AB486,70,1615 (c) Upon receiving an application for a license under sub. (1), the department
16shall inform the applicant of the period established under par. (a) for the license.
AB486,70,2017 (d) The department may extend the period established under par. (a) because
18an application is incomplete if, within 30 days after receiving the application, the
19department provides written notice to the applicant describing specifically the
20information that must be provided to complete the application.
AB486, s. 59 21Section 59. 563.92 (5) of the statutes is created to read:
AB486,70,2422 563.92 (5) (a) The department, by rule, shall establish periods within which the
23department intends to approve or disapprove an application for any license issued
24under sub. (1m).
AB486,71,5
1(b) 1. Subject to par. (d), the department shall refund fees paid by the applicant
2for a license under sub. (1m) if the department fails to provide the applicant with
3written notice that the department has approved or disapproved the application for
4the license, including the specific facts upon which any disapproval is based, before
5the expiration of the period established under par. (a) for the license.
AB486,71,86 2. The department may not disapprove an application for a license solely
7because the department is unable to complete its review of the application within the
8period established under par. (a).
AB486,71,109 (c) Upon receiving an application for a license under sub. (1m), the department
10shall inform the applicant of the period established under par. (a) for the license.
AB486,71,1411 (d) The department may extend the period established under par. (a) because
12an application is incomplete if, within 30 days after receiving the application, the
13department provides written notice to the applicant describing specifically the
14information that must be provided to complete the application.
AB486, s. 60 15Section 60. 601.04 (3) of the statutes is amended to read:
AB486,71,2316 601.04 (3) Licensing. The Subject to s. 601.58, the commissioner shall issue
17to any insurer or plan subject to this section a certificate of authority authorizing it
18to transact the business of insurance in this state if the commissioner is satisfied that
19it has met all requirements of law and that its methods and practices and the
20character and value of its assets will adequately safeguard the interests of its
21insureds and the public in this state. Each certificate shall be issued for a period of
22no longer than one year and shall expire on May 1. It may be renewed from year to
23year.
AB486, s. 61 24Section 61. 601.58 of the statutes is created to read:
AB486,72,3
1601.58 Deadlines for action on license applications. (1) Deadlines. The
2commissioner, by rule, shall establish periods within which the commissioner
3intends to approve or disapprove an application for any of the following:
AB486,72,54 (a) A certificate of authority under s. 601.04 to transact the business of
5insurance.
AB486,72,76 (b) An insurance intermediary license under subch. II of ch. 628, including a
7temporary license under s. 628.09.
AB486,72,88 (c) A viatical settlement provider license under s. 632.68 (2).
AB486,72,99 (d) A viatical settlement broker license under s. 632.68 (4).
AB486,72,1010 (e) A benefit plan administrator license under s. 633.14.
AB486,72,17 11(2) Failure to meet deadline. (a) Subject to sub. (4), the commissioner shall
12refund fees paid by the applicant for a certificate of authority or license specified in
13sub. (1) if the commissioner fails to provide the applicant with written notice that the
14commissioner has approved or disapproved the application for the certificate of
15authority or license, including the specific facts upon which any disapproval is based,
16before the expiration of the period established under sub. (1) for the certificate of
17authority or license.
AB486,72,2018 (b) The commissioner may not disapprove an application for a certificate of
19authority or license solely because the commissioner is unable to complete the review
20of the application within the period established under sub. (1).
AB486,72,24 21(3) Notice of deadline. Upon receiving an application for a certificate of
22authority or license specified in sub. (1), the commissioner shall inform the applicant
23of the period established under sub. (1) for approving or disapproving the certificate
24of authority or license.
AB486,73,5
1(4) Permitted extension of deadline. The commissioner may extend the
2period established under sub. (1) because an application is incomplete if, within 30
3days after receiving an incomplete application, the commissioner provides written
4notice to the applicant describing specifically the information that must be provided
5to complete the application.
AB486, s. 62 6Section 62. 628.093 of the statutes is created to read:
AB486,73,8 7628.093 Deadline for acting on application. Approval or disapproval of an
8application for a license under this subchapter is subject to s. 601.58.
AB486, s. 63 9Section 63. 632.68 (2) (b) (intro.) of the statutes is amended to read:
AB486,73,1910 632.68 (2) (b) (intro.) A person may apply to the commissioner for a viatical
11settlement provider license on a form prescribed by the commissioner for that
12purpose. The application form shall require the applicant to provide the applicant's
13social security number, if the applicant is a natural person unless the applicant does
14not have a social security number, or the applicant's federal employer identification
15number, if the applicant is not a natural person. The fee specified in s. 601.31 (1)
16(mm) shall accompany the application. After Subject to s. 601.58, after any
17investigation of the applicant that the commissioner determines is sufficient, the
18commissioner shall issue a viatical settlement provider license to an applicant that
19satisfies all of the following:
AB486, s. 64 20Section 64. 632.68 (4) (b) of the statutes is amended to read:
AB486,74,1121 632.68 (4) (b) A person may apply to the commissioner for a viatical settlement
22broker license on a form prescribed by the commissioner for that purpose. The
23application form shall require the applicant to provide the applicant's social security
24number, if the applicant is a natural person unless the applicant does not have a
25social security number, or the applicant's federal employer identification number, if

1the applicant is not a natural person. The fee specified in s. 601.31 (1) (mr) shall
2accompany the application. The commissioner may not issue a license under this
3subsection unless the applicant provides his or her social security number, unless the
4applicant does not have a social security number, or its federal employer
5identification number, whichever is applicable. If the applicant is a natural person
6who does not have a social security number, the commissioner may not issue a license
7under this subsection unless the applicant provides, on a form prescribed by the
8department of workforce development, a statement made or subscribed under oath
9or affirmation that the applicant does not have a social security number. Approval
10or disapproval of an application for a license under this subsection is subject to s.
11601.58.
AB486, s. 65 12Section 65. 633.14 (1) (intro.) of the statutes is amended to read:
AB486,74,1413 633.14 (1) (intro.) The Subject to s. 601.58, the commissioner shall issue a
14license to act as an administrator to an individual who does all of the following:
AB486, s. 66 15Section 66. 633.14 (2) (intro.) of the statutes is amended to read:
AB486,74,1816 633.14 (2) (intro.) The Subject to s. 601.58, the commissioner shall issue a
17license to act as an administrator to a corporation, limited liability company, or
18partnership that does all of the following:
AB486, s. 67 19Section 67. Initial applicability.
AB486,74,2120 (1) This act first applies to applications that are received on the effective date
21of this subsection.
AB486, s. 68 22Section 68. Effective date.
AB486,74,2423 (1) This act takes effect on the first day of the 13th month beginning after
24publication.
AB486,74,2525 (End)
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