SB294,31,1914
607.02
(1) Types of policies permitted. Subject to sub. (2), the life fund may
15issue to any resident of the state any kind of life insurance with any riders or
16endorsements thereto that
would be filed with the commissioner
would approve for
17issuance by private insurers authorized to do a life insurance business in this state.
18Coverages may be combined and granted in the same policy by the life fund to the
19same extent as by a private life insurer.
SB294, s. 7
20Section
7. 612.51 (1) of the statutes is repealed.
SB294, s. 8
21Section
8. 628.347 (title) of the statutes is amended to read:
SB294,31,22
22628.347 (title)
Suitability of annuity sales to senior consumers.
SB294, s. 9
23Section
9. 628.347 (1) (b) of the statutes is amended to read:
SB294,32,224
628.347
(1) (b) "Recommendation" means advice provided by an insurance
25intermediary, or an insurer if no intermediary is involved, to an individual
senior
1consumer that results in the purchase or exchange of an annuity in accordance with
2that advice.
SB294, s. 10
3Section
10. 628.347 (1) (c) of the statutes is repealed.
SB294, s. 11
4Section
11. 628.347 (2) (a) of the statutes is amended to read:
SB294,32,115
628.347
(2) (a) Except as provided in par. (c), an insurance intermediary, or
6insurer if no intermediary is involved, may not recommend to a
senior consumer the
7purchase or exchange of an annuity if the recommendation results in an insurance
8transaction or series of insurance transactions unless the intermediary or insurer
9has reasonable grounds to believe that the recommendation is suitable for the
senior 10consumer on the basis of facts disclosed by the
senior consumer as to his or her
11investments, other insurance products, and financial situation and needs.
SB294, s. 12
12Section
12. 628.347 (2) (b) 1. of the statutes is amended to read:
SB294,32,1313
628.347
(2) (b) 1. The
senior consumer's financial status.
SB294, s. 13
14Section
13. 628.347 (2) (b) 2. of the statutes is amended to read:
SB294,32,1515
628.347
(2) (b) 2. The
senior consumer's tax status.
SB294, s. 14
16Section
14. 628.347 (2) (b) 3. of the statutes is amended to read:
SB294,32,1717
628.347
(2) (b) 3. The
senior consumer's investment objectives.
SB294, s. 15
18Section
15. 628.347 (2) (b) 4. of the statutes is amended to read:
SB294,32,2019
628.347
(2) (b) 4. Any other information that is reasonably appropriate for
20determining the suitability of a recommendation to the
senior consumer.
SB294, s. 16
21Section
16. 628.347 (2) (c) (intro.) of the statutes is amended to read:
SB294,32,2422
628.347
(2) (c) (intro.) An insurance intermediary, or insurer if no intermediary
23is involved, has no obligation under par. (a) to a
senior consumer related to a
24recommendation if the
senior consumer does any of the following:
SB294, s. 17
25Section
17. 628.347 (3) (f) 2. of the statutes is amended to read:
SB294,33,3
1628.347
(3) (f) 2. Include in its system of supervision an insurance
2intermediary's recommendations made to
senior consumers of products other than
3annuities offered by the insurer, general agent, or independent agency.
SB294, s. 18
4Section
18. 628.347 (5) (a) of the statutes is amended to read:
SB294,33,75
628.347
(5) (a) Order an insurer to take reasonably appropriate corrective
6action for any
senior consumer harmed by a violation of this section by the insurer
7or the insurer's insurance intermediary.
SB294, s. 19
8Section
19. 628.347 (5) (b) of the statutes is amended to read:
SB294,33,119
628.347
(5) (b) Order an insurance intermediary to take reasonably
10appropriate corrective action for any
senior consumer harmed by a violation of this
11section by the insurance intermediary.
