PCI Disappointed with WY Legislature’s Action on Homeowners Insurance

As the Wyoming Legislature wrapped up its 30-day session on March 5, the Property Casualty Insurers Association of America (PCI) expressed disappointment in the passage of a key bill dealing with homeowners insurance.

“HB 40 places restrictions on the use of information insurers receive from inquiries regarding damage to a home if the inquiry does not result in a claim actually being filed by the policyholder or paid by the company,” said Sam Sorich, PCI vice president and regional manager. “This limits a company’s ability to know if a home has suffered damage, even if a claim isn’t filed or paid.

“We believe this is an unnecessary restriction which will ultimately make it more difficult for companies to make sound underwriting decisions. That is not a good development for Wyoming’s homeowners insurance market.”

Sorich said PCI is pleased with the passage of two other insurance-related bills. HB 58 provides a procedure for renewing producer licenses on a biannual basis. HB 59 establishes procedures for filing actuarial opinions, annual reports, and risk-based capital reports.

“We commend the legislature for supporting these two bills which help modernize the regulatory process in the Wyoming.”

PCI member companies write one third of all the property/casualty insurance in the state.