Wyoming HB 19: Insurance-national accreditation waiver.

Bill Text

2019 STATE OF WYOMING
19LSO-0004
1 HB0019
HOUSE BILL NO. HB0019
Insurance-national accreditation waiver.
Sponsored by: Joint Corporations, Elections & Political
Subdivisions Interim Committee
A BILL
for
1 AN ACT relating to insurance; authorizing the insurance
2 commissioner to request waivers to national association of
3 insurance commissioners accreditation requirements;
4 authorizing time limited rulemaking; and providing for an
5 effective date.
6
7 Be It Enacted by the Legislature of the State of Wyoming:
8
9 Section 1. W.S. 26-2-109 by creating a new subsection
10 (e) and 26-2-110 by creating a new subsection (d) are amended
11 to read:
12
13 26-2-109. Commissioner; powers and duties generally.
14

2019 STATE OF WYOMING 19LSO-0004
2 HB0019
1 (e) The commissioner may request a waiver from the
2 NAIC's financial regulation standards and accreditation
3 program requirements when the commissioner deems the waiver
4 to be in the interest of the state. The commissioner shall
5 report in writing any waiver request to the joint
6 corporations, elections and political subdivisions interim
7 committee within thirty (30) days of the request.
8
9 26-2-110. Rules and regulations.
10
11 (d) In addition to all other rulemaking authority
12 granted to the commissioner, the commissioner may promulgate
13 necessary and appropriate rules to satisfy NAIC accreditation
14 requirements, provided that:
15
16 (i) The commissioner has determined promulgation
17 of the rules is in the interest of the state and the rules
18 are otherwise appropriate;
19
20 (ii) The rules shall not be in effect for longer
21 than three (3) years;
22

2019 STATE OF WYOMING 19LSO-0004
3 HB0019
1 (iii) The commissioner has requested a waiver, if
2 determined appropriate, to the applicable NAIC accreditation
3 requirement pursuant to W.S. 26-2-109(e).
4
5 Section 2. This act is effective immediately upon
6 completion of all acts necessary for a bill to become law as
7 provided by Article 4, Section 8 of the Wyoming Constitution.
8
9 (END)