9-222. Insurance marketers; requirements; penalties; rulemakingauthority.

 

(a) An individual located in this state but not licensed as aninsurance producer shall not commit nor bind any insurance policy but maysolicit or take applications for insurance on risks not resident, located or tobe performed in Wyoming if:

 

(i) The individual is named in and listed under the resident insuranceproducer's license of a business entity as an insurance marketer and isemployed by the business entity;

 

(ii) The business entity who directly or indirectly employs theinsurance marketer is licensed as a resident insurance producer pursuant to thischapter and pays a licensing fee for each insurance marketer in an amountdetermined by the insurance commissioner of not to exceed twenty dollars($20.00);

 

(iii) The insurance marketer is a Wyoming resident;

 

(iv) The insurance marketer is not compensated based upon salesof insurance products or on a commission basis;

 

(v) Any persons who are responsible for the direct supervisionand verification of the insurance transactions of the insurance marketers arelicensed as resident Wyoming insurance producers pursuant to this chapter;

 

(vi) As required by the insurance commissioner, it can bedemonstrated to the Wyoming insurance department that the insurance productbeing solicited has been approved by the insurance supervisory official of thestate whose residents are being contacted by the insurance marketer, and thatthe insurance supervisory official of that state has been notified as to themethod of marketing that product; and

 

(vii) The method and procedures utilized to supervise and verifythe insurance transactions of the insurance marketers are filed with andapproved by the Wyoming insurance department prior to solicitation by theinsurance marketers.

 

(b) Any violations of the Wyoming Insurance Code by aninsurance marketer constitutes a violation of the code by the persons whoemploy, supervise or verify the transactions of the insurance marketers andsubjects those persons to civil or criminal penalties or the suspension orrevocation of any insurance licenses issued by the Wyoming insurancedepartment.

 

(c) The commissioner shall adopt reasonable rules andregulations necessary to carry out the provisions of this section in accordancewith W.S. 26-2-110.

 

26-9-223. Repealed by Laws 2004, Ch. 7, 2.

 

26-9-224. Scope of broker's authority; broker's commissions.

 

(a) Any insurance producer acting in the capacity of a brokeris not an agent or other representative of an insurer and does not have powerby his own acts to obligate the insurer upon any risk or by any insurancetransaction.

 

(b) An insurer or insurance producer has the right to pay to aninsurance producer acting in the capacity of a broker and licensed under thischapter the customary commissions upon insurance placed through the produceracting as a broker.

 

26-9-225. Broker and agent license combinations.

 

The sole relationship between an insuranceproducer acting in the capacity of a broker and an insurer as to which he isthen appointed as an agent, as to transactions arising during the existence ofthat agency appointment, is that of insurer and agent and not that of insurerand broker.

 

 

26-9-226. "Controlled business" restrictions.

 

(a) The commissioner shall not grant, renew, continue or permitto exist any license as an insurance producer if he finds that the license hasbeen or is being used principally for the purpose of writing "controlledbusiness" as follows:

 

(i) Insurance on his own interests or those of his family or ofhis employer; or

 

(ii) Insurance or annuity contracts covering himself or membersof his family, or the officers, directors, stockholders, partners or employeesof a partnership, association or corporation of which he or a member of hisfamily is an officer, director, stockholder, partner, associate or employee.

 

(b) A license is deemed to have been or intended to be usedprincipally for the purpose of writing controlled business if the commissionerfinds that during any twelve (12) month period the aggregate commissions earnedfrom controlled business as specified in this section have exceeded or probablywill exceed the aggregate commissions to be earned on other business written byan applicant or licensee during the same period.

 

(c) If commissions on controlled business transacted by aninsurance producer payable in one (1) calendar year exceed the commissions onother insurance business transacted by the licensee and payable in the sameyear, the receipt of the excess commissions is an unlawful rebate.

 

(d) This section does not apply to:

 

(i) Insurance of the interest of:

 

(A) A motor vehicle sales or financing agency in a motorvehicle it sells or finances;

 

(B) A real property mortgagee in the mortgaged property.

 

(ii) Credit life insurance and credit disability insurance.

 

26-9-227. Authority under license to transact business;nontransferability.

 

Anylicensee under this chapter may transact business as authorized by the licensethroughout the state of Wyoming. No city, county or other political subdivisionof this state shall require any other or further permit, registration orauthority for transactions by the licensee therein.

 

26-9-228. Place of business of licensees; display of licenses;records.

