Wyoming Commissioner of Insurance
|Wyoming Commissioner of Insurance|
|Office website:||Official Link|
|2013-2014 FY Budget:||$61,567,609|
|Authority:||Wyoming Code Title 26, Chapter 2, Article 1|
|Selection Method:||Appointed by governor|
|Assumed office:||March 2012|
|Other Wyoming Executive Offices|
|Governor • Lieutenant Governor • Secretary of State • Attorney General • Treasurer • Auditors: Auditor • Director • Superintendent of Education • • Agriculture Commissioner • Insurance Commissioner • Labor Commissioner • Public Service Commission|
The current officeholder is Tom Hirsig.
The Wyoming Department of Insurance was established by state statute in 1919, with the chief officer designated the "insurance commissioner." .
Title 26, Chapter 2, Article 1 of the Wyoming Code establishes the qualifications of the office:
|No individual is eligible for appointment to or shall hold the office of commissioner unless he is a qualified elector of this state and free of conflicting interests as specified in W.S. 26-2-107.|
- a qualified elector of Wyoming
- not connected with the management of or be financially interested in any insurer, insurance agency or insurance transaction except as a claimant under a policy
- shall not engage in any other business or occupation interfering or inconsistent with department duties, except that as to those matters in which a conflict of interest does not exist on the part of any individual, the commissioner may employ or retain insurance actuaries, accountants or other technicians who are independently practicing their professions even though similarly employed or retained by insurers or others
- shall not be given or receive any fee, compensation, loan, gift or other thing of value in addition to the compensation and expense allowance provided by law
According to Title 26, Chapter 2, Article 1 of the Wyoming Code, the commissioner shall be appointed by the governor.
Title 26, Chapter 2, Article 1 of the Wyoming Code details how vacancies in the office are filled. In the event of a vacancy for any reason, the governor shall fill the vacancy in accordance with Wyoming Statute § 28-12-101.
The governor appoints a successor, with the advice and consent of the state senate. In the event that the legislature is not in session when the position becomes vacant, the governor may fill the seat by temporary appointment to be effective until March 1 of the ensuing calendar year.
The department of insurance is responsible for licensing and regulating individuals and agencies involved in the insurance industry, including insurance companies, risk retention and purchasing power groups, motor clubs, preneed funeral homes, agents, brokers, adjusters, and consultants.
- Licensing - The department licenses insurance companies who conduct business in Wyoming, and issues resident and nonresident insurance producer licenses.
- Examination - The department oversees financial solvency examinations of insurance companies, examines preneed funeral trusts, and conducts field examinations of resident insurance agencies.
- Consumer complaints - The department investigates consumer complaints and works to resolve issues on insurance-related matters.
- Policy filings - The department reviews policy form filings for compliance and noncompliance with insurance laws and regulations.
- Premium tax collection - The department collects premium tax from all insurance entities conducting business within the state.
The Wyoming Code outlines the duties that are specific to the commissioner of insurance:
- personally supervise the department operations
- examine and inquire into violations of Title 26 of the Wyoming Code
- enforce the state code with impartiality
- execute the duties imposed upon him by this code
- have the powers and authority expressly conferred upon him by or reasonably implied from this code
- immediately pay to the state treasurer for deposit in the general fund, unless otherwise specifically provided, any monies paid to him under this code
- have any additional powers and duties as may be provided by other laws of this state
The Wyoming Department of Insurance is divided into the following internal sections:
- The Examination Section "is responsible for the licensing and regulation of insurance companies, the financial solvency examinations and financial analysis of domestic insurance companies, premium tax collection and reconciliation, and other financial matters."
- The Licensing Section "is responsible for the licensing of insurance producers and adjusters, approval of continuing education courses for licensees, and the tracking of continuing education requirements for licensees."
- The Consumer Affairs Section "is responsible for investigating consumer insurance complaints and responding to consumer insurance inquiries."
- The Policy Review Section "is responsible for the review and approval/disapproval of insurance policy form filings, and in some cases, the review and approval/disapproval of insurance rates."
The budget for the Insurance Department in Fiscal Year 2013-2014 is $61,567,609.
Wyoming Insurance Department
106 East 6th Avenue
Cheyenne, WY 82002
Toll free: 1-800-438-5768
- ↑ Wyoming Code, "Title 26, Chapter 2, Article 1," accessed August 24, 2011
- ↑ Wyoming Code, "Title 26, Chapter 2, Article 1, Section 2," accessed August 24, 2011
- ↑ '"Wyoming Code, Title 28, Chapter 12, Article 1," accessed August 24, 2011
- ↑ Wyoming Insurance Department, "Who we are and what we do," accessed August 24, 2011
- ↑ Wyoming Code, "Title 26, Chapter 2, Article 1, Section 109," accessed August 24, 2011
- ↑ 6.0 6.1 6.2 6.3 [E-mail communication with the Business Office Coordinator of the Wyoming Department of Insurance, August 29, 2011]
- ↑ Wyoming Department of Administration and Information, "Department Budget Summary Office of the Governor 2013-2014," Accessed April 2, 2013
- ↑ The Council of State Governments,"The Book of States 2010 Table 4.11," retrieved May 14, 2011