CHAPTER 424
CONSUMER TRANSACTIONS — INSURANCE
SUBCHAPTER I
GENERAL PROVISIONS
424.103 Application of general definitions.
SUBCHAPTER II
CONSUMER CREDIT INSURANCE
424.201 Definition "consumer credit insurance".
424.202 Charge for insurance.
424.203 Conditions applying to insurance to be provided by creditor.
424.204 Maximum charge by creditor for insurance.
424.205 Refund or credit required.
424.206 Deferral, refinancing and consolidation agreements.
424.207 Term of insurance.
424.208 Amount of insurance.
424.209 Filing and approval of rates and forms.
SUBCHAPTER III
PROPERTY INSURANCE
424.301 Restrictions on property insurance.
424.302 Insurance on creditor's interest only.
424.303 Cancellation by creditor.
424.304 Cancellation by customer.
SUBCHAPTER IV
OTHER INSURANCE PRODUCTS
424.401 Cancellation by customer.
424.402 Insurance cancellation credit or payment.
SUBCHAPTER V
INSURANCE PRACTICES
424.501 False, misleading or deceptive insurance solicitation.
424.502 Insurance commissions; limitations.
SUBCHAPTER VI
ADMINISTRATION
424.601 Cooperation between administrator and commissioner of insurance.
424.602 Administrative action of commissioner of insurance.
Ch. 424 Cross-reference
Cross-reference: See definitions in s.
421.301.
GENERAL PROVISIONS
424.101
424.101
Short title. This chapter shall be known and may be cited as Wisconsin consumer act—insurance.
424.101 History
History: 1971 c. 239.
424.102
424.102
Scope. This chapter applies to agreements between a creditor and a debtor under which insurance is provided or is to be provided in relation to consumer credit transactions.
424.102 History
History: 1971 c. 239;
1973 c. 3.
424.103
424.103
Application of general definitions. The definitions in
s. 421.301 shall apply to this chapter.
424.103 History
History: 1973 c. 3;
1981 c. 390 s.
252.
CONSUMER CREDIT INSURANCE
424.201
424.201
Definition "consumer credit insurance". "Consumer credit insurance" means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include:
424.201(1)
(1) Insurance issued as an isolated transaction on the part of the insurer not related to an agreement or plan for insuring customers of the creditor;
424.201(2)
(2) Insurance indemnifying the creditor against loss due to the customer's default; or
424.201(3)
(3) With respect to a motor vehicle consumer lease, a lessor's waiver of its contractual right to hold the lessee liable for any or all of the gap amount, as defined in
s. 429.104 (12), if the waiver is granted without a separate charge.
424.202
424.202
Charge for insurance. 424.202(1)
(1) Except as otherwise provided in this chapter and subject to the provisions on additional charges (
s. 422.202), and maximum charges (
s. 422.201) a creditor may agree to provide insurance, and may contract for and receive a charge for insurance separate from and in addition to other charges. A creditor need not make a separate charge for insurance provided or required by the creditor.
424.202(2)
(2) This chapter does not authorize the issuance of any insurance prohibited under any statute, or rule thereunder, governing the business of insurance.
424.202 History
History: 1971 c. 239;
1991 a. 316.
424.203
424.203
Conditions applying to insurance to be provided by creditor. 424.203(1)(1) When the parties agree that consumer credit insurance shall be provided, at the time the indebtedness is incurred there shall be delivered to the customer the individual policy, a group certificate of insurance, a copy of the application for such insurance or a notice of proposed insurance.
