reglab/housing_qa huggingface dataset:
WI Stat § 611.10 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.10 - Reservation of corporate name.

611.10  Reservation of corporate name. Sections 180.0402 and 180.0403 (2), (3) and (3m) apply to stock corporations and ss. 181.0402 and 181.0403 (2), (3) and (3m) apply to mutuals.History:  1971 c. 260; 1973 c. 128; 1981 c. 390 s. 252; 1989 a. 303; 1993 a. 331; 1997 a. 79.
WI Stat § 611.11 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.11 - Incorporators.

611.11  Incorporators. (1) General. Any number of corporate or adult natural persons may organize a corporation under this chapter. (2)  Closely held, subsidiary and affiliated corporations. One to 15 corporate or adult natural persons may organize a corporation under s. 611.22. (3)  Mutual reinsurance corporations. A mutual reinsurance corporation having the exclusive purpose of providing reinsurance for its member corporations may be organized by 15 or more mutuals under this chapter and town mutuals under ch. 612. The commissioner may exempt the corporation from any of the requirements of ss. 611.12 to 611.20 if the commissioner considers them unnecessary for the protection of the members. (4)  Municipalities. (a) In this subsection, “municipality" has the meaning given in s. 345.05 (1) (c).(b) Any number of municipalities or associations of municipalities or both may organize a municipal insurance mutual under s. 611.13, subject to s. 611.23, to provide any of the following for its members:1. Worker's compensation insurance.2. Liability insurance.3. Risk management services.4. Property insurance. History:  1971 c. 260; 1973 c. 243; 1977 c. 346; 1979 c. 102 ss. 236 (6), 237; 1981 c. 390 s. 252; 1995 a. 197; 2003 a. 78; 2009 a. 28; 2011 a. 32.
WI Stat § 611.12 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.12 - Articles and bylaws.

611.12  Articles and bylaws. (1) Stock corporations. Section 180.0202 applies to the articles of a stock corporation, except that:(a) The name of the corporation shall include the word “insurance" or a term of equivalent meaning, and shall comply with s. 180.0401 (2) to (4);(am) The articles shall include a statement that the corporation is organized under this chapter;(b) Authorized shares shall conform to s. 611.33 (1); and(c) The purposes of the corporation shall be limited to those permitted by s. 610.21. (2)  Mutuals. Section 181.0202 applies to the articles of a mutual, except that:(a) The name of the corporation shall include the words “mutual" and “insurance" or terms of equivalent meaning and shall comply with s. 181.0401 (2) to (4);(am) The articles shall include a statement that the corporation is organized under this chapter;(b) The articles shall include provision for mutual bonds if any are to be authorized, which shall conform to s. 611.33 (2) (a);(c) The purposes of the corporation shall be limited to those permitted in s. 610.21;(d) If assessable policies are permitted, the articles shall contain general provisions respecting assessment liabilities and procedures, including a provision specifying the classes of business on which assessment may be separately levied; and(e) The articles may specify those classes of persons who may be policyholders, or prescribe the procedure for establishing or removing restrictions on the classes of persons who may be policyholders, and the articles shall state that each policyholder is a member of the corporation. (3)  Principal officers. Sections 180.0840 and 180.0841 apply to stock corporations and ss. 181.0840 and 181.0841 apply to mutuals. Notwithstanding s. 180.0840 (1) or 181.0840 (1), the articles or bylaws shall specifically designate 3 or more offices, the holders of which shall be the principal officers of the corporation. Notwithstanding s. 180.0840 (3) or 181.0840 (3), the principal offices shall be held by at least 3 separate individuals. (4)  Bylaws. The bylaws of a domestic corporation shall comply with this chapter, and a copy of the bylaws and any amendments thereto shall be filed with the commissioner within 60 days after adoption. Subject to this subsection, to ss. 611.13 (2) (d) and (5) and 611.22 (4), ss. 180.0206 and 180.1020 to 180.1022 apply to stock corporations and ss. 181.0206, 181.0207 and 181.1021 apply to mutuals.History:  1971 c. 260; 1989 a. 303; 1997 a. 79; 1999 a. 85.
WI Stat § 611.14 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.14 - Powers under organization permit.

