Bill No.: HB0015                  Drafter:  LGC

 

LSO No.:  12LSO-0015              Effective Date:  March 8, 2012

 

Enrolled Act No.:  HEA0011

 

Chapter No.:       CH0037

 

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

 

Catch Title:       Insurance-surplus lines.

 

Subject:           Amending regulation of surplus lines insurers.

 

 

Summary/Major Elements:

 

 

·         Surplus lines are typically high risk or nontypical policies which require specialized underwriting. 

 

·         The federal government recently passed the Nonadmitted and Reinsurance Reform Act of 2010 which changes how surplus lines insurance policies are regulated but provides that states may participate in multi-state agreements for collection of premium taxes on those policies.

 

·         This act complies with the federal law by modifying Wyoming statutes to reflect language required under federal law.

 

·         This act adds definitions required under federal law.

 

·         This act authorizes the collection of premium taxes at the level allowed under federal law, and allows for the sharing of those taxes among contracting states in accordance with the federal law.