reglab/statecodes huggingface dataset:
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 40 - Insurance Holding Company System Regulation › Subchapter II - Insurance Holding Company Systems-Reporting Forms › Appendix - Appendix › Form A - STATEMENT REGARDING THE ACQUISITION OF CONTROL OF OR MERGER WITH A DOMESTIC INSURER

Current through June 24, 2024
Filed with the Office of the Commissioner of
					 Insurance,
State of Wisconsin
Name of Domestic Insurer
By
Name of Acquiring Person (Applicant)
Filed with the insurance department of
(state of domicile of insurer being acquired)
Date: ,
Name, title, address and telephone number of individual to
					 whom notices and correspondence concerning this statement should be
					 addressed:
ITEM 1.
INSURER AND
				  METHOD OF ACQUISITION
State the name and address of the domestic insurer to which
					 this application relates and briefly describe how control is to be
					 acquired.
ITEM 2.
IDENTITY AND BACKGROUND OF THE APPLICANT
(a) State the name and address of the
				  applicant seeking to acquire control over the insurer.
(b) If the applicant is not an individual,
				  state the nature of its business operations for the past 5 years or for such
				  lesser period as such person and any predecessors thereof shall have been in
				  existence. Briefly describe the business intended to be done by the applicant
				  and the applicant's subsidiaries.
(c) Furnish a chart or listing clearly
				  presenting the identities of the interrelationships among the applicant and all
				  affiliates of the applicant. Indicate in such chart or listing the percentage
				  of voting securities of each such person which is owned or controlled by the
				  applicant or by any other such person. If control of any person is maintained
				  other than by the ownership or control of voting securities, indicate the basis
				  of such control. As to each person specified in such chart or listing, indicate
				  the type of organization (e.g., corporation, trust, partnership) and the state
				  of domicile. If court proceedings involving a reorganization or liquidation are
				  pending with respect to any such person, indicate which person, and set forth
				  the title of the court, nature of proceedings and the date when
				  commenced.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 40 - Insurance Holding Company System Regulation › Subchapter II - Insurance Holding Company Systems-Reporting Forms › Appendix - Appendix › Form B - INSURANCE HOLDING COMPANY SYSTEM ANNUAL REGISTRATION STATEMENT

Current through June 24, 2024
Filed with the Office of the Commissioner of
					 Insurance,
State of Wisconsin
By
Name of Registrant
On behalf of following insurers
Name: Address:
Date: ,
Name, title, address and telephone number of individual to
					 whom notices and correspondence concerning this statement should be
					 addressed:
ITEM 1.
IDENTITY AND
				  CONTROL OF REGISTRANT
Furnish the exact name of each insurer registering or being
					 registered (hereinafter called "the Registrant"), the home office address and
					 principal executive offices of each; the date on which each registrant became
					 part of the insurance holding company system; and the method(s) by which
					 control of each registrant was acquired and is maintained.
ITEM 2.
ORGANIZATIONAL CHART
Furnish a chart or listing clearly presenting the
					 identities of and interrelationships among all affiliate persons within the
					 insurance holding company system. The chart or listing should show the
					 percentage of each class of voting securities of each affiliate which is owned,
					 directly or indirectly, by another affiliate. If control of any person within
					 the system is maintained other than by the ownership or control of voting
					 securities, indicate the basis of control. As to each person specified in the
					 chart or listing indicate the type of organization (e.g.,corporation, trust,
					 partnership) and the state of domicile.
ITEM 3.
THE ULTIMATE CONTROLLING
				  PERSON
As to the ultimate controlling person in the insurance
					 holding company system furnish the following information:
(a) Name;
(b) Home office address;
(c) Principal executive office
				  address;
(d) The organizational
				  structure of the person, i.e., corporation, partnership, individual, trust,
				  etc.;
(e) The principal business of
				  the person;
(f) The name and
				  address of any person who holds or owns 10% or more of any class of voting
				  security, the class of such security, the number of shares held of record or
				  known to be beneficially owned, and the percentage of class so held or
				  owned;
(g) If court proceedings
				  involving a reorganization or liquidation are pending, indicate the title and
				  location of the court, the nature of proceedings and the date when
				  commenced.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 40 - Insurance Holding Company System Regulation › Subchapter II - Insurance Holding Company Systems-Reporting Forms › Appendix - Appendix › Form D - PRIOR NOTICE OF A TRANSACTION

