044-71 Wyo. Code R. §§ 71-6 - Renewal Requirements

(a) MEWAs offering fully insured health benefit plans or self-insured health benefit plans in Wyoming, shall submit the following information annually, on or before June 1:

(i) The renewal form as prescribed by the Commissioner and posted on the Department's website and all supporting documentation of the information provided therein;

(ii) A copy of the MEWA's most recently filed U.S. Department of Labor, Form M-1;

(iii) Total number of covered lives by employer;

(iv) Any changes in information previously filed with the Commissioner; and

(v) A $500 filing fee.

(b) In addition to the required items in subparagraph (a), a MEWA offering a selfinsured health benefit plan shall provide the following with an application for license renewal:

(i) An audited financial statement for the most recently completed fiscal year certified by an independent certified public accountant. The financial statement shall be prepared in accordance with Generally Accepted Accounting Principles (GAAP). At a minimum, the audited financial statement shall contain the following exhibits for the current and prior fiscal year:

(A) Balance sheet;

(B) Statement of gain or loss from operations;

(C) Statement of changes in financial position;

(D) Notes to financial statements; and

(E) Management and internal control letters.

(ii) A statement of opinion as to the loss and loss expense reserves certified by a qualified actuary. If the MEWA does not contract with a qualified actuary and does not receive an actuarial opinion in the ordinary course of business, provide supporting documentation showing that the MEWA's stop-loss carrier has reviewed and approved the MEWA's contribution levels and the MEWA's reported loss reserve.

(iii) Evidence of stop-loss insurance coverage issued by an insurance company that is licensed in Wyoming.

(iv) In addition to the annual audited financial statement, the Commissioner may require any MEWA to file additional financial information including, but not limited to, interim financial reports, additional financial reports or exhibits, or statements considered necessary to secure complete information concerning the condition, solvency, experience, transactions, or affairs of the MEWA. The Commissioner shall establish reasonable deadlines for filing these additional reports, exhibits, or statements. The Commissioner may require verification of any additional required information.

(c) All filings made under this Chapter shall be submitted by hand-delivery or mail to the Wyoming Department of Insurance.

Notes

044-71 Wyo. Code R. §§ 71-6

Adopted, Eff. 1/6/2020. Amended, Eff. 2/9/2022.