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Memo Regarding New Annuity Training Requirements

The Wyoming Department of Insurance is proposing updates to Insurance Regulation Chapter 64: Regulation Governing Suitability in Annuity Transactions. These updates adopt the best interest standards for annuity sales based on the National Association of Insurance Commissioners Suitability in Annuity Transactions Model. The following language outlines the proposed training requirements:

(b) One time training course.

(i) A producer who engages in the sale of annuity products shall:

(A) Complete a one-time four (4) credit training course approved by the department of insurance and provided by the department of insurance-approved education provider.

(vi) A producer who has completed an annuity training course approved by the department of insurance prior to January 1, 2023 shall, within six (6) months after January 1, 2023, complete either:

(A) A new four (4) credit training course approved by the department of insurance after January 1, 2023; or

(B) An additional one-time one (1) credit training course approved by the department of insurance and provided by the department of insurance-approved education provider on appropriate sales practices, replacement and disclosure requirements under this amended regulation.

The intended effective dates of these changes are January 1, 2023.

For additional information, please contact the Department via email at wyinsdep@wyo.gov or through the Contact Us page.

Memo Regarding Designated Home State Adjuster Licensing

This memorandum serves to modify the July 7, 2022 memorandum on Designated Home State Licensing. After discussions with industry and other states, the Department is updating our stance to include reciprocating all resident state adjuster licenses, provided the licensee carries lines of authority that can be reciprocated by Wyoming. Designated home state licensing is only acceptable in the event that the adjuster is unable to obtain an adjuster license in their resident state. Some states may not require adjuster licensing for adjusters employed by insurers, but do allow adjusters employed by insurers to become licensed.

If a licensed adjuster has a resident address in a state which offers adjuster licensing, but holds a DHS license in a different state, that adjuster’s license will not be renewed until an acceptable license is procured. If an applicant resides in a state which offers adjuster licensing but holds a DHS license in a different state, that application will not be approved until an acceptable license is procured. If an applicant that resides in a state that offers adjuster licensing applies for a Wyoming DHS license that application will not be approved.

All non-resident adjusters licensed in Wyoming are strongly encouraged to review their resident state licensing practices and be certain that they are meeting the requirements of this memorandum. Adjuster licensing renewals and applications will be delayed if the applicant’s home state licensing is not acceptable.

If you have any questions please reach out to the Wyoming Department of Insurance Licensing Section at insurancelicensing@wyo.gov or 307-777-7319.

Memo Regarding Medical Malpractice Insurance Reporting Requirements

Pursuant to Wyo. Stat. § 26-3-124, any insurer writing coverage for health care malpractice in Wyoming is required to file an annual report with the commissioner of all claims and awards or settlements given in cases against health care providers involving medical malpractice. At this time, there appears to be a competitive market for medical malpractice insurance in Wyoming. As a result, the Department of Insurance (the "Department") is proposing changes to the reporting requirements of Wyo. Stat. § 26-3-124 to change the mandatory annual reporting of medical malpractice information to reporting required at the discretion of the Commissioner upon at least six (6) months advance notice.

This proposed change is intended to reduce the reporting burden on insurers providing medical malpractice insurance, but to allow for collection of the statutorily identified information should the information again be needed. The Department encourages all insurers writing medical malpractice insurance in Wyoming to monitor this proposed legislation to ensure that all public comments are received for consideration by the Wyoming legislation.

Any questions regarding the proposed legislation may be directed to Tana Howard, Deputy Insurance Commissioner, at 307-777-7401 or by emailing tana.howard@wyo.gov.

The mission of this agency is to enforce the insurance laws and regulations of the State impartially, honestly, and expeditiously; to serve the consumer of insurance; to encourage a healthy insurance marketplace; and to promote change to better serve the public interest. To this end, the highest ethical, professional, and work quality standards will be exercised in all formal and informal relationships with individuals, agencies, and companies affected by the policies and actions of the department. It is our commitment to be the best insurance regulatory agency in the United States.