AUTHORIZATION OF NONDOMESTIC INSURERS
Certificate of authority.
Admission of nondomestic fraternals.
Corporation law requirements from chs. 180
applicable to nondomestic corporations.
Exclusive agency and management contracts of nondomestic corporations.
Requirements for nondomestic reciprocals.
Requirements for incorporated alien insurers.
Requirements for unincorporated nondomestic insurers.
Requirements for nondomestic fraternals.
Exemptions from Wisconsin law.
Changes in business plan.
Transfer of business.
Assessment by nondomestic company.
Release from regulation.
Revocation of certificate of authority.
Assisting unauthorized insurers.
PERMISSIBLE BUSINESS BY
Surplus lines insurance.
Group liability insurance issued by an unauthorized insurer.
Qualification for placement of surplus lines insurance with an unauthorized insurer.
Direct procurement of insurance.
Taxation of insurance written by unauthorized insurers.
Effect of illegal contracts.
Servicing of contracts made out of state.
Defense of action by unauthorized person.
Investigation, disclosure and taxation of insurance contracts.
Reporting of illegal insurance.
Reciprocal enforcement of foreign decrees.
Ch. 618 Cross-reference
See definitions in ss. 600.03
Ch. 618 Cross-reference
See also ch. Ins 41
, Wis. adm. code.
The purposes of this chapter are:
To protect insureds, creditors and the public in this state by providing adequate standards and an orderly procedure for the authorization of nondomestic insurers;
To prevent evasion by unauthorized insurers of the regulatory and tax laws of this state and to protect this state and its residents against loss from such action;
To subject unauthorized insurers and other persons doing an insurance business in this state to the jurisdiction of the commissioner and the courts of this state;
To protect authorized insurers from unfair competition by unauthorized insurers; and
To provide an orderly method, under reasonable and practical safeguards, for procuring insurance from unauthorized insurers.
History: 1971 c. 260
For the purposes of this chapter, unless the context indicates otherwise:
“Directly procured insurance" means insurance procured under s. 618.42
“Doing an insurance business" includes:
Soliciting, making, or proposing to make an insurance contract;
Taking or receiving an application for insurance;
Collecting or receiving, in full or in part, an insurance premium;
Issuing or delivering an insurance policy except as a messenger not employed by the insurer or by an insurance agent or broker;