SB294, s. 20
12Section
20. 628.347 (5) (c) of the statutes is amended to read:
SB294,33,1613
628.347
(5) (c) Order a general agent or independent agency that employs or
14contracts with an insurance intermediary to sell, or solicit the sale of, annuities to
15senior consumers to take reasonably appropriate corrective action for any
senior 16consumer harmed by a violation of this section by the insurance intermediary.
SB294, s. 21
17Section
21. 628.347 (6) (b) of the statutes is amended to read:
SB294,33,2118
628.347
(6) (b) A penalty under par. (a) for a violation of sub. (2) (a), (b), or (d),
19including a forfeiture, may be reduced or eliminated to the extent provided by rule
20of the commissioner if corrective action is taken for the
senior consumer promptly
21after the violation is discovered.
SB294, s. 22
22Section
22. 628.347 (6) (c) of the statutes is amended to read:
SB294,34,223
628.347
(6) (c) The commissioner may promulgate rules related to the
24reduction or elimination of penalties for violations of this section on the basis of
1prompt action taken to correct any harm caused to
senior consumers by the
2violations.
SB294, s. 23
3Section
23. 628.347 (7) of the statutes is amended to read:
SB294,34,114
628.347
(7) Record keeping. An insurer and an insurance intermediary,
5including a general agent and an independent agency, shall maintain, or be able to
6make available to the commissioner, records of the information collected from a
7senior consumer and other information used in making a recommendation that was
8the basis for an insurance transaction for 6 years after the insurance transaction is
9completed by the insurer, except as otherwise permitted by the commissioner by rule.
10An insurer may, but is not required to, maintain records on behalf of an insurance
11intermediary, including a general agent and an independent agency.
SB294, s. 24
12Section
24. 628.347 (8) (a) of the statutes is amended to read:
SB294,34,1413
628.347
(8) (a) Direct response solicitations in which no recommendation is
14made based on information collected from the
senior consumer.
SB294, s. 25
15Section
25. 631.01 (4m) of the statutes is amended to read:
SB294,34,1916
631.01
(4m) Rustproofing warranties insurance. An insurer issuing a policy
17of insurance to cover a warranty, as defined in s. 100.205 (1) (g), shall comply with
18s. 632.18 and the policy shall be on a form approved by the commissioner
under s.
19631.20.
SB294, s. 26
20Section
26. 631.20 (1) (a) of the statutes is amended to read:
SB294,35,221
631.20
(1) (a) No form subject to s. 631.01 (1), except as exempted under
par.
22(c), sub. (1g), or s. 631.01 (2) to (5) or by rule under par. (b), may be used unless it has
23been filed with and approved by the commissioner and unless the insurer certifies
24that the form complies with chs. 600 to 655 and rules promulgated under chs. 600
25to 655. It is deemed approved if it is not disapproved within 30 days after filing, or
1within a 30-day extension of that period ordered by the commissioner prior to the
2expiration of the first 30 days.
SB294, s. 27
3Section
27. 631.20 (1) (c) of the statutes is created to read:
SB294,35,64
631.20
(1) (c) Subject to sub. (1m), a form first used and not already filed under
5par. (a) on or after the effective date of this paragraph .... [revisor inserts date], is
6exempt from par. (a) except for any of the following:
SB294,35,77
1. A form subject to s. 655.24 (1).
SB294,35,88
2. A form for a worker's compensation policy.
SB294,35,99
3. A form for a Medicare replacement policy or a Medicare supplement policy.
SB294,35,1110
4. A form for a long-term care insurance policy, including a form for a nursing
11home or home health care policy.
SB294,35,1212
5. A form filed under ch. 149.
SB294,35,1613
6. A form issued by an insurer ordered by the commissioner under s. 601.41 (4)
14to file forms under par. (a). The commissioner may require an insurer to file forms
15under par. (a) to secure compliance with the law, including if the commissioner
16determines that the insurer violated sub. (1m).
SB294,35,1917
7. A form that includes an appraisal or arbitration provision not specifically
18authorized by rule. The entire form, including the appraisal or arbitration provision,
19is subject to par. (a).
