Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 8 - Employee Welfare Funds; Employee Benefit Plan Administrators; Small Employer Health Insurance › Subchapter II - Employee Benefit Plan Administrators › Section Ins 8.26 - Licensing

Current through June 24, 2024
(1) APPLICATION. A person applying for a new
				or renewal license as an administrator shall submit an application to the
				office in the form prescribed by the office. With the application, the person
				shall submit all of the following:
(a) With
				the initial application, a performance bond meeting the requirements of s.
				Ins
				8.28.
(b)
				With a renewal application, proof that the bond continues to meet the
				requirements of s.
				Ins
				8.28, if the amount required for the bond has
				changed.
(c) A financial statement
				for the administrator's most recently completed fiscal year, prepared according
				to generally accepted accounting principles. The financial statement shall
				report the administrator's assets, liabilities and net worth, the results of
				operations and the changes in net worth for the fiscal year on the accrual
				basis.
(d) A statement as to
				whether the administrator does any of the following:
1. Collects premiums or employee
				contributions on behalf of any principal.
2. Maintains separate fiduciary accounts for
				each principal.
(e) All
				of the following information about the administrator, if an individual, or
				about each officer, director, partner or other individual having comparable
				responsibilities in the organization, if a corporation or partnership:
1. Whether the individual has been fined or
				reprimanded or has been the subject of a consent decree in any state by any
				agency that regulates the business of administrators, insurance, real estate,
				securities or financial institutions.
2. Whether the individual has had a license
				to solicit insurance, real estate or securities or to act as an administrator
				refused, suspended, denied or revoked in any state.
3. Whether the individual has been convicted
				of a felony or misdemeanor, other than a misdemeanor related to the use of a
				motor vehicle or the violation of a fish and game regulation.
4. If the individual has ever been employed
				by an administrator or insurance company, or in the business of real estate,
				securities or financial institutions, whether his or her employment has been
				terminated or nonrenewed because of allegations of misconduct or
				wrongdoing.
(f) If the
				administrator is an individual, his or her insurance intermediary agent's
				license number and social security number and a statement that he or she
				intends to act as an administrator in good faith and in compliance with all
				applicable laws of this state and rules and orders of the
				commissioner.
(g) If the
				administrator is a corporation or partnership, its federal identification
				number, the state and year of its incorporation or year of its formation and a
				statement that it intends to act as an administrator in good faith and in
				compliance with all applicable laws of this state and rules and orders of the
				commissioner and that it has designated or will designate an individual with
				direct responsibility for each plan it administers.
(h) If the administrator is an individual who
				is not a resident of this state or a corporation or partnership that is not
				organized under the laws of this state, a statement that the administrator
				agrees to be subject to the jurisdiction of the commissioner and the courts of
				this state with respect to all matters pertaining to activities as an
				administrator and to accept service of process as provided under ss.
				601.72
				and
				601.73,
				Stats.
(i) Any other information
				requested by the office.
(j) The
				fee specified under s.
				601.31(1)
				(w), Stats., which shall be
				nonrefundable.