reglab/housing_qa huggingface dataset:
WI Stat § 617.225 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 617 - Regulation of insurance holding companies and intercorporate transactions relating to insurers.|617.225 - Extraordinary dividends.

617.225  Extraordinary dividends. (1) A domestic insurer may not pay an extraordinary dividend to its shareholders and an affiliate of the insurer may not accept an extraordinary dividend unless the insurer reports the extraordinary dividend to the commissioner at least 30 days before payment and the commissioner does not disapprove the extraordinary dividend within that period. (2) The commissioner may promulgate rules under this section including, but not limited to, rules prescribing the form and content of and procedure for filing reports under this section. (3) An insurer may declare an extraordinary dividend that is conditioned upon the insurer's compliance with sub. (1). A declaration of an extraordinary dividend under this subsection does not confer rights on a shareholder or affiliate unless sub. (1) is complied with and is void if the extraordinary dividend is disapproved by the commissioner. (4) In addition to any remedies available under s. 617.23, an insurer may recover from an affiliate any extraordinary dividend paid in violation of this section.History:  1987 a. 167; 2003 a. 261.
WI Stat § 617.23 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 617 - Regulation of insurance holding companies and intercorporate transactions relating to insurers.|617.23 - Liability of affiliates.

617.23  Liability of affiliates. (1) Right of receiver to recover dividends paid. If an order for the liquidation, rehabilitation or conservation of an insurer authorized to do business in this state is entered under ch. 645, the receiver appointed under the order shall have a right to recover on behalf of the insurer the amount of distributions other than stock dividends paid by the insurer on its capital stock at any time during the 5 years preceding the petition for liquidation, rehabilitation or conservation, subject to the limitations of subs. (2) to (4). (2)  Dividend payments recoverable. No such dividend shall be recoverable if the insurer shows that when paid the distribution was lawful and reasonable, and that the insurer did not know and could not reasonably have known that the distribution might adversely affect the ability of the insurer to fulfill the obligations to claimants under its insurance contracts. (3)  Persons liable. (a)  Affiliates at time of payment. Any person who was an affiliate of the insurer at the time the distributions were paid shall be liable up to the amount of distributions he or she received.(b)  Affiliates at time of declaration of distribution. Any person who was an affiliate of the insurer at the time the distributions were declared shall be liable up to the amount of distributions he or she would have received if they had been paid immediately.(c)  Joint and several liability. If under pars. (a) and (b) 2 persons are liable with respect to the same distributions, they shall be jointly and severally liable. (4)  Aggregate limitation. The maximum amount recoverable under this section is:(a) The amount needed in excess of all other available assets to pay all claims under the receivership.(b) Reduced by any amount already paid to receivers under similar laws of other states. (5)  Secondary liability. If any person liable under sub. (3) is insolvent, all its affiliates that controlled it at the time the dividend was paid are jointly and severally liable for any resulting deficiency in the amount recovered from the insolvent affiliate.History:  1977 c. 203 ss. 95, 103; 1979 c. 102 ss. 146, 236 (5); 1989 a. 359; 1997 a. 254.
WI Stat § 617.25 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 617 - Regulation of insurance holding companies and intercorporate transactions relating to insurers.|617.25 - Officers and directors.

617.25  Officers and directors. (1) No director or officer of an insurer or of an affiliate of an insurer may permit, participate in or assent to a transaction or payment or acceptance of a dividend or distribution prohibited under this chapter. (2) An officer or director of an insurer or of an affiliate of an insurer who knows, or reasonably should know, that the insurer or affiliate has entered into a transaction or paid a dividend or distribution that violates this chapter shall report the transaction, dividend or distribution to the commissioner in writing within 30 days after attaining that knowledge. Section 601.42 (6) applies to a report under this section and the report is confidential unless the commissioner finds it necessary to disclose the report for the purpose of enforcing this chapter.History:  1987 a. 167.
WI Stat § 618.01 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 618 - Nondomestic insurers.|618.01 - Purposes.

