(a) Financial test of self-insurance and local government financial test. - (i) The application and the letter from the chief financial officer will be executed on forms provided by the department.
- (ii) Accompanying the financial test of self insurance will be the audited financial statements prepared and certified by an independent certified public accountant to document data submitted.
- (iii) The administrator shall make a determination within 60 days of owner and/or operator submission of all materials necessary to base a decision on the financial test of self-insurance. The administrator shall approve or reject such application and declare in writing his reasons for such action to the owner and/or operator. The decision will be based on all the information submitted to the department.
(b) Guarantee and local government guarantee. - (i) The application and the letter from the chief financial officer will be executed on forms provided by the department.
- (ii) The owner operator shall submit with the application, documentation verifying the guarantor's power and authority to enter into guarantee agreements on behalf of the owner and/or operator.
- (iii) Accompanying the financial test of self insurance will be the audited financial statements of the guarantor prepared and certified by an independent certified public accountant to document data submitted.
- (iv) The administrator shall make a determination within 60 days of owner and/or operator submission of all materials necessary to base a decision on the financial test of self-insurance. The administrator shall approve or reject such application and declare in writing his reasons for such action to the owner and/or operator. The decision will be based on all the information submitted to the department.
(c) Insurance and risk retention group coverage. - (i) The certificate of insurance will be submitted on a form acceptable to the department.
- (ii) The insurance shall be issued by a company licensed to do business in Wyoming.
- (iii) Surplus line carriers will be in compliance with the surplus lines laws under Chapter 11 of the Wyoming Insurance Code.
- (iv) Risk retention groups shall be registered with the Wyoming Insurance Department.
(d) Surety bond. - (i) The surety bond will be executed on forms provided by the department.
- (ii) The surety company shall be licensed to do business in Wyoming.
- (iii) The bond shall be signed by an authorized Wyoming resident agent.
(e) Letter of credit. The letter of credit will be executed in the format provided by the department.
(f) Trust Fund. The trust agreement will be executed on forms provided by the department.
(g) Standby trust fund (required in conjunction with guarantee, surety bonds and letters of credit). The department's trust and agency account will serve as the standby trust fund.
(h) Bond rating test for local governments. The letter from the chief financial officer shall be executed on forms provided by the department.
(i) Local government fund. The letter from the chief financial officer shall be executed on forms provided by the department.
020-19 Wyo. Code R. § 19-8