Current through June 24, 2024
Filed with the office of the commissioner of
					 insurance,
state of Wisconsin
By
Name of Registrant
On behalf of following insurers
Name: Address:
Date:_ _,_ _
Name, title, address and telephone number of individual to
					 whom notices and correspondence concerning this statement should be
					 addressed:
ITEM 1.
IDENTITY OF
				  PARTIES TO TRANSACTION
Furnish the following information for each of the parties
					 to the transaction covered under s.
					 617.21(2),
					 Stats., and s.
					 Ins
					 40.04(2), Wis. Adm. Code:
(a) Name;
(b) Home office address;
(c) Principal executive office
				  address;
(d) The organizational
				  structure, i.e., corporation, partnership, individual, trust, etc.;
(e) A description of the nature of the
				  parties' business operations;
(f)
				  Relationship, if any, of other parties to the transaction to the insurer filing
				  the notice, including any ownership or debtor/creditor interest by any other
				  parties to the transaction in the insurer seeking approval, or by the insurer
				  filing the notice for the affiliates;
(g) Where the transaction is with a
				  non-affiliate, the name(s) of the affiliate(s) which will receive, in whole or
				  in substantial part, the proceeds of the transaction.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 40 - Insurance Holding Company System Regulation › Subchapter II - Insurance Holding Company Systems-Reporting Forms › Appendix - Appendix › Form E - RE-ACQUISITION NOTIFICATION FORM REGARDING THE POTENTIAL COMPETITIVE IMPACT OF A PROPOSED MERGER OR ACQUISITION BY A NON-DOMICILIARY INSURER DOING BUSINESS IN THIS STATE OR BY A DOMESTIC INSURER

Current through June 24, 2024
Filed with the Office of the Commissioner of
					 Insurance,
State of Wisconsin
Name of Applicant
Name of Other Person
Involved in Merger or
Acquisition
Dated: , 20
Name, title, address and telephone number of person
					 completing this statement:
ITEM 1.
NAME AND ADDRESS
State the names and addresses of the persons who hereby
					 provide notice of their involvement in a pending acquisition or change in
					 corporate control.
ITEM 2.
NAME AND ADDRESSES OF AFFILIATED COMPANIES
State the names and addresses of the persons affiliated
					 with those listed in Item 1. Describe their affiliations.
ITEM 3.
NATURE AND PURPOSE OF THE
				  PROPOSED MERGER OR ACQUISITION
State the nature and purpose of the proposed merger or
					 acquisition.
ITEM 4.
NATURE OF BUSINESS
State the nature of the business performed by each of the
					 persons identified in response to Item 1 and Item 2.
ITEM 5.
MARKET AND MARKET SHARE
State specifically what market and market share in each
					 relevant insurance market the persons identified in Item 1 and Item 2 currently
					 enjoy in this state. Provide historical market and market share data for each
					 person identified in Item 1 and Item 2 for the past five years and identify the
					 source of such data. Provide a determination as to whether the proposed
					 acquisition or merger, if consummated, would violate the competitive standards
					 of the state as stated in s.
					 Ins
					 40.025(4) Wis. Adm. Code. If the
					 proposed acquisition or merger would violate competitive standards, provide
					 justification of why the acquisition or merger would not substantially lessen
					 competition or create a monopoly in the state.
For purposes of this question, market means direct written
					 insurance premium in this state for a line of business as contained in the
					 annual statement required to be filed by insurers licensed to do business in
					 this state.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 40 - Insurance Holding Company System Regulation › Subchapter II - Insurance Holding Company Systems-Reporting Forms › Appendix - Appendix › Form AA - CONSENT TO JURISDICTION STATEMENT

Current through June 24, 2024
Filed with the office of the commissioner of
					 insurance,
of the state of Wisconsin
BY
_______________________ _______________________
Name of Affiliate
On Behalf of the Following Insurers
Name Address
___________________________________________________
___________________________________________________
___________________________________________________
___________________________________________________
______________________________________________________________________________________________________
Date: ________, 20___
Name, Title, Address and Telephone Number of Individual to
					 Whom Notices and Correspondence Concerning this Statement Should be
					 Addressed:
___________________________________________________
___________________________________________________
___________________________________________________
___________________________________________________
___________________________________________________
___________________________________________________
CONSENT TO JURISDICTION
The, (I), __________________, an affiliate
					 of_______________
(Affiliate) (Insurer)
an insurer authorized to do business in the state of
					 Wisconsin, pursuant to the requirements of ch. 617, Stats., do hereby consent
					 to the jurisdiction of the Commissioner of Insurance and the courts of the
					 state of Wisconsin.
SIGNATURE
_________________________has caused this statement to
					 be
(Name of Affiliate)
duly signed
on its behalf in the city of _________and state of
					 _____________
on the ________ day of ___________, 20____
_______________________________
(Name of Affiliate)
(SEAL)
BY ____________________________
(Name)
________________________________________
(Title)
Attest:
________________________________________
(Signature of Officer)
________________________________________
(Title)
CERTIFICATION
The undersigned deposes and says that he or she has duly
					 executed the attached statement dated ________, 20 ____ , for and on behalf of
					 __________________________________ that he or
(Name of Affiliate)
she is the ____________________________ of such
					 company,
(Title of Officer)
and that he or she is authorized to execute and file such
					 instrument. Deponent further says that he or she is familiar with such
					 instrument and the contents thereof, and that the facts therein set forth are
					 true to the best of his or her knowledge and belief.
(Signature)
__________________________________
(Type or print name beneath)
___________________________
Subscribed and sworn to this
__________ day of __________,
Notary Public
My commission expires
_________________________
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 41 - Domestic insurers required to disclose material transactions › Section Ins 41.01 - Domestic insurers required to file reports of material transactions

