AB551,21,66
645.68
(8) (b) Claims under s. 645.63 (2)
;
.
AB551, s. 58
7Section
58. 645.68 (8) (c) of the statutes is amended to read:
AB551,21,88
645.68
(8) (c) Claims subordinated by s. 645.90
;.
AB551, s. 59
9Section
59. 645.68 (8) (d) of the statutes is amended to read:
AB551,21,1010
645.68
(8) (d) Claims filed late
;.
AB551, s. 60
11Section
60. 645.68 (8) (e) of the statutes is amended to read:
AB551,21,1212
645.68
(8) (e) Portions of claims subordinated under sub. (5)
;.
AB551, s. 61
13Section
61. 645.68 (8) (f) of the statutes is amended to read:
AB551,21,1514
645.68
(8) (f) Claims or portions of claims payment of which is provided by other
15benefits or advantages recovered or recoverable by the claimant
; and.
AB551, s. 62
16Section
62. 646.13 (1) (b) (intro.) of the statutes is renumbered 646.13 (1) (b)
17and amended to read:
AB551,21,2218
646.13
(1) (b) Stand in the position of the insurer in the investigation,
19compromise, settlement, denial and payment of claims under s. 646.31 and the
20defense of 3rd party claims against insureds, subject to the limitations of s. 645.43.
21The board shall consult and cooperate with the liquidator in carrying out these
22duties.
The board has no duties or liabilities with respect to any claim filed as follows:
AB551, s. 63
23Section
63. 646.13 (1) (b) 1. of the statutes is renumbered 646.13 (3) (a) and
24amended to read:
AB551,22,5
1646.13
(3) (a) With the liquidator under s. 645.61 after the date for filing
2specified by the liquidator under s. 645.47 (2), unless the liquidator determines that
3the claim is
considered to have been timely filed
under s. 645.61 (2) and
the claim 4participates
fully in
the same every distribution
to the same extent as
other timely
5filed claims
in the same class.
AB551, s. 64
6Section
64. 646.13 (1) (b) 2. of the statutes is renumbered 646.13 (3) (b) and
7amended to read:
AB551,22,128
646.13
(3) (b) With a liquidator or court under the laws of any other state after
9the date for filing specified by the liquidator or court, unless the liquidator or court
10determines that the claim is
considered to have been timely filed
under a law
11substantially similar to s. 645.61 (2) and
the claim participates
fully in
the same 12every distribution
to the same extent as
other timely filed claims
in the same class.
AB551, s. 65
13Section
65. 646.13 (2) (e) of the statutes is created to read:
AB551,22,1514
646.13
(2) (e) Pursue salvage and subrogation with respect to paid covered
15claims obligations and retain any amounts recovered.
AB551, s. 66
16Section
66. 646.13 (2) (f) of the statutes is created to read:
AB551,22,1817
646.13
(2) (f) Appoint and direct legal counsel for the defense of covered claims
18under insurance policies.
AB551, s. 67
19Section
67. 646.13 (3) (intro.) of the statutes is created to read:
AB551,22,2120
646.13
(3) No duty or liability. (intro.) The board has no duty or liability with
21respect to any claim filed as follows:
AB551, s. 68
22Section
68. 646.13 (3) (c) of the statutes is created to read:
AB551,23,223
646.13
(3) (c) Except for claims under life insurance policies, annuities and
24noncancelable or guaranteed renewable disability insurance policies and except for
1claims determined to be excused late filings as provided in pars. (a) and (b), with a
2liquidator or court after the earlier of the following:
AB551,23,33
1. Eighteen months after the order of liquidation is entered.
AB551,23,44
2. The final date for filing specified by the liquidator or court.
AB551, s. 69
5Section
69. 646.13 (4) of the statutes is created to read:
AB551,23,106
646.13
(4) When duty to defend terminates. Any obligation of the board to
7defend an insured ceases upon the board's payment, by settlement releasing the
8insured or on a judgment, of an amount equal to the lesser of the board's covered
9claim obligation limit or the applicable policy limit, subject to any express policy
10terms regarding tender of limits.
AB551, s. 70
11Section
70. 646.15 (1) (a) 2. of the statutes is amended to read:
AB551,23,1312
646.15
(1) (a) 2. The institution or further prosecution of any action or
13proceeding involving the insurer
or in which the board is obligated to defend a party.
AB551, s. 71
14Section
71. 646.31 (1) (a) of the statutes is amended to read:
AB551,23,2015
646.31
(1) (a)
Issued by authorized insurer. The claim arises out of an insurance
16policy or annuity issued by an insurer which
is in liquidation and which was
17authorized to do business in this state either at the time the policy or annuity was
18issued or when the insured event occurred
, and against which an order of liquidation,
19which is not stayed, has been entered by a court of competent jurisdiction in the
20insurer's domiciliary state.
AB551, s. 72
21Section
72. 646.31 (1) (cm) of the statutes is created to read:
AB551,23,2522
646.31
(1) (cm)
Termination of coverage. Except for claims under life insurance
23policies, annuities or noncancelable or guaranteed renewable disability insurance
24policies, the claim arises within 30 days after the order of liquidation is entered or
25before any of the following occur:
AB551,24,2
11. The policy expires, if the expiration date is less than 30 days after the order
2of liquidation is entered.
