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 50.18 - Exemptions and effective dates

Current through June 24, 2024
(1) The
				commissioner may grant an exemption from compliance with this subchapter if the
				commissioner finds that compliance would constitute a financial or
				organizational hardship upon the insurer, except as provided in ss.
				Ins
				50.08(2), (9) (a) and
				50.15(9).
(2) An exemption may be
				granted at any time and from time to time for a specified period.
(3) Subject to subs. (6) and (7), this
				subchapter shall apply to domestic insurers retaining a certified public
				accountant on the effective date of this subsection who qualifies as
				independent, for the year ending December 31, 2008, and each year
				thereafter.
(4) Section
				Ins
				50.08(3) to (9) shall apply to
				domestic insurers not retaining a certified public accountant on the effective
				date of this subsection who qualifies as independent, for the year ending
				December 31, 2009, and each year thereafter.
(5) Sections
				Ins
				50.08(3) to (9), 50.11(5), 50.12(2)
				and 50.16 shall apply to foreign and alien insurers otherwise subject to this
				subchapter for the year ending December 31, 2010, and each year
				thereafter.
(6) The requirements of
				s.
				Ins
				50.15 are effective January 1, 2010. An insurer or
				group of insurers that is not required to have independent audit committee
				members or only a majority of independent audit committee members, as opposed
				to a supermajority, because the total written and assumed premium is below the
				threshold, and subsequently becomes subject to one of the independence
				requirements due to changes in premium shall have one year following the year
				the threshold is exceeded, but not earlier than January 1, 2010, to comply with
				the independence requirements. An insurer that becomes subject to one of the
				independence requirements as a result of a business combination shall have one
				calendar year following the date of acquisition or combination to comply with
				the independence requirements.
(7)
				The requirements of s.
				Ins
				50.17 are effective beginning with the reporting
				period ending December 31, 2010, and each year thereafter. An insurer or group
				of insurers that is not required to file a report because the total written and
				assumed premium is below the threshold and subsequently becomes subject to the
				reporting requirements shall have 2 years following the year the threshold is
				exceeded, but not earlier than December 31, 2010, to file a report. An insurer
				acquired in a business combination shall have 2 calendar years following the
				date of acquisition or combination to comply with the reporting
				requirements.
(8) The requirements
				of s. Ins 50.155 first apply on January 1, 2018. If an insurer or group of
				insurers that was exempt under s. Ins 50.155(1) no longer qualifies for such
				exemption, it shall have one year following the year the threshold is exceeded
				to comply with the internal audit requirements.