reglab/housing_qa huggingface dataset:
WI Stat § 611.29 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.29 - Amendment of articles.

611.29  Amendment of articles. (1) Right to amend articles. A stock corporation may amend its articles under ss. 180.0726, 180.1001 to 180.1007, 180.1706, 180.1707 and 180.1708 (4) and a mutual may amend its articles under ss. 181.1001, 181.1002 (1), 181.1003, 181.1005 and 181.1006, except that papers required by those sections to be filed with the department of financial institutions shall instead be filed with the commissioner. Subject to sub. (3), the stock corporation or mutual may amend its articles in any desired respect including substantial changes of its original purposes. No amendment may be made contrary to s. 611.12 (1) to (3). (2)  Filing. For 5 years after the initial issuance of a certificate of authority, proposed amendments of the articles which are not changes in the business plan shall be filed with the commissioner at least 30 days before the amendment is submitted to the shareholders or policyholders for approval, or if such approval is not required, at least 30 days before the effective date. (3)  Articles of amendment; mutuals. In addition to the requirements of s. 181.1005, the articles of amendment of a mutual shall, if mail voting is used, state the number of policyholders voting by mail and the number of such policyholders voting for and against the amendment. (4)  Filing of articles of amendment. No amendment may become effective until the articles of amendment have been filed with the commissioner. (5)  Effect of amendment of articles. Section 180.1009 applies to stock corporations and s. 181.1008 applies to mutuals.History:  1971 c. 260; 1989 a. 303; 1997 a. 79.
WI Stat § 611.32 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.32 - Promoter stock.

611.32  Promoter stock. (1) Mandatory purchase. During the period of effectiveness of the organization permit the incorporators, directors, and principal officers of a stock corporation shall among themselves subscribe and pay, at the public offering price, at least $100,000 in cash or in property of equivalent value approved by the commissioner, for shares offered by the corporation under the organization permit. (2)  Restrictions on issuance. (a) No person may subscribe for promoter stock on terms more favorable than those on which subscriptions are being solicited from the general public.(b) Except under this section and s. 611.18 (2) (a) 2., and except for stock dividends, no promoter stock may be issued for 5 years following the initial issuance of the certificate of authority, without the approval of the commissioner which may be granted by the commissioner only if he or she finds that:1. The corporation is in need of additional capital; and2. The value proposed to be given for the stock is fair to existing shareholders and has a reasonable relation to the current value of the outstanding shares.(c) This subsection shall not affect the exercise of preemptive rights. (3)  Restrictions on transfer. (a)  Deposit in escrow. Shares of promoter stock and any stock received thereon as the result of a stock dividend, stock split or exercise of preemptive rights shall be deposited in escrow with a depository satisfactory to the commissioner under an agreement providing that the shares may not be transferred without the approval of the commissioner.(b)  Release from escrow. If the corporation issues any life insurance policies, any shares subject to this section shall be released from escrow 5 years after issuance of the certificate of authority. In other cases, the shares shall be released from escrow 3 years after issuance of the certificate of authority. (4)  Approval. (a)  Definition. In this subsection, “earned surplus" means the balance of the net profits, income, gains and losses of a corporation from the date of incorporation.(b)  Conditions. Approval of the transfer of promoter stock under sub. (3) (a):1. Shall be granted upon request if the corporation has made an addition to earned surplus in each of the 2 immediately preceding years of at least 6 percent of the capital raised by the sale of shares under the organization permit; and2. May be granted upon a showing of hardship by the shareholder or the shareholder's estate or legatee, if the release from escrow of the shares or a portion thereof would not, in the commissioner's opinion, endanger the interests of insureds or the public. (5)  Options to purchase stock. For 3 years after the issuance of the certificate of authority, an option to purchase stock may be issued only pursuant to a plan approved by the commissioner.History:  1971 c. 260; 1979 c. 102 s. 236 (5); 1989 a. 303; 1991 a. 316.
WI Stat § 611.34 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.34 - Corporate repurchase of shares.

611.34  Corporate repurchase of shares. No stock corporation may repurchase any of its own shares within 5 years after initial issuance of the certificate of authority, except pursuant to a plan for the repurchase which has been approved by the commissioner. After 5 years a stock corporation may repurchase its own shares under ss. 180.0631, 180.0640, and 180.1708 (2), but within 10 days after the end of any month in which it purchases more than one percent of any class of its outstanding shares the corporation shall report the price and the names of the registered shareholders from whom the shares are acquired and of any other persons beneficially interested, so far as the latter are known to the corporation. The corporation shall make a like report within 10 days after the end of any 3-month period in which it purchases more than 2 percent of any class of its outstanding shares or within 10 days after the end of any 12-month period in which it purchases more than 5 percent of any class of its outstanding shares. History:  1971 c. 260; 1989 a. 303; 2009 a. 177.
WI Stat § 611.36 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.36 - Number of shareholders.

