About Wyoming Insurance Laws, Health Insurance and Regulations…
Wyoming, like other states in the U.S., has a bustling insurance industry that must be regulated. The state regulates this industry meticulously in an ongoing effort to ensure fair and balanced business. Insurers licensed to do business in the state are required to comply with these regulations or risk facing severe penalties from the Wyoming government. These penalties could include steep fines and the revocation of the company’s license to operate in the state.
In Wyoming, drivers are required to hold auto insurance. Though the state has fairly high recommendations where bodily injury liability coverage is concerned, drivers may opt to maintain a minimum level of coverage.
The absolute minimum level of coverage drivers may have for their vehicles accounts for $25,000 per person for bodily injury; $50,000 per accident for bodily injury; and $20,000 for property damage per accident.
The state does not require drivers to hold personal injury protection (PIP) coverage.
Homeowners insurance is not mandatory in Wyoming. The state has regulations governing the property insurance industry, but these regulations are largely concerned with managing the various businesses that operate within this sector. Homeowner’s may be required to purchase insurance coverage as part of a loan agreement with a financial institution, such as financing a new home. This is primarily a matter between a bank and a consumer, thus negating the need for the state government to involve itself beyond the point of ensuring that consumers are treated fairly within the industry.
In 2014, the Affordable Care Act will take full effect and American citizens will be required to purchase and maintain some form of health insurance. The state will not require residents to purchase this sort of coverage, but these people will still be compelled by federal law to do so. Wyoming is among the states that has yet to take action in terms of building a working health insurance exchange.
Health insurance exchanges are meant to provide consumers with access to affordable coverage. Wyoming is currently investigating the feasibility of creating its own exchange system. Wyoming lawmakers must determine whether the state can bear the financial implications of operating the exchange program, as well as the costs associated with regulating the insurance companies that are participating therein. If the state decides not to build its own exchange system, the federal government will step in and build an exchange itself. If this happens, Wyoming will not have a role to play in the regulation of the health insurance exchange.
The state faces a 2014 deadline to make a decision on the exchange issue. Failing to meet this deadline will result in federal involvement.
Wyoming Insurance Resources:
Wyoming Insurance Commissioner: Tom C. Hirsig
Wyoming Department of Insurance Website: http://insurance.state.wy.us/index.asp
Wyoming Insurance Agent Licensing Info: http://insurance.state.wy.us/agents.html
File Insurance Complaint: https://eapps.naic.org/cis/