611.14  Powers under organization permit. (1) Stock corporations. While its organization permit is in effect a stock corporation may:(a) Register stock under s. 611.31, solicit subscriptions subject to s. 180.0620 (1) (a) and receive payment therefor in cash or, with the approval of the commissioner, in other property constituting a permitted investment under ch. 620, and issue receipts for such payment at values approved by the commissioner, but no shares may be issued until a certificate of authority is issued; and(b) Transact all other business necessary and appropriate for the organization of the planned insurance enterprise. (2)  Mutuals. While its organization permit is in effect a mutual may:(a) Register mutual bonds under s. 611.31, solicit applications for qualifying insurance policies under s. 611.19 (4) (c) and subscriptions for mutual bonds and contribution notes and receive payment therefor in cash or, with the approval of the commissioner, in property constituting a permitted investment under ch. 620, and issue receipts for such payment at values approved by the commissioner, but no policies or bonds may be issued until a certificate of authority is issued; and(b) Transact all other business necessary and appropriate in the organization of the planned insurance enterprise.History:  1971 c. 260, 307; 1989 a. 303.
WI Stat § 611.15 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.15 - Deposit of proceeds of subscriptions.

611.15  Deposit of proceeds of subscriptions. All funds, and the securities and documents representing interests in property, received by a stock corporation for stock subscriptions or by a mutual for applications for insurance policies or for mutual bond or contribution note subscriptions shall be deposited in the name of the corporation with a depository approved by the commissioner, subject to an escrow agreement approved by the commissioner under which withdrawals may be made only with the commissioner's approval.History:  1971 c. 260; 1979 c. 102 s. 236 (14).
WI Stat § 611.16 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.16 - Termination of organization permit and payment of organization expenses.

611.16  Termination of organization permit and payment of organization expenses. (1) Termination. The organization permit shall terminate upon:(a) Issuance of a certificate of authority under s. 611.20;(b) Revocation under sub. (2); or(c) Expiration of one year after issuance unless a good faith application for a certificate of authority has been filed with the commissioner. The commissioner may grant a reasonable extension if the commissioner reasonably expects that the corporation will be able to satisfy the requirements for a certificate of authority within the extended period. (2)  Revocation. The commissioner may revoke an organization permit if:(a) The commissioner finds, after a hearing, that because of changes in circumstances, or because the facts were not as represented in the application, the conditions for issuance of a permit are no longer satisfied; or(b) The commissioner denies an application for a certificate of authority and finds that the corporation cannot reasonably be expected to satisfy the requirements for a certificate of authority within the remaining term of the organization permit or any extension thereof under sub. (1) (c). (3)  Reimbursements and refunds. (a)  General. Except in cases under pars. (b) and (c), if the organization permit is revoked or expires before a certificate of authority is granted, incorporators who have advanced money for the reasonable and authorized expenses of organization, including underwriting expenses, may be reimbursed in cash from the proceeds of shares or mutual bond or contribution note subscriptions under the organization permit, on itemized receipts audited by the commissioner. The total reimbursement shall not exceed 5 percent of the amount received from such sources. The remainder in the escrow account shall thereupon be distributed among such subscribers in proportion to their contributions, valued as of the time the contributions were made.(b)  Violation of law. Reimbursement may be refused to any incorporator under par. (a) if the commissioner finds that in connection with the organization of the corporation the incorporator has willfully or negligently violated in a material way any provision of this chapter.(c)  Assessable mutuals. No reimbursement may be made to any incorporator of a mutual under par. (a) until all advanced premiums collected under s. 611.19 (4) (c) have been repaid in full. (4)  End of legal existence. The legal existence of the corporation shall terminate upon completion of the payments under sub. (3).History:  1971 c. 260, 307; 1991 a. 316.
WI Stat § 611.18 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.18 - Incorporators' liability and organization expenses.

611.18  Incorporators' liability and organization expenses. (1) Liability. The incorporators shall be jointly and severally liable for all organizational and promotional expenses and liabilities incurred prior to the issuance of the certificate of authority. (2)  Reimbursement and compensation.  (a)  Stock corporations. 1. `Expenses.' After issuance of the certificate of authority, incorporators of a stock corporation who have advanced money or incurred obligations for the reasonable and authorized expenses of organization including underwriting may be reimbursed in cash from the proceeds of shares subscribed to under the organization permit, on itemized receipts audited by the commissioner. Their total reimbursement may not exceed 10 percent of the amount received from subscribers.2. `Personal services.' Incorporators may be compensated for the reasonable value of personal services actually performed by the issuance to them of shares not exceeding in value in the aggregate 10 percent of the amount received from the subscription for shares under the organization permit.3. `Aggregate expenses and remuneration.' The aggregate payment under subds. 1. and 2. may not exceed 15 percent of the amount received for shares subscribed to under the organization permit, including the shares purchased under s. 611.32 (1) or (2), and shall conform to the statement made under s. 611.13 (2) (e).(b)  Mutuals. After issuance of the certificate of authority, incorporators of a mutual who have advanced money or incurred obligations for the reasonable and authorized expenses of organization may be reimbursed in cash from the proceeds of subscriptions for mutual bonds and contribution notes, on itemized receipts audited by the commissioner. The total reimbursement may not exceed 15 percent of the amount received for the bonds and notes.History:  1971 c. 260.
WI Stat § 611.20 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.20 - Certificate of authority.

