- Wyoming does not maintain a list of eligible surplus lines insurers.
- Wyoming does not have a Surplus Lines Association.
- Wyoming does have an Export List (see Other Comments section #1).
- Wyoming does have an industrial insured exemption (see Appendix C) which will remain in effect.
- Surplus lines tax: 3%, payable by broker.
- Wyoming adopted NIMA (HB 242); however, the Board of Directors of NIMA voted on April 28, 2016 to discontinue operations and dissolve the NIMA, Inc. organization. The Surplus Lines Clearinghouse will continue to accept surplus lines filings and payments for Wyoming policies effective October 1, 2016 and after. Beginning October 1, 2016, all new and renewal multistate policies for Wyoming will be reported as single state policies through the Surplus Lines Clearinghouse single state reporting platform in SLIP, with 100% of the premium being reported to and taxed by the respective home state.
- Wyoming does not allow domestic surplus lines insurers in the state.
Eligibility and Filing Requirements (All Insurers):
Wyoming does not require foreign or alien insurers to provide financial information or remit an application or renewing fee but defers to the NRRA for minimum eligibility standards for both foreign and alien surplus lines insurers.
Eligibility and Filing Requirements (Foreign Insurers Only):
W.S. § 26-11-107(f) A nonadmitted insurer eligible to place surplus lines insurance or independently procured insurance shall:
• Be authorized to write the kind of insurance in its domiciliary jurisdiction;
• Have established satisfactory evidence of good repute and financial integrity; and
• Be qualified under one (1) of the following subparagraphs:
(A) Have capital and surplus or its equivalent under the laws of its domiciliary jurisdiction which equals the greater of:
(I) The minimum capital and surplus requirements under the law of this state; or
(II) Fifteen million dollars ($15,000,000.00).
(B) The requirements of subparagraph (A) of this paragraph may be satisfied by an insurer’s possessing less than the minimum capital and surplus upon an affirmative finding of acceptability by the commissioner. The finding shall be based upon such factors as quality of management, capital and surplus of any parent company, company underwriting profit and investment income trends, market availability and company record and reputation within the industry. In no event shall the commissioner make an affirmative finding of acceptability when the nonadmitted insurer’s capital and surplus is less than four million five hundred thousand dollars ($4,500,000);
Eligibility and Filing Requirements (Alien Insurers Only):
For an insurer not domiciled in the United States or its territories, the insurer is listed on the quarterly listing of alien insurers maintained by the NAIC International insurers department.
Types of Insurance Exempted from Surplus Lines Regulation:
- Wet marine and transportation insurance.
- Insurance on subjects located, resident, or to be performed wholly outside of Wyoming or on vehicles or aircraft owned and principally garaged outside Wyoming.
- Insurance on operations of railroads engaged in transportation in interstate commerce and their property used in such operations.
- Insurance of aircraft owned or operated by manufacturers of aircraft, or aircraft operated in scheduled interstate flight, or cargo of the aircraft, or against liability, other than workers’ compensation and employer’s liability, arising out of the ownership, maintenance, or use of the aircraft.
Other Comments or Requirements:
- Insurance coverages available for export in Wyoming include: liquor dealers liability, lawyers professional liability, accountants professional liability, architects and engineers professional liability, and pension and welfare fund fiduciary responsibility insurance.
- Broker must ascertain financial condition and compliance with trust requirements before placing insurance with that insurer.
- NAIC listing makes alien company automatically eligible.
- For more information, contact Wyoming Insurance Department’s website at https://sites.google.com/a/wyo.gov/doi/industry/surplus-lines.
- The Wyoming DOI issued a Memorandum in 2013 stating that all single-state policies issued or renewed on or after April 1, 2013, and any subsequent endorsements to those policies, shall be filed with the NIMA surplus lines clearinghouse. Surplus lines filers were to begin filing transactions with the clearinghouse on April 1. Single-state policies with an effective date before April 1, or endorsements on those policies, will continue to be filed with the Wyoming Insurance Department until renewal.
- Any insurance contract procured and delivered as a surplus lines coverage pursuant to this chapter shall have stamped or printed upon it, in at least ten (10) point bold type font, the name and address of the surplus line broker who procured the coverage, and the following:“This insurance contract is issued pursuant to the Wyoming Insurance Laws by an insurer neither licensed by nor under the jurisdiction of the Wyoming Insurance Department.”