620.21 History History: 1971 c. 260.
620.22 620.22 Permitted classes of investments. Any of the following classes of investments may be counted for the purposes specified in s. 620.21, whether the investments are made by the insurer alone or as a participant in a partnership or joint venture:
620.22(1) (1)Bonds or other evidences of indebtedness of governmental units in the United States or Canada, or the instrumentalities of such governmental units, or of private corporations domiciled in the United States or Canada.
620.22(2) (2)Loans secured by mortgages, trust deeds, or other security interests in tangible property located in the United States or Canada or secured by insurance against default issued by a government insurance corporation of the United States or Canada or an insurer authorized to do business in this state.
620.22(3) (3)Preferred or common stock of any United States or Canadian corporation.
620.22(4) (4)Property needed for the convenient transaction of the insurer's business.
620.22(5) (5)Real property, together with the fixtures, furniture, furnishings, and equipment pertaining to the real property, that is located in the United States or Canada and that produces, or after suitable improvement can reasonably be expected to produce, substantial income.
620.22(6) (6)Loans upon the security of the insurer's own policies in amounts that are adequately secured thereby and that in no case exceed the surrender values of the policies.
620.22(7) (7)Investments in property and facilities for the development and production of solar or geothermal energy, fossil or synthetic fuel, or gasohol, including, but not limited to, ownership and control of such property and facilities, of up to 5 percent of the portion of the insurer's assets that exceeds $2 billion.
620.22(8) (8)Any other investments that the commissioner authorizes by rule.
620.22(9) (9)Investments not otherwise permitted by this section, and not specifically prohibited by statute, to the extent of not more than 5 percent of the first $500,000,000 of the insurer's assets plus 10 percent of the insurer's assets exceeding $500,000,000.
620.22 History History: 1971 c. 260; 1979 c. 279; 1981 c. 307; 2001 a. 103.
620.23 620.23 Limitations generally applicable.
620.23(1)(1)Class limitations. For the purposes of s. 620.21, the following limitations on classes of investments apply:
620.23(1)(a) (a) Investments authorized by s. 620.22 (1) which are not amortizable under applicable valuation rules, 5 percent of assets;
620.23(1)(b) (b) Investments authorized by s. 620.22 (4), 20 percent of assets in the case of nonassessable insurers, and 50 percent of the earned premium and assessments for the preceding calendar year in the case of assessable insurers;
620.23(1)(c) (c) Investments authorized by s. 620.22 (5), 20 percent of assets in the case of life insurers, and 10 percent of assets in the case of nonlife insurers; and
620.23(1)(d) (d) Investments by life insurers in common stock and in shares of mutual funds, 20 percent of assets.
620.23(2) (2)Individual limitations. For the purposes of s. 620.21, the following limits on investments apply:
620.23(2)(a) (a) Common stock. Common stock of a single corporation and its affiliates, other than subsidiaries of the types authorized under s. 611.26 (1) to (3) or mutual funds, 3 percent of assets;
620.23(2)(b) (b) Total investments. All securities of a single issuer and its affiliates, other than the government of the United States and subsidiaries of the types authorized under s. 611.26 (1) to (3), 10 percent of assets.
620.23(3) (3)Investment subsidiaries. For the purpose of determining compliance with the limitations of this chapter, the assets of subsidiaries under s. 611.26 (2) shall be deemed to be owned directly by the insurer and any other investors in proportion to the market value, or if there is no market, the reasonable value, of their interest in the subsidiaries.
620.23(4) (4)Effect of quantity limitations. To the extent that investments exceed the limitations specified in subs. (1) and (2), the excess may be assigned to the investment class authorized in s. 620.22 (9), until that limit is exhausted.
620.23(5) (5)Special rule for mutual funds and other investment companies. If the commissioner considers it desirable in order to get a proper evaluation of the investment portfolio of an insurer, the commissioner may require that investments in mutual funds or other investment companies be treated for purposes of this chapter as if the investor owned directly its proportional share of the assets owned by the mutual fund or investment company.
620.25 620.25 Relationship to other statutes.
620.25(1)(1)This chapter shall prevail over any other statute purporting to authorize an insurer to make a particular investment if the other statute was enacted before May 13, 1980, and shall prevail over any statute enacted thereafter unless the latter negates the application of this section or of particular provisions in this chapter by specifically designating them by number.
620.25(2) (2)This section does not apply to s. 234.26.
620.25 History History: 1979 c. 279; 2009 a. 33; 2013 a. 271.
620.31 620.31 Valuation of assets. For the purposes of this chapter, except as otherwise provided by chs. 600 to 646, all assets shall be valued as they are valued for purposes of the financial statements submitted under s. 601.42 (1g) (a), less the amount of any investment fluctuation reserves explicitly attributable to them.
620.31 History History: 1971 c. 260; 1979 c. 89; 1987 a. 247.
620.32 620.32 Investment valuation reserves.
620.32(1)(1)General. The commissioner may by rule, applicable to all or specified classes of insurers, provide for the establishment in reasonable amounts of investment valuation reserves that are necessary and appropriate to lessen the impact on surplus of the fluctuation of the values of specific classes of assets.
620.32(2) (2)Specific. The commissioner may by order require an individual insurer to establish investment valuation reserves in addition to those required for other insurers of the class to which the insurer belongs, to the extent that the financial condition of the insurer and the nature of its assets and liabilities or business require that such reserves be established for the adequate protection of its insureds.
620.32(3) (3)Uniformity. So far as reasonably possible, reserves required under sub. (1) shall correspond with those generally required in other states.
620.32 History History: 1971 c. 260.
Loading...
Loading...
2017-18 Wisconsin Statutes updated through 2019 Wis. Act 186 and through all Supreme Court and Controlled Substances Board Orders filed before and in effect on August 1, 2020. Published and certified under s. 35.18. Changes effective after August 1, 2020, are designated by NOTES. (Published 8-1-20)