2023 Wisconsin Statutes & Annotations › Chapter 628 - Insurance marketing. › 628.02 - Definitions.

628.02
Definitions.
In chs. 600 to 655, unless the context otherwise requires:
(1)
Insurance marketing intermediaries.
(a)
Activities constituting intermediary. Except as provided under par. (b), a person is an “intermediary" if the person does or assists another in doing any of the following:
1.
Solicits, negotiates or places insurance or annuities on behalf of an insurer or a person seeking insurance or annuities; or
2.
Advises other persons about insurance needs and coverages.
(b)
Exceptions. The following persons are not intermediaries:
1.
A regular salaried officer, employee, or other representative of an insurer or licensed intermediary, other than a risk retention group or risk purchasing group, who devotes substantially all working time to activities other than those in par. (a), and who receives no compensation that is directly dependent upon the amount of insurance business obtained.
2.
A regular salaried officer or employee of a person seeking to procure insurance, other than for members of a risk purchasing group, who receives no compensation that is directly dependent upon the amount of insurance coverage procured, with respect to such insurance.
3.
A person who gives incidental advice in the normal course of a business or professional activity other than insurance consulting if neither the person nor the person's employer receives compensation directly or indirectly on account of any insurance transaction that results from that advice.
4.
A person who without special compensation performs incidental services for another at the other's request without providing advice or technical or professional services of a kind normally provided by an intermediary.
5.
A holder of a group insurance policy, or any other person involved in mass marketing, with respect to administrative activities in connection with such a policy, if he or she receives no compensation therefor beyond actual expenses, estimated on a reasonable basis.
6.
A person who provides information, advice, or service for the principal purpose of reducing loss or the risk of loss.
7.
A person who gives advice or assistance without compensation, direct or indirect.
7m.
A person who acts solely as an agent, as defined in s. 616.71 (1).
8.
A travel retailer, as defined in s. 632.977 (1) (k), or an employee or authorized representative of a travel retailer, that offers and disseminates, as defined in s. 632.977 (1) (f), travel insurance under s. 632.977.
9.
A vendor, as defined in s. 632.975 (1) (i), or an employee or authorized representative of a vendor selling or offering portable electronics insurance under s. 632.975.
9m.
A person whose activities are limited to marketing, selling, or offering for sale a warranty contract, as defined in s. Ins 15.01 (4) (d), Wis. Adm. Code, maintenance agreement, as defined in s. 616.50 (5), or service contract, as defined in s. 616.50 (11).
(3)
Insurance broker. An intermediary is an insurance broker if the intermediary acts in the procuring of insurance on behalf of an applicant for insurance or an insured, and does not act on behalf of the insurer except by collecting premiums or performing other ministerial acts.
(4)
Insurance agent. An intermediary is an insurance agent if the intermediary acts as an intermediary other than as a broker.
(4g)
Managing general agent. An intermediary is a managing general agent if the intermediary does all of the following:
(a)
Manages all or a portion of the insurance business of an insurer.
(b)
Adjusts claims, negotiates reinsurance for the insurer or is affiliated or associated with a person who adjusts claims or negotiates reinsurance for the insurer.
(4m)
Reinsurance broker. A person is a reinsurance broker if the person solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer.
(4p)
Reinsurance manager. A person is a reinsurance manager if the person has authority to bind, or manages, all or a portion of the assumed reinsurance business of an insurer.
(5)
Surplus lines agent or broker. A surplus lines agent or broker is one licensed to place insurance with unauthorized insurers, under s. 628.04 (2).
History:  1975 c. 371, 421; 1979 c. 89; 1981 c. 38, 314; 1987 a. 166, 247; 1989 a. 187 s. 29; 1991 a. 269; 2001 a. 38; 2011 a. 225, 226; 2013 a. 151; 2013 a. 165 s. 114; 2013 a. 212; 2021 a. 111.