Qualification of new foreign insurers

(a) No foreign insurer is authorized to transact insurance in Wyoming if that insurer has not been issuing its own policies as an authorized insurer for at least two (2) years, unless the insurer is otherwise qualified for a certificate of authority under this code and is:

(i) The wholly owned subsidiary or affiliate of an insurer which is already an authorized insurer in Wyoming and the subsidiary or affiliate shares common management and business operations with the insurer;

(ii) The successor in interest through statutory merger or statutory consolidation, or through bulk reinsurance of substantially all of the insurance risks in this state, of an authorized insurer; or

(iii) An insurer seeking authority to write a line of insurance for which, in the commissioner's opinion:

(A) Adequate provision is not made by insurers already authorized in this state; or

(B) Adequate competition between insurers does not exist in this state.

(b) No foreign insurer shall continue to hold a certificate of authority under W.S. 26-3-114 if the insurer has reinsured substantially all of its insurance risks either prior to, contemporaneously with or after being acquired by another insurer not holding a subsisting certificate of authority in this state.