Wyoming Administrative Code
Agency 044 - Insurance Dept
Sub-Agency 0002 - General Agency, Board or Commission Rules
Chapter 18 - REGULATION GOVERNING CONSULTANTS
Section 18-2 - Definitions
Universal Citation: WY Code of Rules 18-2
Current through September 21, 2024
(a) As used in these regulations "Consultant" means any person who, for a fee, engages in the business of offering to another person any advice, counsel, opinion or service with respect to insurance needs, insurance risks, or concerning the benefits, coverages or provisions under any policy of insurance that could be issued in this state, or involving the advantages or disadvantages of any such policy of insurance, or any formal plan of managing pure risk and is not compensated by an insurer, or insurance producer for the advice given.
(i)
Consultants as defined in this section shall include:
(A) A public adjustor or
(B) Any other person who, for compensation as
an independent contractor, or as the employee of an independent contractor, or
for fee or commission, on behalf of the insured investigates and negotiates
settlement of claims arising under insurance contracts or who is engaged in the
business of advising insureds with respect to the benefits or advantages
promised under insurance contracts that could be or have been issued in this
state.
(ii) Consultants,
as defined in this section shall not include: A licensed attorney;
(A) Any licensed insurance producer who gives
advice incidental to the normal course of insurance business and does not
charge a fee other than commissions received from the insurance written;
or
(B) Any person who gives
incidental advice in the normal course of a business or professional activity,
other than insurance consulting, if neither that person nor that person's
employer receives compensation, direct or indirect, on account of any insurance
transaction that results from that advice.
Disclaimer: These regulations may not be the most recent version. Wyoming may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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