611.36  Number of shareholders. Section 180.0142 applies to stock corporations for purposes of this chapter.History:  1989 a. 303.
WI Stat § 611.40 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.40 - Shareholders' meetings.

611.40  Shareholders' meetings. (1) Meetings, notices, quorums and voting. Sections 180.0701 to 180.0703, 180.0705, 180.0721 to 180.0727 and 180.1708 (3) apply to stock corporations. Each director of a stock corporation shall be elected by a plurality of the votes cast by the shares entitled to vote in the election at a meeting at which a quorum is present. (2)  Record date and voting lists. Sections 180.0707 and 180.0720 apply to stock corporations. (3)  Voting trust. Sections 180.0730 and 180.0731 apply to stock corporations.History:  1971 c. 260, 307; 1973 c. 184; 1989 a. 303; 1997 a. 35.
WI Stat § 611.41 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.41 - Communications to shareholders or policyholders and commissioner's attendance at meetings.

611.41  Communications to shareholders or policyholders and commissioner's attendance at meetings. (1) Copies of communications. The commissioner may by rule prescribe that copies of specified classes of communications circulated generally by a corporation to shareholders or policyholders shall be communicated to the commissioner at the same time. (2)  Attendance at meetings. The commissioner has the right to attend any shareholders' or policyholders' meeting. (3)  Exception. Subsection (2) and, so far as it relates to communications to shareholders, sub. (1) do not apply to stock corporations all of whose voting shares are owned by a single person, or all of whose shareholders are either members of the board or are represented on it.History:  1971 c. 260; 1979 c. 102 s. 236 (21).
WI Stat § 611.43 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.43 - Annual report to mutual policyholders.

611.43  Annual report to mutual policyholders. Every domestic mutual shall send to each policyholder requesting it an annual report which shall contain basic financial and operating data, information about important business and corporate developments, and such other information as the corporation wishes to include or as the commissioner by rule requires to be included in order to keep policyholders properly informed.History:  1971 c. 260.
WI Stat § 611.52 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.52 - Election and removal of directors and officers of stock corporations.

611.52  Election and removal of directors and officers of stock corporations. (1) Resignation and removal of officers. Sections 180.0843 and 180.0844 apply to stock corporations. (2)  Election. At each annual meeting of shareholders, the shareholders shall elect directors to hold office until the next succeeding annual election except as provided in sub. (3) or under s. 180.0806. Each director shall hold office for the term for which he or she is elected and until his or her successor is elected and qualified if qualification is required. Section 180.0804 applies to a stock corporation. (3)  Resignation and removal of directors. Sections 180.0807 to 180.0810 apply to stock corporations.History:  1971 c. 260; 1973 c. 184; 1979 c. 102; 1989 a. 303.
WI Stat § 611.53 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.53 - Selection and removal of directors and officers of mutuals.

611.53  Selection and removal of directors and officers of mutuals. (1) Public selection of directors. The articles of a mutual may provide that any number of the directors shall be public directors chosen under a plan proposed by the corporation and approved by the commissioner. The plan shall be designed to assure true public representation on the board. The persons to be nominated as directors shall be persons whose insurance business or general experience qualifies them to serve responsibly and impartially. (2)  Election of directors. Directors not to be chosen under sub. (1) shall be elected by the policyholders. (3)  Resignation, vacancies and removal of directors. Subject to subs. (1) and (2), ss. 181.0807 and 181.0811 apply to a mutual. A director may be removed from office for cause by an affirmative vote of a majority of the full board at a meeting of the board called for that purpose. (4)  Resignation, vacancies and removal of officers. Sections 181.0843 and 181.0844 apply to a mutual.History:  1971 c. 260; 1997 a. 79.
WI Stat § 611.54 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.54 - Supervision of management changes.

