ORIGINAL SENATE
FILE NO. SF0050
ENROLLED ACT NO. 64, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
1
AN ACT relating to the insurance holding company system
regulatory act; specifying requirements regarding group
capital calculations, group capital ratios, liquidity
stress tests, liquidity stress test results, and related
information; amending confidentiality provisions; providing
definitions; requiring rulemaking; and providing for
effective dates.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1. W.S. 26-44-120 is created to read:
26-44-120. Authorized use of and prohibited
statements regarding group capital calculations, liquidity
stress tests and related information.
(a) The group capital calculation, including the
group capital ratio produced within the calculation, that
is required to be reported under W.S. 26-44-104(p) and the
liquidity stress test along with its results and supporting
disclosures required under W.S. 26-44-104(q) may be used as
regulatory tools for assessing group risks and capital
adequacy and group liquidity risks, respectively, but shall
not be used to rank insurers or insurance holding company
systems generally.
(b) Except as authorized in subsection (d) of this
section or as otherwise required in this act, a person
shall not engage in the making, publishing, disseminating,
circulating or placing before the public, or causing
directly or indirectly to be made, published, disseminated,
circulated or placed before the public in a newspaper,
magazine or other publication, or in the form of a notice,
circular, pamphlet, letter or poster, or over any radio or
television station or any electronic means of communication ORIGINAL SENATE
FILE NO. SF0050
ENROLLED ACT NO. 64, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
2
available to the public, or in any other way an
advertisement, announcement or statement containing a
representation or statement with regard to the group
capital calculation, group capital ratio, liquidity stress
test results, or supporting disclosures for the liquidity
stress test of any insurer or any insurer group, or any
component derived in the calculation by any insurer, broker
or other person engaged in any manner in the insurance
business.
(c) Any action prohibited under subsection (b) of
this section shall be deemed by the commissioner to be
misleading.
(d) If any materially false statement with respect to
the group capital calculation, group capital ratio,
liquidity stress test result or supporting disclosures for
the liquidity stress test or an inappropriate comparison of
any amount to an insurer's or insurance group's group
capital calculation, group capital ratio, liquidity stress
test result or supporting disclosures is published in any
written publication and the insurer is able to demonstrate
to the commissioner with substantial proof the falsity of
the statement or the inappropriateness of the comparison,
then the insurer may publish announcements in a written
publication if the sole purpose of the announcement is to
rebut the materially false statement or inappropriate
comparison.
Section 2. W.S. 26-44-101(a) by creating new
paragraphs (xiv) through (xvii) and amending and
renumbering (xiv) as (xviii), 26-44-104(e) and by creating
new subsections (p) and (q) and 26-44-110(a), (d)(i)
through (iv), by creating new paragraphs (v) and (vi) and
(g) are amended to read: ORIGINAL SENATE
FILE NO. SF0050
ENROLLED ACT NO. 64, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
3
26-44-101. Definitions.
(a) As used in this act:
(xiv) "Group capital calculation instructions"
means the group capital calculation instructions as adopted
by the NAIC and as amended by the NAIC from time to time in
accordance with the procedures adopted by the NAIC;
(xv) "NAIC liquidity stress test framework"
means a separate NAIC publication which includes a history
of the NAIC's development of regulatory liquidity stress
testing, the scope criteria applicable for a specific data
year, and the liquidity stress test instructions and
reporting templates for a specific data year, such scope
criteria, instructions and reporting template being as
adopted by the NAIC and as amended by the NAIC from time to
time in accordance with the procedures adopted by the NAIC;
(xvi) "Scope criteria," as detailed in the NAIC
liquidity stress test framework, means the designated
exposure bases along with minimum magnitudes thereof for
the specified data year, used to establish a preliminary
list of insurers considered scoped into the NAIC liquidity
stress test framework for that data year;
(xvii) "Third-party consultant designated by the
commissioner" means any independent or consulting
actuarial, rating or other technical service provider with
whom the commissioner contracts pursuant to W.S.
26-2-106(d);
(xiv)(xviii) "This act" means W.S. 26-44-101
through 26-44-119 26-44-120 ORIGINAL SENATE
FILE NO. SF0050
ENROLLED ACT NO. 64, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
4
26-44-104. Registration of insurers; group capital
calculations; liquidity stress test results.
(e) Information need not be disclosed on the
registration statement filed pursuant to subsection (b) of
this section if the information is not material for the
purposes of this section. Unless the commissioner by rule,
regulation or order provides otherwise, sales, purchases,
exchanges, loans or extensions of credit, investments or
guarantees involving one-half of one percent (.5%) or less
of an insurer's admitted assets as of December 31, of the
year immediately preceding are not material for purposes of
this section.
not apply for purposes of the group capital calculation or
the NAIC liquidity stress test framework.