SB294,35,2020
8. A form that contains a clause subject to s. 631.21, but only as to the clause.
SB294,35,2121
9. A form subject to s. 618.41 (6m).
SB294,35,2222
10. A warranty contract form.
SB294,35,2423
11. A form required to be filed under par. (a) by a rule promulgated by the
24commissioner.
SB294, s. 28
25Section
28. 631.20 (1g) of the statutes is created to read:
SB294,36,5
1631.20
(1g) Exempt if approved by commission. A form for a product, as defined
2in s. 601.58 (2) (k), that is approved by or self-certified to, and not disapproved by,
3the Interstate Insurance Product Regulation Commission is exempt from subs. (1)
4(a) and (1m) (a), unless otherwise provided by a rule promulgated by the
5commissioner under s. 601.58.
SB294, s. 29
6Section
29. 631.20 (1m) of the statutes is created to read:
SB294,36,117
631.20
(1m) Use of certain forms. (a) Except as exempted under sub. (1g) or
8s. 631.01 (2) to (5) or by a rule promulgated by the commissioner, an insurer may not,
9on or after the effective date of this paragraph .... [revisor inserts date], use a form
10that is exempt from sub. (1) (a) under sub. (1) (c) unless the insurer does all of the
11following:
SB294,36,1212
1. Files the form with the commissioner 30 days before its use.
SB294,36,1413
2. Files the form in the manner and format, and with the attachments,
14prescribed by the commissioner.
SB294,36,1715
3. Certifies as required under par. (b) that the form complies with chs. 600 to
16655 and rules promulgated under chs. 600 to 655. The commissioner may require
17an insurer to include specific compliance certifications.
SB294,36,2218
(b) An insurer shall provide the certification under par. (a) 3. in the form
19prescribed by the commissioner. The certification shall be executed by a person who
20is an officer of the insurer and who is responsible for the form that is the subject of
21the filing. No insurer may file, and no insurer's officer may execute, a false
22certification.
SB294, s. 30
23Section
30. 631.20 (2) (intro.) of the statutes is amended to read:
SB294,36,2524
631.20
(2) Grounds for disapproval. (intro.) The commissioner may
25disapprove a form
under sub. (1) (a) or (3) upon a finding:
SB294, s. 31
1Section
31. 631.20 (3) of the statutes is amended to read:
SB294,37,72
631.20
(3) Subsequent disapproval. Whenever the commissioner finds, after
3a hearing, that a form approved or deemed to be approved under sub. (1) (a)
would,
4a form filed under sub. (1m), or a form subject to subsequent disapproval under s.
5601.58 (14) should be disapproved under sub. (2)
if newly filed, the commissioner
6may order that on or before a date not less than 30 nor more than 90 days after the
7order the use of the form shall be discontinued or appropriate changes shall be made.
SB294, s. 32
8Section
32. 631.20 (6) (title) of the statutes is amended to read:
SB294,37,99
631.20
(6) (title)
Approved form which Form that violates statute or rule.
SB294, s. 33
10Section
33. 631.20 (6) (a) of the statutes is renumbered 631.20 (6) (a) (intro.)
11and amended to read:
SB294,37,1312
631.20
(6) (a) (intro.) The penalties under s. 601.64 (3) to (5) may not be imposed
13against an insurer for
using any of the following:
SB294,37,17
141. Using a form that does not comply with a statute or rule
, including a rule or
15uniform standard adopted by the Interstate Insurance Product Regulation
16Commission, if the statute or rule was in effect on the date the form was approved
17or deemed to be approved under sub. (1) (a)
or s. 601.58.
SB294, s. 34
18Section
34. 631.20 (6) (a) 2. of the statutes is created to read:
SB294,37,2019
631.20
(6) (a) 2. The use of a form solely based on a finding of the commissioner
20that the content of the form is misleading under s. 628.34 (1).