618.01  Purposes. The purposes of this chapter are: (1) To protect insureds, creditors and the public in this state by providing adequate standards and an orderly procedure for the authorization of nondomestic insurers; (2) To prevent evasion by unauthorized insurers of the regulatory and tax laws of this state and to protect this state and its residents against loss from such action; (3) To subject unauthorized insurers and other persons doing an insurance business in this state to the jurisdiction of the commissioner and the courts of this state; (4) To protect authorized insurers from unfair competition by unauthorized insurers; and (5) To provide an orderly method, under reasonable and practical safeguards, for procuring insurance from unauthorized insurers.History:  1971 c. 260.
WI Stat § 618.02 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 618 - Nondomestic insurers.|618.02 - Definitions.

618.02  Definitions. For the purposes of this chapter, unless the context indicates otherwise: (1) “Directly procured insurance" means insurance procured under s. 618.42. (2) “Doing an insurance business" includes:(a) Soliciting, making, or proposing to make an insurance contract;(b) Taking or receiving an application for insurance;(c) Collecting or receiving, in full or in part, an insurance premium;(d) Issuing or delivering an insurance policy except as a messenger not employed by the insurer or by an insurance agent or broker;(e) Inspecting risks, setting rates, disseminating information or advising on risk management in connection with the solicitation, negotiating, procuring or effectuation of insurance coverage;(f) Investigating, settling, adjusting or litigating claims;(g) In any way representing or assisting any person to do an insurance business or to procure insurance; and(h) Any other act generally regarded as doing an insurance business. (3) “Doing an insurance business" does not include:(a) Acting as an attorney for a client; and(b) Acting as a full-time salaried employee of an insured in the capacity of an insurance buyer or manager.History:  1971 c. 260; 1981 c. 314.
WI Stat § 618.12 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 618 - Nondomestic insurers.|618.12 - Certificate of authority.

618.12  Certificate of authority. (1) Issuance. The commissioner shall either issue a certificate of authority to an applicant under s. 618.11 or issue an order refusing the certificate which finds:(a) That not all requirements of the law have been met; or(b) That the applicant is either not sound, not reliable, not entitled to public confidence or cannot reasonably be expected to perform its obligations continuously in the future; or(c) That the applicant's directors and officers or, in the case of an alien insurer, its United States manager, are not sufficiently trustworthy, competent, experienced and free from conflict of interest to engage in the proposed business in this state and to comply continuously with the laws of this state; or(d) That the methods and practices to be used in doing business are not consistent with the interests of the applicant's insureds, creditors or the public in this state. (2)  Substitutes for legal requirements. If the commissioner finds that the applicant does not comply with all requirements of the law, the commissioner may after a hearing under s. 618.28 issue a certificate of authority if the purposes of each such requirement and the protection of insureds, creditors and the public in this state are otherwise achieved by:(a) A deposit in trust to be established and maintained under s. 601.13; or(b) A bond conditioned on the satisfaction of the purposes of the requirement and acceptable to the commissioner; or(c) Special limits on the applicant's business or methods of operation in this state or elsewhere; or(d) Additional or alternative protective devices that the commissioner considers satisfactory. (3)  Limits. The certificate of authority shall specify the terms of any deposit or bond required as a condition for authorization, any special limits placed on the insurer's business or methods of operation in this state, and any other restrictive terms imposed under sub. (2). (4)  Alteration of certificate. An insurer may at any time apply to the commissioner for a new certificate of authority, removing, altering or adding limits on its business or methods of operation. The application shall be accompanied by so much of the information under s. 618.11 as the commissioner reasonably requires. The commissioner shall issue the new certificate as requested if he or she would do so if an initial application were being made.History:  1971 c. 260; 1979 c. 102 s. 236 (5), (6).
WI Stat § 618.14 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 618 - Nondomestic insurers.|618.14 - Admission of nondomestic fraternals.

