Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 50 - Annual Audited Financial Reports, Annual Financial Statements And Examinations › Subchapter I - Annual Audited Financial Reports › Section Ins 50.01 - Definitions

Current through June 24, 2024
In this chapter:
(1) "Alien
										insurer" has the meaning provided under s. 600.03(2), Stats.
(1g) "Affiliate" of, or person "affiliated" with, a specific person means a
										person that directly or indirectly through one or more intermediaries, controls or is controlled by, or is
										under common control with, the person specified.
(1r) "Audit
										committee" means a committee or equivalent body established by the board of directors of an entity for the
										purpose of overseeing the accounting and financial reporting processes of an insurer or group of insurers,
										the internal audit function of an insurer or group of insurers, and audits of financial statements of the
										insurer or group of insurers. The audit committee of any entity that controls a group of insurers may be
										deemed to be the audit committee for one or more of the controlled insurers solely for the purposes of this
										chapter at the election of the controlling person under s. Ins 50.15 (6). If an audit committee is not
										designated by the insurer, the insurer's entire board of directors shall constitute the audit
										committee.
(2) "Audited financial report" means a financial
										report prepared and conforming to s. Ins 50.06.
(3) "Executive
										officer" means any individual charged with the active management and control in an executive capacity of a
										person, whether incorporated or unincorporated and includes, but is not limited to, a chair of the board,
										president, vice president, treasurer, secretary, controller, and any individuals performing similar
										functions.
(4) "Foreign insurer" has the meaning provided under
										s. 600.03(20), Stats.
(4g) "Group of insurers" means those
										licensed insurers included in the reporting requirements of ch. 617, Stats., or a set of insurers identified
										by the insurers' management or controlling person for the purpose of assessing the effectiveness of internal
										control over financial reporting.
(4m) "Indemnification" means an
										agreement of indemnity or a release from liability where the intent or effect is to shift or limit in any
										manner the potential liability of the person or firm for failure to adhere to applicable auditing or
										professional standards, whether or not resulting in part from knowing or other misrepresentations made by the
										insurer or its representatives.
(4r) "Independent board member"
										has the meaning given in s. Ins 50.15 (4).
(5) "Independent
										certified public accountant" means:
(a) An independent certified public
										accountant, or independent accounting firm, in good standing with the American institute of certified public
										accountants and in all states in which the accountant or firm is licensed, or required to be licensed, to
										practice; or
(b) For Canadian and British companies, a Canadian
										chartered or British chartered accountant.