Current through June 24, 2024
(1)
			 Domestic insurers shall file a report with the commissioner disclosing material
			 acquisitions and dispositions of assets or material nonrenewals, cancellations
			 or revisions of ceded reinsurance agreements unless such acquisitions and
			 dispositions of assets or material nonrenewals, cancellations or revisions of
			 ceded reinsurance agreements have been submitted to the commissioner for
			 review, approval or information purposes pursuant to other provisions of chs.
			 600 to 645, Stats.
(2) The report
			 required in sub. (1) is due within 15 days after the end of the calendar month
			 in which any of the transactions which are required to be reported occur.
(3) A domestic insurer shall file
			 a complete copy of any report required under this section, including any
			 exhibits or other attachments, with the commissioner. A domestic insurer, other
			 than an insurer organized under ch. 612, Stats., a health maintenance
			 organization insurer, limited services health organization, or a gift annuity
			 insurer, shall also file a copy of the report and attachments with the national
			 association of insurance commissioners.
(4) All reports obtained by or disclosed to
			 the commissioner under this chapter shall be given confidential treatment under
			 s.
			 601.465,
			 Stats., and shall not be subject to subpoena and shall not be made public by
			 the commissioner, the national association of insurance commissioners, or any
			 other person, except to insurance departments of other states unless the
			 commissioner determines that the interest of policyholders, shareholders or the
			 public will be served by the publication or release of the information, in
			 which event the commissioner may publish or release all or any part of the
			 information in the manner the commissioner determines is appropriate.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 41 - Domestic insurers required to disclose material transactions › Section Ins 41.05 - Acquisitions and dispositions of assets

Current through June 24, 2024
(1) An acquisition
			 or disposition of assets is not required to be reported under s.
			 Ins
			 41.01 if the acquisition or disposition is not
			 material. For purposes of this chapter a material acquisition, or the aggregate
			 of any series of related acquisitions during any 30-day period, or disposition,
			 or the aggregate of any series of related dispositions during any 30-day
			 period, is one that is nonrecurring and not in the ordinary course of business
			 and involves more than 5% of the reporting insurer's total admitted assets as
			 reported in its most recent statutory statement filed with the insurance
			 department of the insurer's state of domicile.
(2) Asset acquisitions subject to this
			 chapter include every purchase, lease, exchange, merger, consolidation,
			 succession, or other acquisition other than the construction or development of
			 real property by or for the reporting insurer or the acquisition of materials
			 for this purpose.
(3) Asset
			 dispositions subject to this chapter include every sale, lease, exchange,
			 merger, consolidation, mortgage, hypothecation, assignment, whether for the
			 benefit of creditors or otherwise, abandonment, destruction, or other
			 disposition.
(4) The following
			 information is required to be disclosed in any report of a material acquisition
			 or disposition of assets under this chapter:
(a) Date of the transaction.
(b) Manner of acquisition or
			 disposition.
(c) Description of the
			 assets involved.
(d) Nature and
			 amount of the consideration given or received.
(e) Purpose of, or reason for, the
			 transaction.
(f) Manner by which
			 the amount of consideration was determined.
(g) Gain or loss recognized or realized as a
			 result of the transaction.
(h) Name
			 of the person from whom the assets were acquired or to whom they were
			 disposed.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 41 - Domestic insurers required to disclose material transactions › Section Ins 41.10 - Nonrenewals, cancellations or revisions of ceded reinsurance agreements

Current through June 24, 2024
(1)
			 MATERIALITY AND SCOPE.
(a) No nonrenewals,
			 cancellations or revisions of ceded reinsurance agreements need be reported
			 under s.
			 Ins
			 41.01 if the nonrenewals, cancellations or revisions
			 are not material. For purposes of this chapter, a material nonrenewal,
			 cancellation or revision is one that affects:
1. For property and casualty business,
			 including accident and health business written by a property and casualty
			 insurer:
a. More than 50% of an insurer's
			 ceded written premium; or
b. More
			 than 50% of the insurer's total ceded indemnity and loss adjustment
			 reserves.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 41 - Domestic insurers required to disclose material transactions › Section Ins 41.90 - Other requirements

Current through June 24, 2024
This chapter is in addition to, and does not supersede or
				substitute for, other disclosure or filing requirements, including, but not
				limited to, s.
				611.78,
				Stats., and ch. 617, Stats.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 42 - Managing general agents › Section Ins 42.01 - Definitions

