AB486: Bill Text

AB486,70,6 563.15 (4) (a) The department, by rule, shall establish periods within which the department intends to approve or disapprove an application for any license issued under sub. (1).

AB486,70,11 (b) 1. Subject to par. (d), the department shall refund fees paid by the applicant for a license under sub. (1) if the department fails to provide the applicant with written notice that the department has approved or disapproved the application for the license, including the specific facts upon which any disapproval is based, before the expiration of the period established under par. (a) for the license.

AB486,70,14 2. The department may not disapprove an application for a license solely because the department is unable to complete its review of the application within the period established under par. (a).

AB486,70,16 (c) Upon receiving an application for a license under sub. (1), the department shall inform the applicant of the period established under par. (a) for the license.

AB486,70,20 (d) The department may extend the period established under par. (a) because an application is incomplete if, within 30 days after receiving the application, the department provides written notice to the applicant describing specifically the information that must be provided to complete the application.

AB486, s. 59 Section 59. 563.92 (5) of the statutes is created to read:

AB486,70,24 563.92 (5) (a) The department, by rule, shall establish periods within which the department intends to approve or disapprove an application for any license issued under sub. (1m).

AB486,71,5 (b) 1. Subject to par. (d), the department shall refund fees paid by the applicant for a license under sub. (1m) if the department fails to provide the applicant with written notice that the department has approved or disapproved the application for the license, including the specific facts upon which any disapproval is based, before the expiration of the period established under par. (a) for the license.

AB486,71,8 2. The department may not disapprove an application for a license solely because the department is unable to complete its review of the application within the period established under par. (a).

AB486,71,10 (c) Upon receiving an application for a license under sub. (1m), the department shall inform the applicant of the period established under par. (a) for the license.

AB486,71,14 (d) The department may extend the period established under par. (a) because an application is incomplete if, within 30 days after receiving the application, the department provides written notice to the applicant describing specifically the information that must be provided to complete the application.

AB486, s. 60 Section 60. 601.04 (3) of the statutes is amended to read:

AB486,71,23 601.04 (3) Licensing. The Subject to s. 601.58, the commissioner shall issue to any insurer or plan subject to this section a certificate of authority authorizing it to transact the business of insurance in this state if the commissioner is satisfied that it has met all requirements of law and that its methods and practices and the character and value of its assets will adequately safeguard the interests of its insureds and the public in this state. Each certificate shall be issued for a period of no longer than one year and shall expire on May 1. It may be renewed from year to year.

AB486, s. 61 Section 61. 601.58 of the statutes is created to read:

AB486,72,3 601.58 Deadlines for action on license applications. (1) Deadlines. The commissioner, by rule, shall establish periods within which the commissioner intends to approve or disapprove an application for any of the following:

AB486,72,5 (a) A certificate of authority under s. 601.04 to transact the business of insurance.

AB486,72,7 (b) An insurance intermediary license under subch. II of ch. 628, including a temporary license under s. 628.09.

AB486,72,8 (c) A viatical settlement provider license under s. 632.68 (2).

AB486,72,9 (d) A viatical settlement broker license under s. 632.68 (4).

AB486,72,10 (e) A benefit plan administrator license under s. 633.14.

AB486,72,17 (2) Failure to meet deadline. (a) Subject to sub. (4), the commissioner shall refund fees paid by the applicant for a certificate of authority or license specified in sub. (1) if the commissioner fails to provide the applicant with written notice that the commissioner has approved or disapproved the application for the certificate of authority or license, including the specific facts upon which any disapproval is based, before the expiration of the period established under sub. (1) for the certificate of authority or license.

AB486,72,20 (b) The commissioner may not disapprove an application for a certificate of authority or license solely because the commissioner is unable to complete the review of the application within the period established under sub. (1).

AB486,72,24 (3) Notice of deadline. Upon receiving an application for a certificate of authority or license specified in sub. (1), the commissioner shall inform the applicant of the period established under sub. (1) for approving or disapproving the certificate of authority or license.

AB486,73,5 (4) Permitted extension of deadline. The commissioner may extend the period established under sub. (1) because an application is incomplete if, within 30 days after receiving an incomplete application, the commissioner provides written notice to the applicant describing specifically the information that must be provided to complete the application.

AB486, s. 62 Section 62. 628.093 of the statutes is created to read:

AB486,73,8 628.093 Deadline for acting on application. Approval or disapproval of an application for a license under this subchapter is subject to s. 601.58.

AB486, s. 63 Section 63. 632.68 (2) (b) (intro.) of the statutes is amended to read:

AB486,73,19 632.68 (2) (b) (intro.) A person may apply to the commissioner for a viatical settlement provider license on a form prescribed by the commissioner for that purpose. The application form shall require the applicant to provide the applicant's social security number, if the applicant is a natural person unless the applicant does not have a social security number, or the applicant's federal employer identification number, if the applicant is not a natural person. The fee specified in s. 601.31 (1) (mm) shall accompany the application. After Subject to s. 601.58, after any investigation of the applicant that the commissioner determines is sufficient, the commissioner shall issue a viatical settlement provider license to an applicant that satisfies all of the following:

AB486, s. 64 Section 64. 632.68 (4) (b) of the statutes is amended to read:

AB486,74,11 632.68 (4) (b) A person may apply to the commissioner for a viatical settlement broker license on a form prescribed by the commissioner for that purpose. The application form shall require the applicant to provide the applicant's social security number, if the applicant is a natural person unless the applicant does not have a social security number, or the applicant's federal employer identification number, if the applicant is not a natural person. The fee specified in s. 601.31 (1) (mr) shall accompany the application. The commissioner may not issue a license under this subsection unless the applicant provides his or her social security number, unless the applicant does not have a social security number, or its federal employer identification number, whichever is applicable. If the applicant is a natural person who does not have a social security number, the commissioner may not issue a license under this subsection unless the applicant provides, on a form prescribed by the department of workforce development, a statement made or subscribed under oath or affirmation that the applicant does not have a social security number. Approval or disapproval of an application for a license under this subsection is subject to s. 601.58.

AB486, s. 65 Section 65. 633.14 (1) (intro.) of the statutes is amended to read:

AB486,74,14 633.14 (1) (intro.) The Subject to s. 601.58, the commissioner shall issue a license to act as an administrator to an individual who does all of the following:

AB486, s. 66 Section 66. 633.14 (2) (intro.) of the statutes is amended to read:

AB486,74,18 633.14 (2) (intro.) The Subject to s. 601.58, the commissioner shall issue a license to act as an administrator to a corporation, limited liability company, or partnership that does all of the following:

AB486, s. 67 Section 67. Initial applicability.

AB486,74,21 (1) This act first applies to applications that are received on the effective date of this subsection.

AB486, s. 68 Section 68. Effective date.

AB486,74,24 (1) This act takes effect on the first day of the 13th month beginning after publication.

AB486,74,25 (End)