611.54  Supervision of management changes. (1) Report of selection.  (a)  General. The name of any person selected as a director or principal officer of a corporation, together with such pertinent biographical and other data as the commissioner requires by rule, shall be reported to the commissioner immediately after the selection.(b)  New corporations. For 5 years after the initial issuance of a certificate of authority to a corporation, the commissioner may within 30 days after receipt of a report under par. (a) disapprove any person selected who fails to satisfy the commissioner that the person is trustworthy and has the competence, experience and freedom from conflict of interest necessary to discharge his or her responsibilities. (2)  Report of removal. Whenever a director or principal officer of a corporation is removed under s. 180.0843 (2), 181.0843 (2) or 611.53 (3), the removal shall be reported to the commissioner immediately together with a statement of the reasons for the removal. (3)  Removal by commissioner. If the commissioner finds, after a hearing, that a director or officer has a conflict of interest, is incompetent, untrustworthy or has willfully violated chs. 600 to 646, a rule promulgated under s. 601.41 (3) or an order issued under s. 601.41 (4), and that the conflict of interest, incompetence or the violation endangers the interests of insureds or of the public, the commissioner may order that the director or officer be removed.History:  1971 c. 260; 1979 c. 89, 102; 1989 a. 303; 1997 a. 79.
WI Stat § 611.57 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.57 - Interlocking directorates and other relationships.

611.57  Interlocking directorates and other relationships. No person may simultaneously be a director or officer in one insurance corporation and a director, officer, employee or agent for another insurer if the effect is to lessen competition substantially or if the 2 insurers have materially adverse interests.History:  1971 c. 260; 1973 c. 128.
WI Stat § 611.60 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.60 - Transactions in which directors and others are interested.

611.60  Transactions in which directors and others are interested. (1) Voidable transactions. Any material transaction between an insurance corporation and one or more of its directors or officers, or between an insurance corporation and any other person in which one or more of its directors or officers or any person controlling the corporation has a material interest, is voidable by the corporation unless:(a) The transaction at the time it is entered into is reasonable and fair to the interests of the corporation; and(b) The transaction has, with full knowledge of its terms and of the interests involved, been approved in advance by the board or by the shareholders; and(c) The transaction has been reported to the commissioner immediately after such approval. (2)  Quorum and voting. Directors whose interest or status make the transaction subject to this section may be counted in determining a quorum for a board meeting approving a transaction under sub. (1) (b), but may not vote. Approval requires an affirmative vote of a majority of those present. (3)  Restricted transactions. The commissioner may by rule require that for any classes of transactions subject to sub. (1) which by their nature tend to be unreasonable or unfair to the interests of the corporation the report under sub. (1) (c) shall be submitted to the commissioner in advance of the proposed effective date. Such a transaction shall not be carried out even though approved under sub. (1) (b), until the commissioner approves the transaction, or does not disapprove it for failure to comply with sub. (1) (a) within 30 days after receiving the report under sub. (1) (c). (4)  Excepted transactions. This section does not apply to transactions subject to s. 611.61, nor to transactions made between an insurance corporation and its wholly owned subsidiary, nor to policies of insurance, other than reinsurance, issued in the normal course of business. Nothing in this section deprives any person of any rights accruing under a policy of insurance written at usual terms, other than reinsurance. The commissioner may by rule exempt other classes of transactions from the reporting requirement of sub. (1) (c), to the extent that the purposes of this section can be achieved without the report.History:  1971 c. 260; 1979 c. 102 s. 236 (21).
WI Stat § 611.61 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.61 - Transactions of insurers with affiliates.

611.61  Transactions of insurers with affiliates. (1) Restricted transactions. No transaction may be entered into between an insurer authorized to do business in this state and any affiliate unless:(a) The transaction at the time it is entered into is reasonable and fair to the interests of the insurer;(b) The books, accounts and records of each party to the transaction are kept in a manner that clearly and accurately discloses the nature and details of the transaction and in accordance with generally accepted accounting principles permits ascertainment of charges relating to the transaction; and(c) If the transaction is a reinsurance transaction, it is reported to the commissioner immediately if the insurer is a domestic corporation. (2)  Voidability. Transactions entered into by domestic corporations in violation of sub. (1) are voidable by the corporation.History:  1971 c. 260; 1979 c. 102.
WI Stat § 611.62 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.62 - Directors' and officers' liability and indemnification.

611.62  Directors' and officers' liability and indemnification. (1) Liability. Sections 180.0826 to 180.0828, 180.0832 and 180.0833 apply to stock corporations and ss. 181.0850 to 181.0855, except s. 181.0855 (2) (c), apply to mutuals. (2)  Indemnification. Sections 180.0850 to 180.0856, 180.0858 and 180.0859 apply to stock corporations and ss. 181.0871 to 181.0881 and 181.0889 apply to mutuals but no indemnification may be made until at least 30 days after notice to the commissioner, containing full details about the proposed indemnification. (3)  Insurance. Section 180.0857 applies to stock corporations and s. 181.0883 applies to mutuals. (4)  Derivative actions. Sections 180.0740 to 180.0747 and 180.1708 (3m) apply to stock corporations and ss. 181.0740 to 181.0747 apply to mutuals.History:  1971 c. 260, 307; 1973 c. 128; 1979 c. 102; 1987 a. 13; 1989 a. 303; 1997 a. 79.
WI Stat § 611.63 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.63 - Executive compensation.