611.20  Certificate of authority. (1) Application. The corporation may apply for a certificate of authority at any time prior to the expiration of its organization permit. The application shall include a statement by a principal officer of any material changes that have already taken place or are likely to take place in the facts on which the issuance of the organization permit was based, and if any material changes are proposed in the business plan, the additional information about such changes that would be required if an organization permit were then being applied for. (2)  Issuance. (a) The commissioner shall issue a certificate of authority, if he or she finds:1. That cash or property authorized under s. 611.14 (1) (a) has been received sufficient to satisfy the requirements of s. 611.19;2. That there is no basis for revoking the organization permit under s. 611.16 (2); and3. That all other applicable requirements of the law have been met.(b) The certificate of authority shall specify any limits placed on the insurance business that may be carried on by the corporation and may, within the powers given the commissioner by law, specify limits on its methods of operation. (3)  Effect. Upon the issuance of the certificate:(a) The board shall authorize and direct the issuance of shares, bonds or notes subscribed to under the organization permit, and of insurance policies upon qualifying applications made under the organization permit; and(b) The commissioner shall authorize the release to the corporation of all funds held in escrow under s. 611.15. (4)  Alteration of certificate of authority.  (a)  Upon application. A corporation may at any time apply to the commissioner for a new or amended certificate of authority, removing, altering or adding limits on its business or methods of operation. The application shall contain or be accompanied by so much of the information in s. 611.13 (2) as the commissioner reasonably requires. The commissioner shall issue the new certificate as requested if he or she finds:1. That the corporation's capital and surplus are adequate to support the proposed operations under the new certificate; and2. That the proposed business would not be contrary to the law or to the interests of insureds or the public.(b)  By commissioner. If the commissioner issues a summary order under s. 645.21 against a corporation, he or she may also revoke the corporation's certificate and issue a new one with the limits the commissioner deems necessary. (5)  Domestic surplus lines insurance. The commissioner may issue to a domestic insurer a certificate of authority to do business in this state as a domestic surplus lines insurer, as defined in s. 618.40 (3m).History:  1971 c. 260; 1979 c. 102 ss. 96, 236 (5); 1989 a. 303; 2017 a. 16.
WI Stat § 611.22 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.22 - Accelerated organization procedure.

611.22  Accelerated organization procedure. (1) General requirements. The incorporators may apply for determination of the minimum capital or minimum permanent surplus under s. 611.19 and for a certificate of authority without first obtaining an organization permit if:(a) Their number is not more than 15; and(b) They purchase for their own accounts all the shares proposed to be issued in the case of a stock corporation, or in the case of a mutual they supply all the minimum permanent surplus and initial expendable surplus by contribution notes or otherwise. (2)  Contents of application. The application for a certificate of authority shall be accompanied by proof that the purchase price for the shares or the proceeds of contribution notes have been deposited on behalf of the proposed corporation or if other than money are held in trust for the proposed corporation and by so much of the information in s. 611.13 (2) as the commissioner reasonably requires. (3)  Issuance of certificates of incorporation and authority. The commissioner shall issue both a certificate of incorporation and a certificate of authority if:(a) The commissioner finds that all requirements of law have been met;(b) The commissioner is satisfied that all natural persons who are incorporators, the directors and principal officers of corporate incorporators, and the proposed directors and officers of the corporation being formed are trustworthy and competent and collectively have the competence and experience to engage in the particular insurance business proposed; and(c) The commissioner is satisfied that the business plan is consistent with the interests of the corporation's potential insureds and of the public. (4)  Legal existence. Upon the issuance of the certificate of incorporation the legal existence of the corporation shall begin, the articles and bylaws shall become effective and the proposed directors and officers shall take office. The certificate shall be conclusive evidence of compliance with this section, except in a proceeding by the state against the corporation.History:  1971 c. 260; 1991 a. 316.
WI Stat § 611.223 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.223 - Transfer of an insurer's place of domicile.

