Wyoming Annuity Information
Wyoming Department of Insurance
Annuity regulation in Wyoming is overseen by the Wyoming Department of Insurance. The mission of this agency is to enforce the insurance laws and regulations of the State impartially, honestly, and expeditiously; to serve the consumer of insurance; to encourage a healthy insurance marketplace; and to promote change to better serve the public interest. To this end, the highest ethical, professional, and work quality standards will be exercised in all formal and informal relationships with individuals, agencies, and companies affected by the policies and actions of the department. It is our commitment to be the best insurance regulatory agency in the United States.
The Wyoming Insurance Department is responsible for regulating the business of insurance in the state of Wyoming. The department licenses and regulates insurance companies, risk retention and purchasing groups, motor clubs, preneed funeral homes, agents, brokers, adjusters, and consultants; approves policy filings, investigates consumer complaints; monitors financial condition and solvency of insurance companies and collects premium and surplus lines taxes.
- Licensing - The department is responsible for licensing insurance companies for operations within the state of Wyoming as well as resident and nonresident insurance producer licensees.
- Examination - The department is responsible for financial solvency examinations of domestic insurance companies and field examinations of resident insurance agencies.
- Consumer Complaints - The department provides optimum consumer protection and support to Wyoming residents by investigating consumer complaints and resolving issues on insurance matters.
- Policy Filings - The department reviews policy form filings for compliance and conformance with state laws and regulations.
- Premium Tax Collection - The department collects premium tax from all insurance entities operating within the state of Wyoming on business written in Wyoming. During the past fiscal year, tax collected and deposited in the general fund amounted to approximately $10 million.
Tom obtained his bachelor’s degree in accounting from the University of Wyoming in 1984 and a law degree from the University of Wyoming, College of Law in 1987. After law school, Tom served as a deputy county prosecutor for three years. From 1990 until 2005, Tom was engaged in the private practice of law. In 2005 he was appointed Municipal Court Judge for the City of Rock Springs.
Wyoming Annuity Resources:
The state of Wyoming is part of the U.S. insurance regulatory framework which is a highly coordinated state-based national system designed to protect policyholders and to serve the greater public interest through the effective regulation of the U.S. insurance marketplace. Through the National Association of Insurance Commissioners (NAIC), U.S. insurance regulators establish national standards and best practices, conduct peer reviews and coordinate their regulatory oversight to better protect the interests of consumers while ensuring a strong, viable insurance marketplace. U.S. insurance regulators also participate in the International Association of Insurance Supervisors (IAIS) along with the NAIC by participating in major standard setting initiatives, including working with fellow regulators from around the world to better supervise cross-border insurers, identifying systemic risk in the insurance sector, and creating international best practices.
|State Commissioner:||Tom Glause|
|Insurance Hotline:||(800) 236-8517|
|Annuity Guarantee Limit:||$100,000|
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