Designated Responsible Licensed Producer purpose and responsibilities

THE STATE OF WYOMING Mark Gordon Department of Insurance Jeffrey P. Rude Governor Commissioner 106 E. 6th Ave. ▪ Cheyenne, Wyoming 82002 MEMORANDUM TO: RESIDENT AND NON-RESIDENT INSURANCE PRODUCER FIRMS AND SURPLUS LINES BROKERAGES FROM BRYAN STEVENS, LICENSING SUPERVISOR RE: DESIGNATED RESPONSIBLE LICENSED PRODUCERS DATE: SEPTEMBER 1, 2021 This memorandum serves to clarify the purpose and responsibilities of a Designated Responsible Licensed Producer, also known as a DRLP or DLP, in the State of Wyoming. Every organization holding a business entity insurance license in the State of Wyoming must designate one to five individuals as the DLP(s). The DLP(s) are responsible for the business entity’s compliance with the insurance laws, rules, and regulations of the State of Wyoming. This includes making sure that all employees of the organization are acting within the boundaries of Wyoming statutes and regulations. For example, if Joe Agent of ABC Insurance Agency is found to have violated Wyoming statutes or regulations ABC Insurance Agency will also be investigated. If it is found that ABC Insurance Agency did not properly supervise the actions of Joe Agent both ABC Insurance Agency and Joe Agent may be sanctioned. If ABC Insurance Agency is sanctioned all DLPs of the agency will be sanctioned as well. No one DLP may be found to have more supervisory responsibilities than another; all will be held equally accountable. Furthermore, an entity is allowed a maximum of 5 DLPs. If an entity has more than 5 DLPs listed the Department will require them to update their list to reflect only the individuals that should be held accountable for the actions of the agency. We encourage all licensed business entities to verify their list of DLPs and keep it up-to-date. If you have any questions about DLPs please utilize the Department’s contact form at https://doi.wyo.gov/contact-us an entity has more than 5 DLPs listed the Department will require them to update their list to reflect only the individuals that should be held accountable for the actions of the agency. We encourage all licensed business entities to verify their list of DLPs and keep it up-to-date. If you have any questions about DLPs please utilize the Department’s contact form at https://doi.wyo.gov/contact-us. Bryan Stevens Licensing Supervisor Administration (307) 777-7401 ▪Fax (307) 777-2446 ▪http://doi.wyo.gov/ ▪Licensing (307) 777-7319 ▪Consumer Affairs (307) 777-7402