Current through June 24, 2024
In this chapter:
(1)
			 "Actuary" means a person who is a member in good standing of the American
			 Academy of Actuaries.
(2) "Insurer"
			 means an insurer as defined under s.
			 600.03(27),
			 Stats., which has a certificate of authority under ch. 611, 612, 613, 614 or
			 618, Stats.
(3)
(a) "Managing general agent" means any person
			 not excluded under par. (b), including, but not limited to, a natural person,
			 who, in or outside this state:
1. Manages all
			 or part of the insurance business of an insurer or manages a separate division,
			 department or underwriting office;
2. Acts as an agent for the insurer;
			 and
3. With or without the
			 authority, either separately or together with affiliates, directly or
			 indirectly:
a. Produces and underwrites in
			 any one quarter or year an amount of gross direct written premium equal to or
			 more than 5% of the policyholder surplus as reported in the last annual
			 statement of the insurer; and
b.
			 Adjusts or pays claims in any one quarter or year in excess of 3% of the
			 policyholder surplus as reported in the last annual statement of the insurer,
			 or negotiates reinsurance on behalf of the insurer, or both.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 42 - Managing general agents › Section Ins 42.02 - Licensure required

Current through June 24, 2024
(1) No person, including, but not limited to,
			 a natural person, may act as a managing general agent for an insurer with
			 respect to a risk located in this state unless the person is licensed as a
			 managing general agent under s.
			 628.04 or
			 628.09,
			 Stats.
(2) No person, including,
			 but not limited to, a natural person, may act as a managing general agent
			 representing an insurer domiciled in this state with respect to a risk located
			 outside this state unless the person is licensed as a managing general agent
			 under s.
			 628.04 or
			 628.09,
			 Stats.
(3) No insurer, and no
			 officer or director of an insurer, may knowingly assent to or permit a person
			 to act as a managing general agent for the insurer if the person fails to
			 comply with this chapter.
(4) The
			 commissioner may require a managing general agent to maintain a bond in an
			 amount acceptable to the commissioner for the protection of each insurer for
			 which the person acts as managing general agent.
(5) The commissioner may require a managing
			 general agent to maintain an errors and omissions policy.
(6) The commissioner may refuse to issue,
			 suspend, summarily suspend or revoke the license of a managing general agent
			 for violation of chs. 600 to 645, Stats., any rule adopted under chs. 600 to
			 645, Stats., or on any grounds described in s.
			 628.10,
			 Stats.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 42 - Managing general agents › Section Ins 42.03 - Required contract provisions

Current through June 24, 2024
No person may act as a managing general agent for an insurer
				unless the person first enters into and subsequently complies with a written
				contract between the parties which sets forth the responsibilities of each
				party and, where both parties share responsibility for a particular function,
				specifies the division of the responsibilities, and which contains the
				following minimum provisions:
(1) The
			 insurer may terminate the contract for cause upon written notice to the
			 managing general agent. The insurer may suspend the underwriting authority of
			 the managing general agent during the pendency of any dispute regarding the
			 cause for termination.
(2) The
			 managing general agent will render accounts to the insurer detailing all
			 transactions and remit all funds due under the contract to the insurer on not
			 less than a monthly basis.
(3) All
			 funds collected for the account of an insurer will be held by the managing
			 general agent in a fiduciary capacity in a financial institution which is a
			 member of the federal reserve system. This account shall be used for all
			 payments on behalf of the insurer. The managing general agent may retain no
			 more than 3 months estimated claims payments and allocated loss adjustment
			 expenses.
(4) The managing general
			 agent will maintain separate records of business written by the managing
			 general agent for the insurer. The insurer shall have access to, and the right
			 to copy, all accounts and records related to its business in a form usable by
			 the insurer and the commissioner shall have access to all books, bank accounts
			 and records of the managing general agent in a form usable by the commissioner.
			 The managing general agent shall retain records according to ss.
			 Ins 6.61 and
			 6.80.
(5) The managing general agent may not assign
			 the contract in whole or in part.
(6) Appropriate underwriting guidelines
			 including, but not limited to:
(a) The
			 maximum annual premium volume;
(b)
			 The basis of the rates to be charged;
(c) The types of risks which may be
			 written;
(d) Maximum limits of
			 liability;
(e) Applicable
			 exclusions;
(f) Territorial
			 limitations;
(g) Policy
			 cancellation provisions; and
(h)
			 The maximum policy period.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 42 - Managing general agents › Section Ins 42.035 - Applicability

Current through June 24, 2024
(1) A managing general agent functioning
			 without a written contract on or after August 1, 1993 is deemed to be subject
			 to terms consistent with s.
			 Ins
			 42.03.
(2)
			 A managing general agent which first enters into, amends or renews a contract
			 on or after August 1, 1993 is subject to s.
			 Ins
			 42.03.
(3)
			 A managing general agent not otherwise subject to s.
			 Ins
			 42.03 under sub. (1) or (2) is subject to s.
			 Ins
			 42.03 after September 30, 1994.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 42 - Managing general agents › Section Ins 42.04 - Effect of noncompliance on contract terms

Current through June 24, 2024
A contract between an insurer and a managing general agent that
				violates s.
				Ins
				42.03 is enforceable against the managing general
				agent as if it conformed to s.
				Ins
				42.03.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 42 - Managing general agents › Section Ins 42.05 - Duties of insurers