611.223  Transfer of an insurer's place of domicile. (1) Foreign insurer becomes a domestic insurer.  (a) A foreign insurer which desires to become a domestic insurer may submit to the commissioner an application for a certificate of incorporation and a certificate of authority. The application shall comply with par. (b) and shall include or have attached any other relevant documents or information that the commissioner reasonably requires. Upon review of the application, the commissioner may issue a certificate of incorporation and certificate of authority if the commissioner determines that all of the following are satisfied:1. The applicant is in compliance with the provisions of chs. 600 to 655 that apply to domestic insurers.2. The directors and officers of the applicant are trustworthy and competent and collectively have the competence and experience to engage in the particular insurance business proposed.3. The proposed business is consistent with the interests of insureds and the public.(b) The commissioner shall by rule specify the required contents and form of an application submitted under par. (a). In determining the required contents, the commissioner shall consider the information and documents which will permit the commissioner to determine whether the requirements of par. (a) 1. to 3. are satisfied.(c) The commissioner may by order relax one or more of the requirements of this subsection for a foreign insurer which desires to become a domestic insurer if, after a hearing conducted in accordance with ch. 227, the commissioner determines that the requirements are unnecessary to protect policyholders and the public because of the developed status of the foreign insurer. (2)  Domestic insurer becomes a foreign insurer. Upon approval by the commissioner, a domestic insurer may transfer its place of domicile to any other state in which it is admitted. As a condition of approving the transfer of domicile, the commissioner may require a special deposit, reinsurance or other protective measures by the insurer. After or simultaneous with the transfer of domicile, the insurer may apply under ch. 618 for authority to do business in this state as a foreign insurer. (3)  Effect on existing contracts. The transfer of an insurer's place of domicile under sub. (1) or (2) does not affect the obligations of the insurer under its existing insurance contracts or any other existing contracts.History:  1987 a. 247.
WI Stat § 611.23 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.23 - Municipal insurance mutuals.

611.23  Municipal insurance mutuals. (1) Applicable rules. On application by the organizers of a municipal insurance mutual under s. 611.11 (4), the commissioner may by order, after a hearing, relax any requirements of this chapter to facilitate the formation, financing and governance of the mutual. In the same order, the commissioner shall impose substitute requirements designed to implement the purposes of s. 611.02 (2) as elaborated in this chapter. (2)  Regulation. Except as provided in sub. (3), the provisions of chs. 600 to 646 that apply to other mutuals organized or operating under this chapter apply also to municipal insurance mutuals. (3)  Inapplicable provisions. Chapters 604 to 607, 612 to 619, 625 and 646 do not apply to such mutuals. The commissioner may by order, after a hearing, exempt such a mutual from any other provisions on a finding that they are unnecessary for the protection of the interests of the municipalities and their citizens.History:  1977 c. 346; 1979 c. 89; 1981 c. 20 s. 2202 (26) (c); 1995 a. 197.NOTE:  Chapter 346, laws of 1977, which created this section, has an extensive note explaining the section.
WI Stat § 611.25 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.25 - Special provisions for separate accounts for variable contracts.

611.25  Special provisions for separate accounts for variable contracts. (1) Terminology. Separate accounts under this section form a special category of segregated accounts and may be designated by any appropriate name the corporation wishes to use. (2)  Formation. With the approval of the commissioner, any corporation may establish one or more separate accounts and allocate to them any amounts paid or remitted to or held by the corporation under designated contracts or classes of contracts which amounts are to be applied to provide benefits payable partly or wholly in variable dollar amounts. Such amounts may also be applied to provide benefits in fixed and guaranteed dollar amounts and other incidental benefits. (3)  Special rights and procedures. To the extent necessary to comply with the federal investment company act of 1940, as now or later amended, or any rules issued thereunder, the corporation may adopt special procedures for the conduct of the business and affairs of a separate account, and may, for persons having beneficial interests therein, provide special voting and other rights, including special rights and procedures relating to investment policy, investment advisory services, selection of certified public accountants, and selection of a committee, the members of which need not be otherwise affiliated with the corporation, to manage the business and affairs of the account. (4)  Applicable general provisions. Separate accounts under this section are subject to s. 611.24 (3).History:  1971 c. 260.
WI Stat § 611.28 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.28 - Changes in business plan.

611.28  Changes in business plan. (1) Development stage. Within 5 years after the initial issuance of a certificate of authority no substantial change, alteration or amendment may be made in the business plan and the insurer may not substantially deviate from it unless notice of the proposed change is filed with the commissioner 30 days in advance of the proposed effective date. The commissioner may defer the effective date for an additional period not exceeding 30 days by written notice to the corporation before expiration of the initial 30-day period. The commissioner may, within the 30-day period or its extension, prohibit the proposed action if it is contrary to law or to the interests of insureds, creditors or the public in this state. (2)  Continuing control. The commissioner may by rule or order specify portions of the business plan to which the requirement of sub. (1) shall apply even after the initial 5-year period, if he or she finds after a hearing that it is required to protect the interests of insureds, creditors or the public in this state.History:  1971 c. 260; 1979 c. 102 s. 236 (5); 1991 a. 316.