 

(a) Each resident insurance producer shall have and maintain inthis state a place of business accessible to the public and in which thelicensee principally conducts transactions under his license. The address ofthe place shall appear upon the license, and the licensee shall promptly notifythe commissioner in writing of any change thereof as provided by W.S.26-9-207(f). Nothing in this section prohibits maintenance of a place ofbusiness in the licensee's residence in this state.

 

(b) The licenses of an insurance producer under this chaptershall be conspicuously displayed in the place of business in a part thereofcustomarily open to the public.

 

(c) The insurance producer shall keep at his place of businessa complete record of transactions under his license. The record shall show, asto each insurance policy or contract placed by or through the licensee, thenames of the insurer and insured, the number, expiration date of, premiumpayable as to the policy or contract and any other information the commissionerreasonably requires. The insurance producer shall keep the record availablefor inspection for a period of at least three (3) years after completion of thetransactions.

 

(d) The requirements of subsection (c) of this section aresatisfied if the records specified in this section may be obtained immediatelyfrom a central storage place, or elsewhere by on line computer terminalslocated at the licensee's place of business.

 

26-9-229. Reporting and accounting for premiums.

 

(a) Any premiums or return premiums received by an insuranceproducer are trust funds received in a fiduciary capacity, and the producer, inthe regular course of business, shall account for and pay the funds to theinsured, insurer or insurance producer entitled thereto.

 

(b) The licensee shall establish a separate trust account forpremiums specified in subsection (a) of this section and shall not use theaccount for or commingle it with his own funds. He shall maintain an accuraterecord and itemization of the funds deposited in the account.

 

(c) Any insurance producer who diverts or appropriates anyfunds, to which he is not lawfully entitled, to his own use is guilty ofembezzlement and upon conviction shall be punished as provided by law.

 

26-9-230. Service of process on nonresident producers.

 

 

(a) Application for and acceptance of a license as anonresident insurance producer constitutes irrevocable appointment of thecommissioner as the attorney of the licensee for the acceptance of service ofprocess issued in this state in any action or proceeding against the licenseearising out of the licensing or any transactions under the license.

 

(b) Duplicate copies of process shall be served upon thecommissioner or other person in apparent charge of his office during hisabsence, accompanied by payment to the commissioner a process fee as providedin W.S. 26-4-101. Upon receiving the service the commissioner shall promptlyforward a copy thereof by registered or certified mail, with return receiptrequested, to the nonresident licensee at his business address last of recordwith the commissioner.

 

(c) Process served upon the commissioner and copy thereofforwarded as provided in this section for all purposes constitutes personalservice thereof upon the licensee.

 

26-9-231. Continuing education.

 

(a) Resident insurance producers, title agents licensedpursuant to W.S. 26-23-318, service representatives, adjusters, nonresidentadjusters not exempted under subsection (f) of this section, and other residentpersons required to be licensed under this chapter shall complete twenty-four(24) classroom hours of continuing education within each two (2) year licensingperiod. Of the twenty-four (24) hours at least three (3) shall relate toethical requirements. The requirements of this section do not apply tononresident insurance producers, those persons who hold licenses for any kindsof insurance for which an examination is not required, nor shall they apply toany such limited or restricted licenses as the commissioner may exempt.

 

(b) Any person teaching any approved continuing educationcourse or lecturing at any approved seminar shall qualify for the same numberof classroom hours granted to the person taking the course or seminar.

 

(c) The commissioner may promulgate rules and regulationsnecessary to carry out the purposes of this section.

 

(d) Repealed By Laws 2004, Chapter 7, 2.

 

(e) For good cause shown, the commissioner may grant anextension of up to one (1) year to complete the required continuing education.

 

(f) Every person subject to this section shall furnish, in aform satisfactory to the commissioner, written certification as to the courses,programs or seminars of instruction taken by that person. The certificationshall be executed by or on behalf of the sponsoring organization within a sixty(60) day period following the course, program or seminar. A nonresident adjusterrequired to complete continuing education in his state of domicile is exemptfrom the provisions of this section. A nonresident adjuster domiciled in astate without a continuing education requirement is subject to the requirementsof this section.

 

(g) The commissioner is authorized to assess every personsubject to this section a fee of thirty dollars ($30.00) in addition to thelicense fee and payable at the time of license renewal, for the support ofcontinuing education. The fee for support of continuing education shall bedeposited in the general fund.

 

(h) Any person failing to submit proof required by rule of thecommissioner of having met the requirements of this section and who has notbeen granted an extension of time within which to comply shall not have hislicense renewed until the person demonstrates to the satisfaction o

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