Bill No.:                     SF0005                                   Drafter:  LGC

LSO No.:                   13LSO-0017                         Effective Date:  7/1/2013

Enrolled Act No.:    SEA0036

Chapter No.:            CH0123

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

Catch Title:              Insurance-limited lines.

Subject:                     Licensing of specialty limited lines insurance.

Summary/Major Elements:

· Special limited lines insurance is insurance offered in connection with or ancillary to the insurance producer’s core business.  Under current law, the products regulated as specialty limited lines include rental car insurance and travel insurance.

· This act consolidates regulation of those products and includes the regulation of portable electronic device insurance.

· Specialty limited lines insurance producers need not take any examination nor comply with continuing education requirements.  These producers are not insurance agents for purposes of regulation.

· Specialty limited lines insurance producers may hire unlicensed agents (endorsees), who are at least 18 years old, receive specialized training and are not primarily compensated for sale of these products.  These endorsees may sell the specialty limited lines products under the direction of the licensee.

· Charges for specialty limited lines insurance must be itemized on any bill for the covered product.

· The act establishes consumer protections and notice requirements for property and casualty products sold on a group basis.  Wyoming law is currently silent on this issue.