Register June 1997 No. 498
Chapter Ins 11
INSURANCE SECURITY FUND BOARD
Ins 11.01   Insurance security fund board.
Ins 11.02   Reports.
Ins 11.01 Ins 11.01Insurance security fund board.
Ins 11.01(1) (1)Purpose. The purpose of this section is to establish a procedure for selecting members of the board of the insurance security fund pursuant to s. 646.12 (1), Stats.
Ins 11.01(2) (2)Membership of the board.
Ins 11.01(2)(a)(a) The insurance security fund shall be managed by a board in accordance with the provisions of s. 646.12, Stats.
Ins 11.01(2)(b) (b) The board shall consist of:
Ins 11.01(2)(b)1. 1. The commissioner, the attorney general and the treasurer of the state of Wisconsin;
Ins 11.01(2)(b)2. 2. Eight insurer representatives of domestic and foreign and alien insurers subject to ch. 646, Stats., to be appointed by the commissioner upon consideration of the recommendations of the following insurance organizations including:
Ins 11.01(2)(b)2.a. a. American Insurance Association;
Ins 11.01(2)(b)2.b. b. American Council of Life Insurance;
Ins 11.01(2)(b)2.c. c. Alliance of American Insurers;
Ins 11.01(2)(b)2.d. d. Health Insurance Association of America;
Ins 11.01(2)(b)2.e. e. National Association of Independent Insurers;
Ins 11.01(2)(b)2.f. f. Wisconsin Insurance Alliance;
Ins 11.01(2)(b)2.g. g. Wisconsin Association of Life Insurers;
Ins 11.01(2)(b)2.h. h. Association of Health Maintenance Organizations.
Ins 11.01(2)(b)2m. 2m. One additional member designated by the commissioner representing a domestic or foreign insurer doing life or health insurance business in this state.
Ins 11.01(2)(b)3. 3. One additional member, as may be from time to time designated by the commissioner representing insurers not associated with any organization listed in subd. 2.
Ins 11.01(2)(c) (c) Each appointed insurer representative may designate an alternate representative to represent the insurer at any meeting of the board. The alternate shall have all of the powers and responsibilities of the appointed insurer representative while serving as the alternate representative.
Ins 11.01(2)(d) (d) Each insurer, insurer representative, and alternate representative shall have the full protections of s. 646.11 (4) and (5), Stats.
Ins 11.01(3) (3)Term. Members of the board appointed under sub. (2) (b) 2., 2m. and 3. shall serve for a term of 3 years.
Ins 11.01(4) (4)Chairperson. Annually, at its first meeting after June 1, the board of directors shall elect a chairperson.
Ins 11.01 History History: Emerg. rule eff. 1-17-72; r. emerg. rule and cr. Register, March, 1972, No. 195, eff. 4-1-72; and recr., Register, July, 1973, No. 211, eff. 8-1-73; am. (2) (b) 3., Register, February, l979, No. 278, eff. 3-1-79; am. Register, August, 1980, No. 296, eff. 9-1-80; renum. (2) (intro.), (a), (b) (intro.), 1. to 7. and (c) to be (2) (b) (intro.) 1. and 2. intro. and a. to g. and 3. and am. (2) (b) 3., cr. (2) (a), (c) and (d), Register, September, 1988, No. 393, eff. 10-1-88; correction in (1) made under s. 13.93 (2m) (b) 3. Stats., Register, September, 1988, No. 393; am. (2) (b) 2. (intro.) and g. and (3), cr. (2) (b) 2. h. and 2m., Register, June, 1991, No. 426, eff. 7-1-91.
Ins 11.02 Ins 11.02Reports.
Ins 11.02(1) (1)Purpose. The purpose of this section is to establish reporting for administration of the insurance security fund.
Ins 11.02(2) (2)Reports to insurers subject to assessment. The board from time to time at the direction of the chairperson shall make a report of its activities and of the income and disbursements of each account of the fund to all authorized insurers subject to assessment.
Ins 11.02(3) (3)Annual audited financial reports. The board shall submit an audited financial report to the commissioner each year not later than 120 days after the insurance security fund's fiscal year.
Ins 11.02 History History: Cr. Register, July, 1973, No. 211, eff. 8-1-73; r. and recr. (1), r. (2), (3), (4) (a) and (b), renum. (4) (c) to be (2) and am. September. 1988, No. 393. eff. 10-1-88; correction in (1) made under s. 13.93 (2m) (b) 3., Stats., Register, September, 1988, No. 393; cr. (3), Register, July, 1993, No. 451, eff. 8-1-93.
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Published under s. 35.93, Stats. Updated on the first day of each month. Entire code is always current. The Register date on each page is the date the chapter was last published.