AB551,24,43
2. The insured replaces or cancels the policy, if either action is taken within 30
4days after the order of liquidation is entered.
AB551, s. 73
5Section
73. 646.31 (2) (c) of the statutes is amended to read:
AB551,24,86
646.31
(2) (c)
Owners of property interests. The
first-party claim of a person
7having an insurable interest in or related to property
which was situated with a
8permanent location in this state at the time of the insured event.
AB551, s. 74
9Section
74. 646.31 (2) (d) (intro.) and 1. of the statutes are consolidated,
10renumbered 646.31 (2) (d) and amended to read:
AB551,24,1311
646.31
(2) (d)
Third party claimants. A claim under a liability or workers'
12compensation insurance policy, if
: 1. Either either the insured or the 3rd party
13claimant was a resident of this state at the time of the insured event
;.
AB551, s. 75
14Section
75. 646.31 (2) (d) 2. of the statutes is repealed.
AB551, s. 76
15Section
76. 646.31 (2) (d) 3. of the statutes is repealed.
AB551, s. 77
16Section
77. 646.31 (6) (a) of the statutes is amended to read:
AB551,24,2017
646.31
(6) (a) The portion of a loss claim for which indemnification is provided
18by other benefits or advantages, which may not be included in the
class classes of
19claims
defined by specified in s. 645.68
(3) (intro.), may not be claimed from the fund
20under this chapter.
AB551, s. 78
21Section
78. 646.31 (13) of the statutes is created to read:
AB551,24,2522
646.31
(13) Residency. For purposes of determining residency in this section,
23the residency of a claimant, insured or policyholder that is not a natural person is
24the state in which the claimant's, insured's or policyholder's principal place of
25business is located.
AB551, s. 79
1Section
79. 646.51 (9) of the statutes is created to read:
AB551,25,62
646.51
(9) Obligation to contribute ceases. (a) Except as provided in par. (b),
3if an insurer's license or certificate of authority to do business in this state terminates
4or expires, the insurer's obligation to pay assessments under this section ceases
5beginning on the day after the insurer's license or certificate of authority terminates
6or expires.
AB551,25,97
(b) An insurer whose license or certificate of authority to do business in this
8state terminates or expires remains liable after the termination or expiration to pay
9all of the following:
AB551,25,1110
1. Assessments made or called before the insurer's license or certificate of
11authority terminated or expired.
AB551,25,1412
2. Assessments made or called after the insurer's license or certificate of
13authority terminated or expired that relate to a liquidation order entered before the
14insurer's license or certificate of authority terminated or expired.
AB551, s. 80
15Section
80. 646.60 (1) (a) of the statutes is amended to read:
AB551,25,1816
646.60
(1) (a)
Settlements by the fund. The liquidator is bound by
17determinations and settlements of covered loss claims
, and by payments of claims, 18made by the board under this chapter.
AB551, s. 81
19Section
81. 646.60 (1) (b) (intro.) of the statutes is amended to read:
AB551,25,2320
646.60
(1) (b)
Settlements by comparable funds. (intro.) The liquidator is
21bound by
determinations and settlements of covered loss claims
, and by payments
22of claims, made by funds or organizations of other states that are comparable to the
23fund under this chapter
provided if all of the following apply:
AB551, s. 82
24Section
82. 646.60 (1) (b) 1. of the statutes is amended to read:
AB551,26,3
1646.60
(1) (b) 1.
That the
The laws of the other states give equivalent
2recognition to the
determinations and settlements of loss claims
, and to payments
3of claims, made by the fund
; and.
AB551, s. 83
4Section
83. 646.60 (1) (b) 2. of the statutes is amended to read:
AB551,26,65
646.60
(1) (b) 2.
That if If the same claim is reported as paid by 2 or more funds,
6payment shall be to the fund with a prior obligation under s. 646.31
(7) (9).
AB551,26,118
(1) The treatment of sections 601.13 (2), 645.68 (intro.), (2), (3), (3c), (3m), (3r)
9(c), (5), (7) and (8) (a), (b), (c), (d), (e) and (f), 646.13 (3) (c) and 646.31 (1) (cm) of the
10statutes first applies to liquidation proceedings for which liquidation orders are
11entered on the effective date of this subsection.
AB551,26,1512
(2) The treatment of sections 646.13 (1) (b) (intro.), 1. and 2., (2) (e) and (f), (3)
13(intro.) and (4), 646.15 (1) (a) 2., 646.31 (1) (a), (2) (c) and (d) (intro.), 1., 2. and 3., (6)
14(a) and (13), 646.51 (9) and 646.60 (1) (a) and (b) (intro.), 1. and 2. of the statutes first
15applies to liquidation proceedings pending on the effective date of this subsection.
AB551,26,1716
(3) The treatment of sections 76.635 (2) and (3) and 76.67 (2) of the statutes first
17applies to taxable years beginning on January 1, 2000.