Waiver of Surplus Lines Licensing Requirements for Nonresidents.

THE STATE OF WYOMING Dave Freudenthal Governor # Insurance Department 106 East 6th Avenue ♦ Cheyenne, Wyoming 82002 Ken Vines Commissioner # Memorandum 01-2010 To: All Nonresident Surplus Lines Brokers and Surplus Lines Broker Firms From: Ken Vines, Insurance Commissioner Date: January 7, 2010 Re: Waiver of Surplus Lines Licensing Requirements for Nonresidents Pursuant to Wyoming Statute § 26-9-215, the Commissioner must waive any requirement for a nonresident license applicant with a valid license from the applicant's home state, if the applicant's home state awards nonresident licenses to residents of this state on the same basis. # Surplus Lines Bond Requirement Wyoming Statute § 26-11-114 requires an applicant for a surplus lines broker license to first obtain a bond in favor of the state of Wyoming in the penal sum of ten thousand dollars ($10,000.00). For an applicant seeking a nonresident surplus lines broker individual or firm license, the Commissioner waives the bond requirement set forth in Wyoming Statute § 26-11-114, so long as the nonresident's home state will likewise waive any bond requirement for Wyoming residents. # Property and Casualty Agent Requirement Wyoming Statute § 26-11-112 requires a person to be licensed as a property and casualty agent to qualify for a license as a surplus lines broker. For an applicant seeking a nonresident surplus lines broker individual or firm license, the Commissioner waives the requirement that the individual must first obtain a producer license with the property and casualty lines of authority, so long as the nonresident's home state will likewise waive this requirement for Wyoming residents. # Producer License Required to Access Admitted Market If a nonresident individual or firm intends to access the admitted insurance market in Wyoming, the individual or firm must obtain a nonresident producer license with the appropriate lines of authority prior to accessing the admitted market. This requirement for a producer license is not a prerequisite to obtaining a nonresident surplus lines broker license. Questions may be directed to the Licensing Division at (307) 777-7319. Administration (307) 777-7401 ♦ Fax (307) 777-2446 http://insurance.state.wy.us. Licensing (307) 777-7319 ♦ Fax (307) 777-5895