Current through September 21, 2024
(a) Financial test of self-insurance and
local government financial test.
(i) The
application and the letter from the chief financial officer will be executed on
forms provided by the department.
(ii) Accompanying the financial test of self
insurance will be the audited financial statements prepared and certified by an
independent certified public accountant to document data submitted.
(iii) The administrator shall make a
determination within 60 days of owner and/or operator submission of all
materials necessary to base a decision on the financial test of self-insurance.
The administrator shall approve or reject such application and declare in
writing his reasons for such action to the owner and/or operator. The decision
will be based on all the information submitted to the department.
(b) Guarantee and local government
guarantee.
(i) The application and the letter
from the chief financial officer will be executed on forms provided by the
department.
(ii) The owner operator
shall submit with the application, documentation verifying the guarantor's
power and authority to enter into guarantee agreements on behalf of the owner
and/or operator.
(iii) Accompanying
the financial test of self insurance will be the audited financial statements
of the guarantor prepared and certified by an independent certified public
accountant to document data submitted.
(iv) The administrator shall make a
determination within 60 days of owner and/or operator submission of all
materials necessary to base a decision on the financial test of self-insurance.
The administrator shall approve or reject such application and declare in
writing his reasons for such action to the owner and/or operator. The decision
will be based on all the information submitted to the department.
(c) Insurance and risk retention
group coverage.
(i) The certificate of
insurance will be submitted on a form acceptable to the department.
(ii) The insurance shall be issued by a
company licensed to do business in Wyoming.
(iii) Surplus line carriers will be in
compliance with the surplus lines laws under Chapter 11 of the Wyoming
Insurance Code.
(iv) Risk retention
groups shall be registered with the Wyoming Insurance Department.
(d) Surety bond.
(i) The surety bond will be executed on forms
provided by the department.
(ii)
The surety company shall be licensed to do business in Wyoming.
(iii) The bond shall be signed by an
authorized Wyoming resident agent.
(e) Letter of credit. The letter of credit
will be executed in the format provided by the department.
(f) Trust Fund. The trust agreement will be
executed on forms provided by the department.
(g) Standby trust fund (required in
conjunction with guarantee, surety bonds and letters of credit). The
department's trust and agency account will serve as the standby trust
fund.
(h) Bond rating test for
local governments. The letter from the chief financial officer shall be
executed on forms provided by the department.
(i) Local government fund. The letter from
the chief financial officer shall be executed on forms provided by the
department.