611.63  Executive compensation. (1) General power. Subject to this section, ss. 180.0302 (11), (12) and (16) and 180.0811 apply to stock corporations and s. 181.0302 (11) to (14) applies to mutuals. (2)  Approval of board action by shareholders. Any benefits or payments to any director or officer on account of services rendered to a stock corporation more than 90 days before the agreement or decision to give the benefit or make the payment, and any new pension plan, profit-sharing plan, stock option plan or any amendment to an existing plan which so far as it pertains to any director or officer substantially increases the financial burden on the corporation shall be approved by a vote of the shareholders. (3)  Notice to commissioner. Any action taken by the board of a mutual insurance corporation on any of the subjects specified in sub. (1) shall be reported to the commissioner within 30 days. (4)  Annual report to commissioner. The amount of all direct and indirect remuneration for services, including retirement and other deferred compensation benefits and stock options, paid or accrued each year for the benefit of each director and each officer and member of executive management, as defined by the commissioner, whose remuneration exceeds an amount established by the commissioner, and for all directors and officers as a group shall be included in the annual report made to the commissioner.  (5)  Prohibited criteria. No arrangement for compensation or other employment benefits for any director, officer or employee with decision-making power may be made if it would:(a) Measure the compensation or other benefits in whole or in part by any criteria that would create a financial inducement for him or her to act contrary to the best interests of the corporation; or(b) Have a tendency to make the corporation depend for continuance or soundness of operation upon continuation in his or her position of any director, officer or employee. (6)  Effect of rehabilitation and liquidation proceedings. If an order of rehabilitation or liquidation is issued under s. 645.32 or 645.42, the contractual obligations of the insurer for unperformed services of any director, principal officer or person in fact performing similar functions or having similar powers is thereupon terminated.History:  1971 c. 260; 1973 c. 128; 1979 c. 102 s. 236 (13), (20); 1989 a. 303; 1997 a. 79; 2015 a. 90.
WI Stat § 611.66 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.66 - Exclusive agency contracts.

611.66  Exclusive agency contracts. (1) General. Except under sub. (2), no corporation may enter into any contract whereby any person is granted or obtains directly or indirectly the exclusive right or privilege of soliciting, producing or receiving a fee or commission on all or substantially all of the insurance business of the corporation or on all or substantially all of the insurance business of the corporation in this state. (2)  Subsidiaries. Subsection (1) does not apply to contracts in which a corporation is the exclusive agent of its insurance subsidiary authorized under s. 611.26 (1) or in which the subsidiary is the exclusive agent of the corporation.History:  1971 c. 260.
WI Stat § 611.67 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.67 - Management contract services.

611.67  Management contract services. (1) In this section:(a) “Health maintenance organization" has the meaning given under s. 609.01 (2).(b) “Limited service health organization" has the meaning given under s. 609.01 (3).(c) “Management authority" means the authority to exercise any management control of the corporation or of its underwriting, loss adjustment, investment, general servicing or production function or other major corporate function.(d) “Preferred provider plan" has the meaning given under s. 609.01 (4). (2) Except as provided in sub. (3), a corporation may not be a party to a contract which has the effect of delegating management authority to a person to the substantial exclusion of the board. (3) An insurer that offers a health maintenance organization, limited service health organization or preferred provider plan may delegate management authority with regard to the health maintenance organization, limited service health organization or preferred provider plan to a person other than an officer, director or employee of the insurer if the person exercises the management authority according to the terms of a written contract between the insurer and the person and if the contract is filed with the commissioner and not disapproved by the commissioner under sub. (4). (4) (a) The commissioner may disapprove a contract under sub. (3) within a 30-day period after the date of filing or within a reasonable extension period following the 30-day period if the extension period is specified by notice to the health care plan within the 30-day period.(b) The commissioner may disapprove a contract under sub. (3) only if the commissioner makes one of the findings specified in s. 618.22 (2).History:  1985 a. 29.
WI Stat § 611.69 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 611 - Domestic stock and mutual insurance corporations.|611.69 - Dividends and other distributions.

611.69  Dividends and other distributions. (1) Distributions. Subject to the requirements of ss. 617.22 and 617.225, a stock corporation may make distributions under ss. 180.0623, 180.0640 and 180.1708 (2). (2)  Unclaimed dividends and distributions. Chapter 177 applies to stock corporations.History:  1971 c. 260; 1989 a. 303.