618.14  Admission of nondomestic fraternals. (1) Application. A nondomestic fraternal may apply for authorization to transact business in this state, by filing with the commissioner:(a) A certified copy of its articles and bylaws;(b) A power of attorney to the commissioner to receive service of process and other papers;(c) A certificate from the proper official in its home jurisdiction that the fraternal is authorized to transact business therein;(d) Each of its forms of contracts;(e) A statement of its business in the form required by the commissioner, showing that the business of the fraternal substantially complies with all the provisions of law relating to like domestic fraternals; and(f) Such other information as the commissioner may deem necessary. (2)  Examination. The commissioner shall examine the applicant fraternal. (3)  Certificate of authority. The commissioner shall grant a certificate of authority to do business in this state if the fraternal's condition and practices protect the interests of potential insureds, creditors and the public.History:  1975 c. 373.
WI Stat § 618.21 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 618 - Nondomestic insurers.|618.21 - Corporation law requirements from chs. 180, 610, 611 and 623 applicable to nondomestic corporations.

618.21  Corporation law requirements from chs. 180, 610, 611 and 623 applicable to nondomestic corporations. (1) Strict compliance. No nondomestic corporation may be authorized to do business in this state unless it complies strictly with the following requirements:(a)  Financial requirements. The financial requirements of ss. 611.19 and 623.11;(b)  Other requirements. The requirements of s. 180.1506, the requirements of s. 611.41 (1) as modified by s. 611.41 (3), s. 611.54 (1) (a), the reporting requirement of s. 611.54 (2) whenever removal is made involuntarily under the law of the domicile, and s. 611.57; and(c)  Requirements applicable to new corporations. For 5 years after the initial issuance of a certificate of authority in its domiciliary jurisdiction, the requirements of s. 611.29 (2); and if the corporation has transacted an insurance business for less than 5 years or has not paid in full all organizational and promotional expenses, it must still have initial expendable surplus considered by the commissioner to be adequate, subject to the limits of s. 611.19. (2)  Substantial compliance. (a)  General. No nondomestic insurance corporation may be authorized to do business in this state unless it everywhere complies substantially with ss. 611.12 (2) (d), 611.24 and 611.25 except that the approval requirement of s. 611.25 (1) does not apply, and s. 611.26.(b)  Corporate reorganization or transformation. When any corporate reorganization, transformation or liquidation of a nondomestic insurer is proposed by it or approved by the domiciliary commissioner or by another official act, notice shall be given to the commissioner promptly. (3)  Orders imposing and eliminating restrictions. The commissioner may issue orders under s. 611.03 that are applicable to nondomestic corporations. (4)  Other requirements. After a hearing, the commissioner may by order apply any provision of ch. 611 to a nondomestic corporation if the commissioner finds that it is necessary for the protection of the interests of its insureds, creditors or the public in this state. (5)  Fraternals. This section does not apply to fraternals.History:  1971 c. 260; 1973 c. 184; 1975 c. 373; 1983 a. 192; 1989 a. 303; 1991 a. 316; 1997 a. 79.Legislative Council Note to sub. (5), 1975: A special section applies to fraternals. See s. 618.26. In contrast, s. 618.22 does not apply to fraternals. [Bill 643-S]
WI Stat § 618.22 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 618 - Nondomestic insurers.|618.22 - Exclusive agency and management contracts of nondomestic corporations.

618.22  Exclusive agency and management contracts of nondomestic corporations. (1) Filing of contract. No nondomestic insurer may be a party to any exclusive agency contract or management contract as defined in ss. 611.66 and 611.67 respectively, unless the contract is filed with the commissioner and not disapproved under this section within 30 days after filing, or such reasonable extended period as the commissioner may specify by notice given within the 30 days. (2)  Disapproval. The commissioner shall disapprove a contract under sub. (1) or s. 611.67 if he or she finds that:(a) It subjects the insurer to excessive charges; or(b) The contract extends for an unreasonable period of time; or(c) The contract does not contain fair and adequate standards of performance; or(d) The persons empowered under the contract to manage the company are not sufficiently trustworthy, competent, experienced and free from conflict of interest to manage the company with due regard for the interests of its insureds, creditors or the public; or(e) The contract contains provisions which impair the interests of its insureds, creditors or the public in this state.History:  1971 c. 260; 1979 c. 102 s. 236 (5); 1985 a. 29.
WI Stat § 618.23 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 618 - Nondomestic insurers.|618.23 - Requirements for nondomestic reciprocals.

