Please Note: The following summaries of legislation enacted during the 2004 Legislative Session were prepared by the Legal Services Division Staff for internal use by the Legislative Service Office.

This report is not an official publication of the Wyoming Legislature and does not purport to be an official statement of legislative intent concerning any measure enacted by the Legislature.

The bill summaries contained in this report were prepared as an aid to locating enacted legislation and as a brief recap of the major provisions of each bill. While the information provided in these summaries is accurate, the summaries are not intended as a detailed abstract and reference should be made to the enacted bills for more complete information.

Bill No.: HB0059 Drafter: DKG

LSO No.: 04LSO-0095.E2 Effective Date: 7/1/2004

Enrolled Act No.: HEA0014

Chapter No.: 14

Prime Sponsor: Joint Corporations, Elections and Political Subdivisions Interim Committee

Catch Title: Insurance department regulation.

Subject: Insurance department accreditation issues.

Summary/Major Elements:

· The insurance department is accredited by the National Association of Insurance Commissioners (NAIC). This accreditation requires that the state have in place certain statutes and rules meeting NAIC requirements.

· This bill is intended to update Wyoming statutes to continue to meet those requirements.

· The changes include how insurers may hold securities by book entry systems and how the Commissioner may accept electronic filings of annual and quarterly reports by insurers.

· If certain indemnification agreements between insurers and auditors exist, the Commissioner may not recognize that person as an independent CPA for purposes of accepting audit reports from those persons.

· Other minor date changes and other amendments are made to conform with the NAIC requirements.