Wyoming
Wyoming Clarifies Appointment and Termination Requirements
The Wyoming Department of Insurance has observed that some producers and insurers are not fully aware of their rights and responsibilities. As a result, they are looking to clarify the requirements.
Requirements highlighted:
- Within 30 days of the effective date of termination, insurer must notify the Department using an accepted form. If terminated for cause, an additional form is needed.
- Within 15 days of notifying the commissioner, the insurer must also mail a copy of the termination notification to the producer.
- After the producer receives this notification, they have 30 days to respond with written comments. These comments must also be sent to the insurer.
- Within 30 days of the effective date of termination, insurer must notify the Department using an accepted form. If terminated for cause, an additional form is needed.
- Within 15 days of notifying the commissioner, the insurer must also mail a copy of the termination notification to the producer.
- After the producer receives this notification, they have 30 days to respond with written comments. These comments must also be sent to the insurer.
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analyzed
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This update has been reviewed by AgentSync compliance experts for industry impact and necessary automation in the AgentSync platform.
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analyzed
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effective
The date the update takes effect.
released
This means an AgentSync product was updated as a result of this change and the update is now live in our product(s).