Current through June 24, 2024
(1) Each insurer shall have on file an
			 independent financial examination of each managing general agent with which it
			 has done business after August 1, 1993.
(2) If a managing general agent establishes
			 loss reserves, the insurer shall annually obtain the opinion of an actuary
			 attesting to the adequacy of loss reserves established for losses incurred and
			 outstanding on business produced by the managing general agent. This is in
			 addition to any required loss reserve certification required under s.
			 Ins
			 50.30(1).
(3) An insurer shall at least semiannually
			 conduct an on-site review of the underwriting and claims processing operations
			 of its managing general agents.
(4)
			 An insurer shall require that binding authority for all reinsurance contracts
			 or participation in insurance or reinsurance syndicates shall rest with an
			 officer of the insurer who is not associated with the managing general agent
			 except the commissioner may give a written waiver of this subsection if the
			 managing general agent is a wholly owned subsidiary of the insurer.
(5) Within 30 days of entering into or
			 termination of a contract with a managing general agent, an insurer shall
			 provide written notification of the appointment or termination to the
			 commissioner. Notices of appointment of a managing general agent shall include
			 a statement of duties which the applicant is expected to perform on behalf of
			 the insurer, the lines of insurance for which the applicant is to be authorized
			 to act, a copy of the contract, and any other information the commissioner may
			 request.
(6) An insurer shall
			 review its books and records each quarter of the calendar year to determine if
			 any producer has become a managing general agent. If the insurer determines
			 that a producer has become a managing general agent, the insurer shall promptly
			 notify the producer and the commissioner of the determination and the insurer
			 and producer shall fully comply with this chapter within 30 days.
(7) An insurer shall not appoint to its board
			 of directors an officer, director, employe, subproducer or controlling
			 shareholder of its managing general agents except the commissioner may give a
			 written waiver of this subsection if the managing general agent is a wholly
			 owned subsidiary of the insurer.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 45 - Business transacted with producer controlled property or casualty insurer › Section Ins 45.01 - Definitions

Current through June 24, 2024
In this chapter, unless the context otherwise requires:
(1) "Accredited state" means a state in which
			 the insurance department or regulatory agency has qualified as meeting the
			 minimum financial regulatory standards promulgated and established from time to
			 time by the national association of insurance commissioners.
(2) "Control" has the meaning provided under
			 s.
			 600.03(13),
			 Stats.
(3) "Controlled insurer"
			 means a licensed insurer which is controlled, directly or indirectly, by a
			 producer.
(4) "Controlling
			 producer" means a producer who, directly or indirectly, controls an
			 insurer.
(5) "Insurer" means an
			 insurer licensed to transact property or casualty insurance business in this
			 state. "Insurer" does not include, for the purposes of this chapter:
(a) A risk retention group as defined in s.
			 600.03(41e),
			 Stats.;
(b) A residual market pool
			 or joint underwriting authority or association; or
(c) An insurer owned by another organization
			 and whose exclusive purpose is to insure risks of the parent organization and
			 the parent organization's affiliates or, in the case of groups and
			 associations, an insurer owned by the insureds whose exclusive purpose is to
			 insure risks of member organizations or group members and their
			 affiliates.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 45 - Business transacted with producer controlled property or casualty insurer › Section Ins 45.02 - Scope

Current through June 24, 2024
(1) This chapter applies only to insurers
			 which are domiciled in this state or which are domiciled in a state that is not
			 an accredited state or which does not have in effect a law which is
			 substantially similar to this chapter.
(2)
(a)
			 Except as provided by par. (b), ss.
			 Ins 45.03 to
			 apply only 45.06 if, in any calendar year, the aggregate amount of gross
			 written premium on business placed with a controlled insurer by a controlling
			 producer is equal to or greater than 5% of the admitted assets of the
			 controlled insurer, as reported in the controlled insurer's quarterly statement
			 filed as of September 30 of the prior year.
(b) If both of the following are complied
			 with, ss.
			 Ins 45.03 to do
			 not 45.06 apply:
1. The controlling producer:
a. Places insurance only with the controlled
			 insurer, or only with the controlled insurer and a member of the controlled
			 insurer's holding company system, or the controlled insurer's parent, affiliate
			 or subsidiary and receives no compensation based upon the amount of premiums
			 written in connection with the insurance; and
b. Accepts insurance placements only from
			 nonaffiliated subproducers, and not directly from insureds; and
2. The controlled insurer, except
			 for insurance business written through a residual market facility, accepts
			 insurance business only from a controlling producer, a producer controlled by
			 the controlled insurer, or a producer that is a subsidiary of the controlled
			 insurer.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 45 - Business transacted with producer controlled property or casualty insurer › Section Ins 45.04 - Applicability; noncompliance

