Bill No.: SF0019                  Drafter:  LGC

LSO No.:  07LSO-0114              Effective Date:  7/1/2007

Enrolled Act No.:  SEA0014

Chapter No.:       44

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

Catch Title:       Insurance department-accreditation.

Subject:           Amendment of insurance code to maintain department accreditation and requirement for actuarial opinions.

Summary/Major Elements:

• The act requires actuarial opinions from property and casualty insurance providers to be filed with the insurance department with the insurers' annual statements.

• The act provides that the statement of actuarial opinion is a public document, but the underlying working papers are confidential.  Those papers may be used by the insurance commissioner for regulatory purposes.

• The act updates definitions of clearing corporations and custodian with respect to deposits of securities by insurers.

• These changes are made in order to maintain the Wyoming insurance department's accreditation with the national association of insurance commissioners.