SB294, s. 35
21Section
35. 631.20 (6) (b) of the statutes is amended to read:
SB294,38,222
631.20
(6) (b)
Use An insurer's use of a form that does not comply with a statute
23or rule
which, including a rule or uniform standard adopted by the Interstate
24Insurance Product Regulation Commission, that takes effect after the date the form
25was approved or deemed to be approved under sub. (1) (a)
or s. 601.58 is a violation
1of the statute or rule, and the penalties under s. 601.64 may be imposed against the
2insurer using the form.
SB294, s. 36
3Section
36. 631.20 (6) (c) of the statutes is created to read:
SB294,38,84
631.20
(6) (c) Except as provided in par. (a) 2., an insurer's use of a form filed
5under sub. (1m) that violates chs. 600 to 655 or rules promulgated under chs. 600 to
6655 is a violation of the statute or rule, regardless of whether the form has been
7subsequently disapproved under sub. (3). The insurer is subject to the penalties and
8remedial orders provided under chs. 600 to 655, including ss. 601.41 (4) and 601.64.
SB294, s. 37
9Section
37. 631.21 (1) (intro.) of the statutes is amended to read:
SB294,38,1310
631.21
(1) Required approval. (intro.) Despite
the filing or general approval
11of a form under s. 631.20, the following clauses
are not approved may not be used 12even if contained in the form unless the commissioner gives explicit approval to
13them:
SB294, s. 38
14Section
38. 631.23 (1) (intro.) of the statutes is amended to read:
SB294,38,1915
631.23
(1) Promulgation of clauses. (intro.) The commissioner may not
16promulgate mandatory uniform clauses that preclude an insurer from filing its own
17forms
for approval under s. 631.20; the commissioner may only disapprove such
18forms on the basis of the criteria stated in that section. Subject thereto, the
19commissioner may promulgate authorized clauses by rule upon a finding that:
SB294, s. 39
20Section
39. 631.36 (1) (a) of the statutes is amended to read:
SB294,38,2421
631.36
(1) (a)
General. Except as otherwise provided in this section or in other
22statutes or by rule under par. (c), this section applies to all contracts of insurance
23based on forms
which that are subject to filing
and approval under s.
601.58 or 631.20
24(1) (a).
SB294, s. 40
25Section
40. 632.32 (4) (intro.) of the statutes is amended to read:
SB294,39,7
1632.32
(4) Required uninsured motorist and medical payments coverages. 2(intro.) Every policy of insurance subject to this section that insures with respect to
3any motor vehicle registered or principally garaged in this state against loss
4resulting from liability imposed by law for bodily injury or death suffered by any
5person arising out of the ownership, maintenance
, or use of a motor vehicle shall
6contain therein or supplemental thereto
the following provisions
approved by the
7commissioner:
SB294, s. 41
8Section
41. 632.45 (2) of the statutes is amended to read:
SB294,39,139
632.45
(2) Amendments. Any contract under sub. (1) shall state whether it may
10be amended as to investment policy, voting rights, and conduct of the business and
11affairs of any segregated account. Subject to any preemptive provision of federal law,
12any such amendment is subject to filing
and approval under s. 631.20 and approval
13by a majority of the policyholders in the segregated account.
SB294, s. 42
14Section
42. 646.35 (6) (bm) of the statutes is amended to read:
SB294,39,1815
646.35
(6) (bm) For coverages continued pursuant to par. (b), the fund may
16substitute a comprehensive health insurance policy
approved by the commissioner 17for a health maintenance organization policy that is subject to sub. (3), and increase
18rates or premiums for the substituted coverage as provided in sub. (5).
SB294, s. 43
19Section
43. 893.80 (8) of the statutes is amended to read:
SB294,39,2220
893.80
(8) This section does not apply to actions commenced under s. 19.37,
2119.97
, or 281.99
or to claims against the interstate insurance product regulation
22commission.