Current through June 24, 2024
(1)
(a) A controlling producer functioning
			 without a written contract on or after August 1, 1993 is subject to s.
			 Ins
			 45.03.
(b)
			 A controlling producer which first enters into, amends or renews a contract on
			 or after August 1, 1993 is subject to s.
			 Ins
			 45.03.
(c)
			 A controlling producer not otherwise subject to s.
			 Ins 45.03 under
			 par. (a) or (b) is subject to s.
			 Ins 45.03 after
			 September 30, 1994.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 45 - Business transacted with producer controlled property or casualty insurer › Section Ins 45.05 - Audit committee

Current through June 24, 2024
Every controlled insurer shall have an audit committee of the
				board of directors composed of independent directors. The audit committee shall
				annually meet with management, the insurer's independent certified public
				accountants, and an independent casualty actuary, or an independent loss
				reserve specialist approved by the commissioner, to, at a minimum, review the
				adequacy of the insurer's loss reserves.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 45 - Business transacted with producer controlled property or casualty insurer › Section Ins 45.06 - Reporting requirements

Current through June 24, 2024
In addition to any loss reserve certification required under s.
				Ins
				50.30(1), a controlled insurer shall
				annually, prior to April 1, file with the commissioner:
(1) An opinion of an independent casualty
			 actuary or of an other independent loss reserve specialist who is acceptable to
			 the commissioner, reporting loss ratios for each line of business written and
			 attesting to the adequacy of loss reserves established for losses incurred and
			 outstanding as of each calendar year-end on and after December 31, 1993,
			 including incurred but not reported, on business placed by the producer;
			 and
(2) A report of the amount of
			 commissions paid to the producer, the percentage the amount represents of the
			 net premiums written and comparable amounts and percentage paid to
			 noncontrolling producers for placements of the same kinds of insurance, for
			 calendar year 1993 and each subsequent immediately preceding calendar
			 year.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 45 - Business transacted with producer controlled property or casualty insurer › Section Ins 45.07 - Disclosure

Current through June 24, 2024
A controlling producer, prior to the effective date of the
				policy, shall deliver written notice to the prospective insured disclosing the
				relationship between the producer and the controlled insurer except that, if
				the business is placed through a subproducer who is not a controlling producer,
				the controlling producer shall retain in its records a signed statement from
				the subproducer that the subproducer is aware of the relationship between the
				insurer and the producer and a commitment that the subproducer has or will
				notify insureds of the relationship. The subproducer shall deliver the
				disclosure to prospective insureds.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 47 - Reinsurance intermediary regulation › Section Ins 47.01 - Definitions

Current through June 24, 2024
In this chapter:
(1)
			 "Actuary"" means a person who is a member in good standing of the American
			 academy of actuaries.
(2)
			 "Controlling person" means any person who directly or indirectly has the power
			 to direct or cause to be directed, the management, control or activities of the
			 reinsurance intermediary.
(3)
			 "Insurer" means an insurer as defined under s.
			 600.03(27),
			 Stats., which has a certificate of authority under ch. 611, 612, 613, 614 or
			 618, Stats.
(4) "Policyholder
			 surplus" means capital and surplus.
(5) "Reinsurer" means an insurer licensed in
			 this state with the authority to assume reinsurance under ch. 627,
			 Stats.
(6) "Reinsurance
			 intermediary" means a reinsurance intermediary-broker or a reinsurance
			 intermediary-manager.
(7)
			 "Reinsurance intermediary-broker" means any person, other than an officer or
			 employe of the ceding insurer, who solicits, negotiates or places reinsurance
			 cessions or retrocessions on behalf of a ceding insurer.
(8)
(a)
			 "Reinsurance intermediary-manager" means any person not excluded under par. (b)
			 who:
1. Has authority to bind, manages a
			 separate division, department or underwriting office with responsibility for,
			 or manages all or part of, assumed reinsurance business of a reinsurer;
			 and
2. Acts as an agent for the
			 reinsurer.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 47 - Reinsurance intermediary regulation › Section Ins 47.02 - Licensure

Current through June 24, 2024
(1) Except as provided by sub. (2):
(a) No person may act as a reinsurance
			 intermediary-broker in this state if the reinsurance intermediary-broker
			 maintains an office either directly or as a member or employe of a firm or
			 association, or an officer, director or employe of a corporation:
1. In this state, unless the reinsurance
			 intermediary-broker is a licensed reinsurance intermediary-broker in this
			 state;
2. In another state, unless
			 the reinsurance intermediary-broker is a licensed reinsurance
			 intermediary-broker in this state or for that function in another state having
			 a law or rule substantially similar to this chapter.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 47 - Reinsurance intermediary regulation › Section Ins 47.03 - Required contract provisions-reinsurance intermediary-brokers