618.23  Requirements for nondomestic reciprocals. (1) Conditions of authorization. No nondomestic reciprocal may be authorized to do business in this state unless under the laws of its domicile or the provisions of its power of attorney or otherwise it can sue and be sued in its own name, and the assets resulting from the exchange of insurance contracts can be reached by its creditors; and either:(a)  Nonassessable reciprocals. If it issues only nonassessable policies, it meets all the financial requirements for a mutual corporation in like circumstances including surplus, whether unallocated or in subscribers' accounts, that is at least as great as the level specified by s. 623.11; or(b)  Assessable reciprocals. If it issues any assessable policies, it meets all the requirements for a mutual corporation issuing assessable policies in like circumstances and its subscribers are liable to the exchange to the limit of their assessability without regard to the validity or collectibility of any assessment levied against other subscribers. (2)  Substitute for the liability under sub. (1) (b). Where the liability of subscribers does not satisfy sub. (1) (b), the commissioner may nevertheless authorize an assessable reciprocal if he or she is satisfied that practices are actually followed by the attorney in fact which ensure the capacity and willingness of all subscribers to pay assessments if called upon to do so, or which otherwise ensure the solidity of the operation. (3)  Corporation provisions applicable. To the extent consistent with the nature of a reciprocal, the provisions of ch. 611 that are made applicable to nondomestic mutual corporations by s. 618.21 apply to nondomestic reciprocals and the provisions and requirements applicable to principal officers of corporations apply to the attorneys in fact of reciprocal insurers.History:  1971 c. 260; 1979 c. 102 s. 236 (5).
WI Stat § 618.24 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 618 - Nondomestic insurers.|618.24 - Requirements for incorporated alien insurers.

618.24  Requirements for incorporated alien insurers. (1) Conditions for authorization. No incorporated alien insurer may be authorized to do business in this state unless:(a) It has operated for 5 years in its domicile or the commissioner finds other grounds for being confident that it will be solid during its formative period;(b) It supplies and commits itself to maintain in the United States a deposit or bond in an amount the commissioner deems sufficient to protect the interests of insureds, creditors and the public in this state; and(c) It files with the commissioner such agreement as the commissioner requires with respect to records, reports and submission to examinations, including an undertaking to keep its records, reports and other documents constantly available in full in the English language so far as they are relevant to its United States business, and an undertaking to keep records and make reports on United States business in a form satisfactory to the commissioner. (2)  Deposits. A deposit under sub. (1) (b) may be made as specified in s. 601.13 or with another trustee in this or another state approved by the commissioner. The deposit shall be in trust for such persons as the commissioner deems appropriate to achieve the purposes of sub. (1) (b). The trustees shall supply a certificate of the deposit in whatever form and at whatever intervals the commissioner reasonably requires. (3)  Bonds. A bond satisfies sub. (1) (b) if it is issued by an insurer authorized to do a surety business in this state and is conditioned on nonperformance of any obligation to such persons as the commissioner considers appropriate to achieve the purposes of sub. (1) (b). Each such bond shall cover any claims that arise out of occurrences prior to termination of the bond, and shall not be terminable on any ground without at least 30 days' notice to the commissioner. Each such bond shall be in such form and be renewed at such intervals as the commissioner reasonably requires.History:  1971 c. 260; 1979 c. 102 s. 236 (6).
WI Stat § 618.25 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 618 - Nondomestic insurers.|618.25 - Requirements for unincorporated nondomestic insurers.

