ABOUT THE DEPARTMENT
The Wyoming Department of Insurance is responsible for regulating the business of insurance in the state of Wyoming. The Department licenses and regulates insurance companies, multiple employer welfare arrangements, risk retention and purchasing groups, motor clubs, service contract providers, preneed funeral homes, agents, brokers, adjusters, consultants, pharmacy benefit managers, and third party administrators; approves policy filings, investigates consumer complaints; monitors financial condition and solvency of insurance companies and collects premium and surplus lines taxes.
Licensing - The Department is responsible for licensing insurance companies and other insurance related business entities for operations within the state of Wyoming, as well as resident and nonresident insurance producer licensees. The Department collected approximately $20 million in licensing fees in the 2021 fiscal year.
Examination - The Department is responsible for financial solvency examinations of domestic insurance companies and field examinations of resident insurance agencies.
Consumer Complaints - The Department provides optimum consumer protection and support to Wyoming residents by investigating consumer complaints and resolving issues on insurance matters.
Policy Filings - The Department reviews policy form filings for compliance and conformance with state laws and regulations.
Premium Tax Collection - The Department collects premium tax from all insurance entities operating within the state of Wyoming on business written in Wyoming. During the 2021 fiscal year, tax collected and deposited in the general fund amounted to approximately $30 million.
The State of Wyoming is part of the U.S. insurance regulatory framework which is a highly coordinated state-based national system designed to protect policyholders and to serve the greater public interest through the effective regulation of the U.S. insurance marketplace. Through the National Association of Insurance Commissioners (NAIC), U.S. insurance regulators establish national standards and best practices, conduct peer reviews and coordinate their regulatory oversight to better protect the interests of consumers while ensuring a strong, viable insurance marketplace. U.S. insurance regulators also participate in the International Association of Insurance Supervisors (IAIS) along with the NAIC by participating in major standard setting initiatives, including working with fellow regulators from around the world to better supervise cross-border insurers, identifying systemic risk in the insurance sector, and creating international best practices.
The Wyoming Department of Insurance is accredited by the National Association of Insurance Commissioners.