Current through June 24, 2024
No reinsurance intermediary-broker or insurer may enter into an
				agreement or arrangement after August 1, 1993 and after September 30, 1994, no
				reinsurance intermediary-broker may continue an agreement or arrangement, for
				the reinsurance intermediary-broker to represent the insurer as a reinsurance
				intermediary-broker unless the reinsurance intermediary-broker obtains written
				authorization from the insurer, the reinsurance intermediary-broker complies
				with the terms of the authorization, and the authorization specifies the
				responsibilities of each party, including, but not limited to, the
				following:
(1) The insurer may
			 terminate the reinsurance intermediary-broker authority at any time.
(2) The reinsurance intermediary-broker will
			 render accounts to the insurer accurately detailing all material transactions,
			 including information necessary to support all commissions, charges and other
			 fees received by, or owing, to the reinsurance intermediary-broker, and remit
			 all funds due to the insurer within 30 days of receipt.
(3) The reinsurance intermediary-broker will
			 hold all funds collected for the insurer's account in a fiduciary capacity in a
			 qualified United States financial institution.
(4) The reinsurance intermediary-broker will
			 comply with s.
			 Ins
			 47.04.
(5)
			 The reinsurance intermediary-broker will comply with the written standards
			 established by the insurer for the cession or retrocession of all
			 risks.
(6) The reinsurance
			 intermediary-broker will disclose to the insurer any relationship with any
			 reinsurer to which business will be ceded or retroceded.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 47 - Reinsurance intermediary regulation › Section Ins 47.04 - Books and records-reinsurance intermediary-brokers

Current through June 24, 2024
(1) A reinsurance
			 intermediary-broker shall keep a complete record for each transaction for at
			 least 10 years after expiration of each contract of reinsurance transacted by
			 the reinsurance intermediary-broker, showing:
(a) Type of contract, limits, underwriting
			 restrictions, classes or risks and territory;
(b) Period of coverage, including effective
			 and expiration dates, cancellation provisions and notice required of
			 cancellation;
(c) Reporting and
			 settlement requirements of balances;
(d) Rate used to compute the reinsurance
			 premium;
(e) Names and addresses of
			 assuming reinsurers;
(f) Rates of
			 all reinsurance commissions, including the commissions on any retrocessions
			 handled by the reinsurance intermediary-broker;
(g) Related correspondence and
			 memoranda;
(h) Proof of
			 placement;
(i) Details regarding
			 retrocessions handled by the reinsurance intermediary-broker including the
			 identity of retrocessionaires and percentage of each contract assumed or
			 ceded;
(j) Financial records,
			 including but not limited to, premium and loss accounts; and
(k) When the reinsurance intermediary-broker
			 procures a reinsurance contract on behalf of a licensed ceding insurer:
1. Directly from any assuming reinsurer,
			 written evidence that the assuming reinsurer has agreed to assume the risk;
			 or
2. If placed through a
			 representative of the assuming reinsurer, other than an employe, written
			 evidence that the reinsurer has delegated binding authority to the
			 representative.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 47 - Reinsurance intermediary regulation › Section Ins 47.05 - Duties of insurers utilizing the services of a reinsurance intermediary-broker; prohibited function

Current through June 24, 2024
(1) An insurer may
			 not use the services of any person to act as a reinsurance intermediary-broker
			 on its behalf unless the person is licensed as required by this
			 chapter.
(2) An insurer may not
			 employ an individual who is employed by a reinsurance intermediary-broker with
			 which it transacts business, unless the reinsurance intermediary-broker is
			 under common control with the insurer and subject to ch. 617, Stats., and ch.
			 Ins 40, or the laws and rules of another state which are determined by the
			 commissioner to be substantially similar to ch. 617, Stats., and ch. Ins
			 40.
(3) An insurer shall annually
			 obtain a copy of statements of the financial condition of each reinsurance
			 intermediary-broker with which it transacts business.
(4) A reinsurance intermediary-broker
			 required to be licensed under this chapter may not bind, and an insurer may not
			 give the reinsurance intermediary-broker authority to bind, ceded reinsurance
			 on behalf of the insurer, except that the reinsurance intermediary-broker may
			 bind ceded facultative reinsurance pursuant to obligatory facultative
			 agreements if the contract with the insurer contains reinsurance underwriting
			 guidelines for the retrocessions. The guidelines shall include a list of
			 reinsurers with which the automatic agreements are in effect, and for each such
			 reinsurer, the coverages and amounts or percentages that may be reinsured, and
			 commission schedules.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 47 - Reinsurance intermediary regulation › Section Ins 47.07 - Prohibited acts

