Wyoming Department of Insurance

The Wyoming Department of Insurance is the state agency responsible for regulating the Property & Casualty insurance industry in Wyoming. The Department ensures fair insurance practices, protects Wyoming consumers, and maintains the financial stability of insurance markets.

Organization and Structure

Location and Contact Information

Exam Tip: Know the main phone number (307) 777-7319 and consumer services number (307) 777-7401. These frequently appear on exam questions about consumer complaint procedures.

The Insurance Commissioner

The Wyoming Insurance Commissioner serves as the chief insurance regulator for the state:

Appointment and Term

• Appointed by the Governor of Wyoming
• Serves at the pleasure of the Governor (no fixed term)
• Must be qualified by training and experience in insurance
• Reports directly to the Governor

Commissioner Powers and Authority

The Commissioner has broad regulatory powers under Wyoming Statute Title 26:

Commissioner Responsibilities

1. Regulatory Oversight

   • Ensure insurers maintain financial solvency
   • Monitor market practices and conduct
   • Enforce compliance with Wyoming insurance law
   • Protect consumer interests

2. Licensing Administration

   • Issue producer and adjuster licenses
   • Approve insurance company admissions
   • Process licensing applications through NIPR
   • Maintain licensing records

3. Rate and Form Review

   • Review property and casualty rate filings
   • Approve or disapprove policy forms
   • Ensure rates are not excessive, inadequate, or unfairly discriminatory

4. Consumer Protection

   • Investigate consumer complaints
   • Mediate policyholder disputes
   • Conduct market conduct examinations
   • Provide consumer education

Rate Regulation System

Wyoming employs a file-and-use rating system for most Property & Casualty insurance lines:

File-and-Use System

Rate Filing Standards

Under Wyoming law, rates must be:

1. Not Excessive - Not likely to produce unreasonable profit
2. Not Inadequate - Not insufficient to sustain expected claims and expenses
3. Not Unfairly Discriminatory - Based on legitimate risk factors, not prohibited classifications

Exam Tip: Wyoming uses "file-and-use," meaning insurers can implement rates immediately upon filing. The Commissioner has 30 days to disapprove. This differs from "prior approval" states that require approval before use.

Department Functions and Divisions

Licensing Division

Responsibilities:

• Process producer and adjuster applications
• Issue and renew licenses
• Track continuing education compliance
• Investigate license complaints
• Maintain NIPR connectivity

Financial Regulation Division

Responsibilities:

• Review insurer financial statements
• Monitor company solvency
• Conduct financial examinations
• Oversee rehabilitation and liquidation

Consumer Services Division

Responsibilities:

• Handle consumer complaints
• Provide insurance information
• Mediate policyholder disputes
• Conduct consumer education programs
• Maintain complaint database

Consumer Services Contact: (307) 777-7401

Market Conduct Division

Responsibilities:

• Conduct market conduct examinations
• Investigate unfair trade practices
• Review company business practices
• Enforce compliance with laws and regulations
• Process disciplinary actions

Wyoming Insurance Statute

Title 26: Insurance

Wyoming insurance law is codified in Wyoming Statute Title 26:

Exam Tip: Wyoming Statute Title 26 is the state insurance code. Know the major chapter topics, especially Chapter 9 (Producer Licensing), Chapter 12 (Rate Regulation), and Chapter 34 (Auto Insurance).

Consumer Complaint Process

How Consumers File Complaints

1. Contact the Department

   • Phone: (307) 777-7401
   • Email: Through website contact form
   • Mail: Written complaint to Department address
   • Online: Submit complaint form at doi.wyo.gov

2. Provide Required Information

   • Policy number and insurer name
   • Description of the issue
   • Supporting documentation
   • Contact information

3. Department Investigation

   • Department reviews complaint
   • Contacts insurer for response
   • Investigates facts and applicable law
   • Mediates resolution when appropriate

4. Resolution

   • Department facilitates communication
   • May require corrective action
   • Provides written decision
   • May refer to enforcement if violations found

Producer Responsibilities

Producers must cooperate with Department investigations:

• Respond promptly to Department inquiries
• Provide requested documentation
• Participate in complaint resolution
• Take corrective action as directed

Failure to cooperate can result in license discipline.

Enforcement and Penalties

Commissioner Enforcement Authority

The Commissioner may take enforcement action for violations:

Hearing Process

Producers facing discipline are entitled to:

• Written notice of charges
• Opportunity for hearing
• Representation by legal counsel
• Present evidence and witnesses
• Appeal to Wyoming courts

Exam Tip: Wyoming law provides due process protections. Producers must receive notice and an opportunity for hearing before final discipline (except emergency suspensions).

Examinations and Audits

Market Conduct Examinations

The Commissioner may examine any producer or insurer:

Purpose:

• Verify compliance with law and regulations
• Review business practices
• Identify unfair trade practices
• Protect consumer interests

Scope:

• Review files and records
• Interview employees and producers
• Examine policies and procedures
• Assess complaint handling

Cost:

• Examined entity pays examination costs
• Must provide access to records
• Must cooperate with examiners

Required Record Retention

Producers must maintain records for 5 years:

• Policy applications and documents
• Premium records and receipts
• Claims files and correspondence
• Commission statements
• Continuing education certificates
• Advertising and marketing materials

Exam Tip: Wyoming requires 5-year record retention. This is a standard exam question about producer recordkeeping obligations.