HB0071

Requires insurance professionals in Wyoming to report suspected insurance fraud to the commissioner and cooperate in fraud investigations, while providing civil liability immunity for good-faith reporting and cooperation.

• Defines insurance fraud as knowingly presenting false or concealing material information to an insurer, reinsurer, or broker in connection with policy applications, ratings, or claims. (W.S. 26-13-401)
• Requires persons who engage in or conduct insurance business in Wyoming to report known or suspected insurance fraud to the commissioner within 60 days of discovery, using procedures prescribed by the commissioner. (W.S. 26-13-402)
• Requires insurance professionals to fully cooperate with the commissioner in investigations of insurance fraud by providing requested information and following the commissioner's procedures, subject to applicable confidentiality requirements. (W.S. 26-13-403)
• Provides that insurance professionals reporting fraud or cooperating with investigations are not subject to civil liability in the absence of malice, while preserving any existing immunity under W.S. 26-2-131(b). (W.S. 26-13-404)
• Requires the Department of Insurance to promulgate rules necessary to implement the fraud reporting requirements. (Section 2)

Effective: July 1, 2025

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