Current through June 24, 2024
A reinsurance intermediary-manager may not:
(1) Cede retrocessions on behalf of the
			 reinsurer, except that the reinsurance intermediary-manager may cede
			 facultative retrocessions pursuant to obligatory facultative agreements if the
			 contract with the reinsurer contains reinsurance underwriting guidelines for
			 the retrocessions. The guidelines shall include a list of reinsurers with which
			 the automatic agreements are in effect, and for each such reinsurer, the
			 coverages and amounts or percentages that may be reinsured, and commission
			 schedules.
(2) Commit the reinsurer
			 to participate in reinsurance syndicates.
(3) Appoint any producer without assuring
			 that the producer is lawfully licensed to transact the type of reinsurance for
			 which the producer is appointed.
(4) Without prior approval of the reinsurer,
			 pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds
			 the lesser of an amount specified by the reinsurer or one percent of the
			 reinsurer's policyholder surplus as of December 31 of the last complete
			 calendar year.
(5) Collect any
			 payment from a retrocessionaire or commit the reinsurer to any claim settlement
			 with a retrocessionaire, without prior approval of the reinsurer. If prior
			 approval is given, the reinsurance intermediary-manager shall promptly forward
			 a report to the reinsurer.
(6)
			 Jointly employ an individual who is employed by the reinsurer unless such
			 reinsurance intermediary-manager is under common control with the reinsurer and
			 subject to ch. 617, Stats., and ch. Ins 40, or the laws and rules of another
			 state which are substantially similar to ch. 617, Stats., and ch. Ins
			 40.
(7) Appoint a subreinsurance
			 intermediary-manager.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 47 - Reinsurance intermediary regulation › Section Ins 47.08 - Duties of reinsurers utilizing the services of a reinsurance intermediary-manager

Current through June 24, 2024
(1) A reinsurer shall not engage the services
			 of any person to act as a reinsurance intermediary-manager on its behalf unless
			 the person is licensed as required by s.
			 Ins 47.02.
(2) A reinsurer shall annually obtain a copy
			 of statements of the financial condition of each reinsurance
			 intermediary-manager which the reinsurer has engaged prepared by an independent
			 certified accountant in a form acceptable to the commissioner.
(3) A reinsurer shall annually obtain the
			 opinion of an actuary attesting to the adequacy of loss reserves established
			 for losses incurred and outstanding on business produced by the reinsurance
			 intermediary-manager if the reinsurance intermediary-manager establishes loss
			 reserves. This opinion is in addition to any other required loss reserve
			 certification required under s.
			 Ins
			 50.30(1).
(4) A reinsurer shall require that binding
			 authority for all retrocessional contracts or participation in reinsurance
			 syndicates shall rest with an officer of the reinsurer who shall not be
			 associated with the reinsurance intermediary-manager.
(5) Within 30 days of termination of a
			 contract with a reinsurance intermediary-manager, the reinsurer shall provide
			 written notification of the termination to the commissioner.
(6) A reinsurer may not appoint to its board
			 of directors, any officer, director, employe, controlling shareholder or
			 subproducer of its reinsurance intermediary-manager and no officer, director,
			 employe, controlling shareholder, director or subproducer of its reinsurance
			 intermediary-manager may accept appointment to or serve on the board of
			 directors of the reinsurer. This subsection shall not apply to relationships
			 governed by ch. 617, Stats., or, if applicable, ch. Ins 45 or a similar law of
			 another state.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 47 - Reinsurance intermediary regulation › Section Ins 47.09 - Effect of noncompliance on contract terms

Current through June 24, 2024
A contract between a reinsurance intermediary and an insurer
				that violates s.
				Ins
				47.03 or is enforceable 47.06 against the reinsurance
				intermediary as if it conformed to s.
				Ins
				47.03 or
				47.06.
Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 47 - Reinsurance intermediary regulation › Section Ins 47.10 - Examination authority

Current through June 24, 2024
(1) A reinsurance intermediary may be
			 examined by the commissioner. A reinsurance intermediary shall give the
			 commissioner access to all books, financial institution accounts and records of
			 the reinsurance intermediary in a form usable to the commissioner.
(2) A reinsurance intermediary-manager may be
			 examined as if it were the reinsurer.
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 50.02 - Applicability

Current through June 24, 2024
Unless otherwise ordered by the commissioner, this subchapter
				  applies to all insurers except:
(1) An
				insurer is not subject to this subchapter for a calendar year in which the
				insurer has:
(a) Direct premiums written in
				this state of less than $100,000 and less than 1,000 policyholders or
				certificate holders of directly written policies in the state at the end of the
				calendar year; and
(b) Assumed
				premiums nationwide of less than $1,000,000 under reinsurance contracts or
				treaties and direct premiums written nationwide of less than
				$1,000,000.
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 50.03 - Filing by exempt foreign and alien insurers

Current through June 24, 2024
A foreign or alien insurer which is exempt from this
				  subchapter under s.
				  Ins
				  50.02(2) shall:
(1) File a copy of the audited financial
				report, report on significant deficiencies in internal controls, and the
				accountant's letter of qualifications which are filed with the other state with
				the commissioner not later than the filing dates specified in ss.
				Ins
				50.05,
				50.12 and
				50.13, respectively. Canadian insurers
				which are not subject to this subchapter under s.
				Ins
				50.02(2) shall submit to the
				commissioner accountants' reports as filed with the Canadian Dominion
				department of insurance not later than the filing dates specified in s.
				Ins
				50.05.
(2)
				File with the commissioner a copy of any notification of adverse financial
				condition report filed with, or required to be filed with, the other state
				within the time specified in s.
				Ins
				50.11.