WY Insurance Memorandum 1-2012

All cancer only policies annual certification requirements.

Year: 2012Length: 198 wordsOfficial source
Administration (307) 777-7401 ♦ Fax (307) 777-2446 http://insurance.state.wy.us. Licensing (307) 777-7319 ♦ Fax (307) 777-5895 THE STATE OF WYOMING Matthew H. Mead Governor Insurance Department 106 East 6th Avenue ♦Cheyenne, Wyoming 82002 Tom C. Hirsig Commissioner MEMORANDUM TO: All Cancer Insurers FROM: Peter Greff, Insurance Standards Consultant RE: Annual Rate Certification DATE: May 21st, 2012 Pursuant to Wyoming Department of Insurance Rules and Regulations, Chapter 34, Part 4, all cancer only policies must file an annual certification with the Department that shows benefits in relation to the premiums charged are designed to produce a minimum loss ratio of not less than sixty (60) percent. If such certification shows that in any year the policy has produced or will produce less than a sixty (60) percent loss ratio over a five year period of time, the policy and rates will need to be refiled to meet these minimum requirements. The regulation can be accessed through the following link: http://soswy.state.wy.us/Rules/RULES/2286.pdf. Please provide this certification no later than July 1st of every year. The information can be filed with the Department through SERFF or be sent to: Wyoming Department of Insurance ATTN: Peter Greff 106 East 6th Ave Cheyenne, WY 82001