(p) Except as otherwise provided in this subsection,
the ultimate controlling person of every insurer subject to
registration under this section shall concurrently file
with the registration an annual group capital calculation,
including the group capital ratio produced within the
calculation, as directed by the lead state commissioner.
The report shall be completed in accordance with the NAIC
group capital calculation instructions, which may permit
the lead state commissioner to allow a controlling person
that is not the ultimate controlling person to file the
group capital calculation. The report shall be filed with
the lead state commissioner of the insurance holding
company system as determined by the commissioner in
accordance with the procedures within the financial
analysis handbook adopted by the NAIC. The following shall
apply to this subsection: ORIGINAL SENATE
FILE NO. SF0050
ENROLLED ACT NO. 64, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
5(i) The following insurance holding company
systems are exempt from filing the group capital
calculation:
(A) An insurance holding company system
that has only one (1) insurer within its holding company
structure, that only writes business and is only licensed
in its domestic state, and that assumes no business from
any other insurer;
(B) An insurance holding company system
that is required to perform a group capital calculation
specified by the United States federal reserve board. The
lead state commissioner shall request the calculation from
the United States federal reserve board under the terms of
information sharing agreements in effect. If the United
States federal reserve board cannot share the calculation
with the lead state commissioner, the insurance holding
company system is not exempt from the group capital
calculation filing;
(C) An insurance holding company system
whose non-United States group wide supervisor is located
within a reciprocal jurisdiction as described in W.S.
26-5-112(j)(ii) that recognizes the United States state
regulatory approach to group supervision and group capital;
(D) An insurance holding company system:
(I) That provides information to the
lead state that meets the requirements for accreditation
under the NAIC financial standards and accreditation
program, either directly or indirectly through the group
wide supervisor, who has determined such information is
satisfactory to allow the lead state to comply with the ORIGINAL SENATE
FILE NO. SF0050
ENROLLED ACT NO. 64, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
6
NAIC group supervision approach, as detailed in the NAIC
financial analysis handbook; and
(II) Whose non-United States group
wide supervisor who is not in a reciprocal jurisdiction
recognizes and accepts, as specified by the commissioner in
regulation, the group capital calculation as the world wide
group capital assessment for United States insurance groups
who operate in that jurisdiction.
(ii) Notwithstanding subparagraphs (i)(C) and
(D) of this subsection, a lead state commissioner shall
require the group capital calculation for United States
operations of any non-United States based insurance holding
company system where, after any necessary consultation with
other supervisors or officials, it is deemed appropriate by
the lead state commissioner for prudential oversight and
solvency monitoring purposes or for ensuring the
competitiveness of the insurance marketplace;
(iii) Notwithstanding the exemptions from filing
the group capital calculation stated in subparagraphs
(i)(A) through (D) of this subsection, the lead state
commissioner has the discretion to exempt the ultimate
controlling person from filing the annual group capital
calculation or to accept a limited group capital filing or
report in accordance with criteria as specified by the
commissioner in regulation;
(iv) If the commissioner determines that an
insurance holding company system no longer meets one (1) or
more of the requirements for an exemption from filing the
group capital calculation under this subsection, the
insurance holding company system shall file the group
capital calculation at the next annual filing date unless ORIGINAL SENATE
FILE NO. SF0050
ENROLLED ACT NO. 64, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
7
given an extension by the lead state commissioner based on
reasonable grounds shown.
(q) The ultimate controlling person of every insurer
subject to registration and also scoped into the NAIC
liquidity stress test framework shall file the results of a
specific year's liquidity stress test. The filing shall be
made to the lead state insurance commissioner of the
insurance holding company system as determined by the
procedures within the financial analysis handbook adopted
by the NAIC, subject to the following:
(i) The NAIC liquidity stress test framework
shall include scope criteria applicable to a specific data
year. These scope criteria shall be reviewed at least
annually by the financial stability task force or its
successor. Any change to the NAIC liquidity stress test
framework or to the data year for which the scope
criteria are to be measured shall be effective on January 1
of the year following the calendar year when the changes
are adopted. Insurers meeting at least one (1) threshold of
the scope criteria are considered scoped into the NAIC
liquidity stress test framework for the specified data year
unless the lead state insurance commissioner, in
consultation with the NAIC financial stability task force
or its successor, determines the insurer should not be
scoped into the framework for that data year. Similarly,
insurers that do not trigger at least one (1) threshold of
the scope criteria shall be considered scoped out of the
NAIC liquidity stress test framework for the specified data
year, unless the lead state insurance commissioner, in
consultation with the NAIC financial stability task force
or its successor, determines the insurer should be scoped
into the framework for that data year; ORIGINAL SENATE
FILE NO. SF0050
ENROLLED ACT NO. 64, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
8(ii) The performance of, and filing of the
results from, a specific year's liquidity stress test shall
comply with the NAIC liquidity stress test framework's
instructions and reporting templates for that year and any
lead state insurance commissioner determinations, in
conjunction with the financial stability task force or its
successor, provided within the framework.