618.25  Requirements for unincorporated nondomestic insurers. No nondomestic individual underwriter or syndicate may be authorized to do business in this state unless: (1) It complies with such requirements stated in s. 618.24 as are applicable to an unincorporated insurer; (2) It files undertakings with the commissioner to comply with legal controls and institutional practices for securing the performance of obligations that are functionally equivalent to those imposed on nondomestic insurance corporations, even if in detail the controls and practices are dissimilar; and (3) The commissioner is satisfied that it keeps records and can supply information that will enable the commissioner to protect fully the interests of insureds, creditors and the public in this state.History:  1971 c. 260; 1979 c. 102 s. 236 (21).
WI Stat § 618.26 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 618 - Nondomestic insurers.|618.26 - Requirements for nondomestic fraternals.

618.26  Requirements for nondomestic fraternals. (1) Strict compliance. No nondomestic fraternal may be authorized to do business in this state unless it complies strictly with all of the following requirements:(a)  Financial requirements. The financial requirements of ss. 614.19 and 623.11.(b)  Other requirements. The requirements of s. 180.1506, 611.54 (1) (a) as incorporated by s. 614.54, the reporting requirement of s. 611.54 (2) as incorporated by s. 614.54 whenever removal is made involuntarily under the laws of the domicile, s. 611.57 as incorporated by s. 614.57, and ss. 614.10, 614.12 (1) (c), 614.41 (2) and 614.82 (1).(c)  Requirements applicable to new fraternals. For 5 years after the initial issuance of a certificate of authority in its domiciliary jurisdiction, the requirements of s. 614.29 (2); and if the fraternal has transacted an insurance business for less than 5 years or has not paid in full all organizational and promotional expenses, it must still have initial expendable surplus considered by the commissioner to be adequate, subject to the limits of s. 614.19. (2)  Substantial compliance. (a)  General. No nondomestic fraternal may be authorized to do business in this state unless it everywhere complies substantially with ss. 611.24 to 611.26 as incorporated by s. 614.24, except that the approval requirement of s. 611.25 (2) does not apply.(b)  Corporate reorganization or transformation. When any corporate reorganization, transformation or liquidation of a nondomestic fraternal, or any levy to cover a deficiency under a law comparable to s. 614.19 (3), is proposed by it or approved by the domiciliary commissioner or by another official act, notice shall be given to the commissioner promptly. (3)  Orders imposing and eliminating restrictions. The commissioner may issue orders under s. 614.03 that are applicable to nondomestic fraternals. (4)  Other requirements. After a hearing, the commissioner may by order apply any provision of ch. 614 to a nondomestic fraternal upon a finding that it is necessary for the protection of the interests of its members, creditors or the public in this state.History:  1975 c. 373, 421; 1989 a. 303; 1999 a. 85.Legislative Council Note, 1975: This section closely parallels s. 618.21. [Bill 643-S]
WI Stat § 618.28 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 618 - Nondomestic insurers.|618.28 - Exemptions from Wisconsin law.

618.28  Exemptions from Wisconsin law. (1) Exemptions. Any nondomestic insurer authorized to do business in this state may apply for and the commissioner may make an order exempting it from any requirement otherwise applicable to it, if the commissioner finds after a hearing:(a) That in the absence of the statutory requirement in this state the requirement would not be imposed on the insurer or on a similar Wisconsin insurer by the law of the insurer's domicile;(b) That exemption from the requirement will not endanger the interests of insureds, creditors or the public in this state; and(c) That the exemption will not give the insurer an unfair competitive advantage over domestic insurers. (2)  Notice and hearing. The hearing may not be held until at least 30 days after notice has been given to competing insurers authorized to do business in this state by publication in the administrative register or otherwise in a manner considered adequate by the commissioner. Any such insurer may appear in the hearing and state its position on sub. (1) (c).History:  1971 c. 260; 1991 a. 316.