Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 6 - General › Section Ins 6.57 - Appointment of insurance agents by insurers

Current through June 24, 2024
(1) Submission of
			 an intermediary-agent appointment request shall initiate the appointment of an
			 agent in accordance with s.
			 628.11,
			 Stats. The appointment request shall be made in a manner prescribed by the
			 commissioner within 15 days of the date the agent contract is executed or the
			 date the first insurance application is submitted and shall show the lines of
			 authority being requested for that agent. An appointment is valid only for the
			 lines of insurance requested. The effective date of a valid appointment is the
			 date on which the appointment request is submitted electronically in the format
			 specified by the commissioner. Billing for the initial appointment shall be
			 done at the time of appointment.
(2) Notice of termination of appointment of
			 an individual intermediary in accordance with s.
			 628.11,
			 Stats., shall be filed prior to or within 30 calendar days of the termination
			 date in a manner prescribed by the commissioner. Prior to or within 15 days of
			 filing this termination notice, the insurer shall provide the agent written
			 notice that the agent is no longer appointed as a representative of the company
			 and that he or she may not act as its representative. This notice shall also
			 include a formal demand for the return of all indicia of agency. "Termination
			 date" means the date on which the insurer effectively severs the agency
			 relationship with its intermediary-agent and withdraws the agent's authority to
			 represent the insurer in any capacity.
(a) If
			 the reason for termination is one of the reasons listed as other criteria in s.
			 Ins
			 6.59(5) (d) or if the insurer has
			 knowledge the producer was found by a court, government body, or
			 self-regulatory organization authorized by law to have engaged in any of the
			 activities listed in s.
			 Ins
			 6.59(5) (d), the insurer must submit
			 complete explanations and documentation in writing to OCI within 30 days of the
			 termination.
(b) If the insurer has
			 knowledge of complaints received or problems experienced by the intermediary or
			 the intermediary's agency involving indebtedness, forgery, altering policies,
			 fraud, misappropriation, misrepresentation, failure to promptly submit
			 applications or premiums, or poor policyholder service that involved the
			 intermediary being terminated, the insurer must submit complete explanations
			 and documentation in writing to OCI within 30 days of the termination. This
			 documentation need not prove violations, but should include any situation where
			 possible violations exist. The Office of the Commissioner of Insurance will
			 investigate these situations and take appropriate action based upon the
			 investigation.
(c) The insurer or
			 the authorized representative of the insurer shall promptly notify the
			 insurance commissioner in writing if, upon further review or investigation, the
			 insurer discovers additional information that would have been reportable to the
			 insurance commissioner under par. (a) or (b) had the insurer then known of its
			 existence.