26-44-110. Confidential treatment.
(a) All information, documents and copies of the
documents and information obtained by or disclosed to the
commissioner or any other person in the course of an
examination made pursuant to W.S. 26-44-109 and all
information reported pursuant to W.S. 26-44-103(b)(xii) and
(xiii), 26-44-104 through 26-44-108 and 26-44-119 shall be
confidential, shall not be subject to subpoena and shall
not be disclosed by the commissioner, the National
Association of Insurance Commissioners, or any person,
except as authorized by and in accordance with the
provisions of W.S. 26-2-113(d), without the prior written
consent of the insurer to which the information pertains.
The commissioner, after giving the insurer and its
affiliates notice and opportunity to be heard, may
determine that the interest of policyholders, shareholders
or the public will be served by the publication of the
information, in which event he may publish all or any part
of the information as he deems appropriate, except as
provided in this paragraph.
information reported and provided to the department of
insurance pursuant to W.S. 26-44-104(p) and (q):
(i) For purposes of the information reported and
provided to the department of insurance pursuant to W.S.
26-44-104(p), the commissioner shall maintain the ORIGINAL SENATE
FILE NO. SF0050
ENROLLED ACT NO. 64, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
9
confidentiality of the group capital calculation and group
capital ratio produced within the calculation and any group
capital information received from an insurance holding
company supervised by the United States federal reserve
board or any United States group wide supervisor;
(ii) For purposes of the information reported and
provided to the department of insurance pursuant to W.S.
26-44-104(q), the commissioner shall maintain the
confidentiality of the liquidity stress test results and
supporting disclosures and any liquidity stress test
information received from an insurance holding company
supervised by the United States federal reserve board and
non-United States group wide supervisors.
(d) In addition to any other authorities provided by
law, the commissioner shall enter into written agreements
with the NAIC governing sharing and use of information
provided pursuant to this act consistent with this
subsection which shall:
(i) Specify procedures and protocols regarding
the confidentiality and security of information shared with
the NAIC
third-party consultant designated by the commissioner
pursuant to this act, including procedures and protocols
for sharing by the NAIC with other state, federal or
international regulators. The agreement shall provide that
the recipient agrees in writing to maintain the
confidentiality and privileged status of the documents,
materials or other information and has verified in writing
the legal authority to maintain such confidentiality;
(ii) Specify that ownership of information
shared with the NAIC ORIGINAL SENATE
FILE NO. SF0050
ENROLLED ACT NO. 64, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
10
a third-party consultant designated by the commissioner
pursuant to this act remains with the commissioner and the
NAIC's
commissioner's use of the information is subject to the
direction of the commissioner;
(iii) Require prompt notice to be given to an
insurer whose confidential information in the possession of
the NAIC
commissioner pursuant to this act is subject to a request
or subpoena to the NAIC
designated by the commissioner for disclosure or
production; and
(iv) Require the NAIC
subsidiaries
commissioner to consent to intervention by an insurer in
any judicial or administrative action in which the NAIC
its affiliates and subsidiaries
designated by the commissioner may be required to disclose
confidential information about the insurer shared with the
NAIC
consultant designated by the commissioner pursuant to this
chapter;.
(v) Excluding documents, material or information
reported pursuant to W.S. 26-44-104(q), prohibit the NAIC
or third-party consultant designated by the commissioner
from storing the information shared pursuant to this act in
a permanent database after the underlying analysis is
completed;
(vi) For documents, material or information
reported pursuant to W.S. 26-44-104(q), in the case of an
agreement involving a third-party consultant designated by ORIGINAL SENATE
FILE NO. SF0050
ENROLLED ACT NO. 64, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
11
the commissioner, provide for notification of the identity
of the third-party consultant designated by the
commissioner to the applicable insurers.
(g) Documents, materials or other information in the
possession or control of the NAIC
consultant designated by the commissioner pursuant to this
chapter shall be confidential by law and privileged, shall
not be a public record under W.S. 16-4-201 through
16-4-205, shall not be subject to subpoena and shall not be
subject to discovery or admissible in evidence in any
private civil action.
Section 3. The department of insurance shall
promulgate all rules necessary to implement this act. ORIGINAL SENATE
FILE NO. SF0050
ENROLLED ACT NO. 64, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
12Section 4.
(a) Except as otherwise provided by subsection (b) of
this section, this act is effective July 1, 2025.
(b) Sections 3 and 4 of this act are effective
immediately upon completion of all acts necessary for a
bill to become law as provided by Article 4, Section 8 of
the Wyoming Constitution.
(END)
Speaker of the HousePresident of the SenateGovernorTIME APPROVED: _________DATE APPROVED: _________
I hereby certify that this act originated in the Senate.
Chief Clerk