SB294,14,98
5. Establishing the titles, duties, and authority, and reasonable procedures for
9the election, of the officers of the commission.
SB294,14,1310
6. Providing reasonable standards and procedures for the establishment of the
11personnel policies and programs of the commission. Notwithstanding any civil
12service or other similar laws of any compacting state, the bylaws shall exclusively
13govern the personnel policies and programs of the commission.
SB294,14,1514
7. Promulgating a code of ethics to address permissible and prohibited
15activities of commission members and employees.
SB294,14,1816
8. Providing a mechanism for winding up the operations of the commission and
17the equitable disposition of any surplus funds that may exist after the termination
18of the compact after the payment or reserving of all of its debts and obligations.
SB294,14,2119
(d) The commission shall publish its bylaws in a convenient form and file a copy
20thereof and a copy of any amendment thereto, with the appropriate agency or officer
21in each of the compacting states.
SB294,14,2322
(e) A management committee comprising no more than 14 members shall be
23established as follows:
SB294,15,224
1. One member from each of the 6 compacting states with the largest premium
25volume for individual and group annuities, life insurance, disability income, and
1long-term care insurance products, determined from the records of the National
2Association of Insurance Commissioners for the prior year.
SB294,15,63
2. Four members from those compacting states with at least 2 percent of the
4market based on the premium volume described in subd. 1., other than the 6
5compacting states with the largest premium volume, selected on a rotating basis as
6provided in the bylaws.
SB294,15,107
3. Four members from those compacting states with less than 2 percent of the
8market, based on the premium volume described in subd. 1., with one selected from
9each of the 4 zone regions of the National Association of Insurance Commissioners
10as provided in the bylaws.
SB294,15,1211
(f) The management committee shall have such authority and duties as may
12be set forth in the bylaws, including, but not limited to, all of the following:
SB294,15,1413
1. Managing the affairs of the commission in a manner consistent with the
14bylaws and purposes of the commission.
SB294,15,2215
2. Establishing and overseeing an organizational structure within, and
16appropriate procedures for, the commission to provide for the creation of uniform
17standards and other rules, receipt and review of product filings, administrative and
18technical support functions, review of decisions regarding the disapproval of a
19product filing, and the review of elections made by a compacting state to opt out of
20a uniform standard; provided, that a uniform standard shall not be submitted to the
21compacting states for adoption unless approved by two-thirds of the members of the
22management committee.
SB294,15,2323
3. Overseeing the offices of the commission.
SB294,16,3
14. Planning, implementing, and coordinating communications and activities
2with other state, federal, and local government organizations in order to advance the
3goals of the commission.
SB294,16,64
(g) The commission shall elect annually officers from the management
5committee, with each having such authority and duties as may be specified in the
6bylaws.
SB294,16,127
(h) The management committee may, subject to the approval of the commission,
8appoint or retain an executive director for such period, upon such terms and
9conditions, and for such compensation as the commission determines appropriate.
10The executive director shall serve as secretary to the commission, but may not be a
11member of the commission. The executive director shall hire and supervise such
12other staff as may be authorized by the commission.
SB294,16,2013
(i) A legislative committee comprising state legislators or their designees shall
14be established to monitor the operations of, and make recommendations to, the
15commission, including the management committee; provided, that the manner of
16selection and term of any legislative committee member shall be as set forth in the
17bylaws. Prior to the adoption by the commission of any uniform standard, revision
18to the bylaws, annual budget, or other significant matter as may be provided in the
19bylaws, the management committee shall consult with and report to the legislative
20committee.
SB294,16,2321
(j) The commission shall establish 2 advisory committees, one of which shall
22comprise consumer representatives independent of the insurance industry, and the
23other comprising insurance industry representatives.
SB294,16,2524
(k) The commission may establish additional advisory committees as its bylaws
25may provide for the carrying out of its functions.
SB294,17,2
1(L) The commission shall maintain its corporate books and records in
2accordance with the bylaws.
SB294,17,123
(m) The members, officers, executive director, employees, and representatives
4of the commission shall be immune from suit and liability, either personally or in
5their official capacity, for any claim for damage to or loss of property or personal
6injury or other civil liability caused by or arising out of or relating to any actual or
7alleged act, error, or omission that occurred, or that the person against whom the
8claim is made had a reasonable basis for believing occurred, within the scope of
9commission employment, duties, or responsibilities; provided, that nothing in this
10paragraph shall be construed to protect any such person from suit or liability for any
11damage, loss, injury, or liability caused by the intentional or willful and wanton
12misconduct of that person.
SB294,17,2213
(n) The commission shall defend any member, officer, executive director,
14employee, or representative of the commission in any civil action seeking to impose
15liability arising out of any actual or alleged act, error, or omission that occurred
16within the scope of commission employment, duties, or responsibilities, or that the
17person against whom the claim is made had a reasonable basis for believing occurred
18within the scope of commission employment, duties, or responsibilities; provided,
19that nothing herein shall be construed to prohibit that person from retaining his or
20her own counsel; and provided further, that the actual or alleged act, error, or
21omission did not result from that person's intentional or willful and wanton
22misconduct.
SB294,18,523
(o) The commission shall indemnify and hold harmless any member, officer,
24executive director, employee, or representative of the commission for the amount of
25any settlement or judgment obtained against that person arising out of any actual
1or alleged act, error, or omission that occurred within the scope of commission
2employment, duties, or responsibilities, or that such person had a reasonable basis
3for believing occurred within the scope of commission employment, duties, or
4responsibilities; provided, that the actual or alleged act, error, or omission did not
5result from the intentional or willful and wanton misconduct of that person.
SB294,18,66
(p) Section 893.80 does not apply to claims against the commission.
SB294,18,9
7(6) Article VI - Meetings and Acts of the Commission. (a) The commission
8shall meet and take such actions as are consistent with the provisions of this compact
9and the bylaws.
SB294,18,1410
(b) Each member of the commission shall have the right and power to cast a vote
11to which that compacting state is entitled and to participate in the business and
12affairs of the commission. A member shall vote in person or by such other means as
13provided in the bylaws. The bylaws may provide for members' participation in
14meetings by telephone or other means of communication.
SB294,18,1615
(c) The commission shall meet at least once during each calendar year.
16Additional meetings shall be held as set forth in the bylaws.
SB294,18,24
17(7) Article VII - Rules and Operating Procedures; Rule-making Functions
18of the Commission and Opting Out of Uniform Standards. (a) The commission shall
19promulgate reasonable rules, including uniform standards, and operating
20procedures in order to effectively and efficiently achieve the purposes of this
21compact. Notwithstanding the foregoing, in the event the commission exercises its
22rule-making authority in a manner that is beyond the scope of the purposes of this
23section, or the powers granted hereunder, then such an action by the commission
24shall be invalid and have no force and effect.
SB294,19,8
1(b) Rules and operating procedures shall be made pursuant to a rule-making
2process that conforms to the Model State Administrative Procedure Act of 1981 as
3amended, as may be appropriate to the operations of the commission. Before the
4commission adopts a uniform standard, the commission shall give written notice to
5all relevant state legislative committees in each compacting state responsible for
6insurance issues of its intention to adopt the uniform standard. The commission in
7adopting a uniform standard shall consider fully all submitted materials and issue
8a concise explanation of its decision.
SB294,19,159
(c) A uniform standard shall become effective 90 days after its promulgation
10by the commission or such later date as the commission may determine; provided,
11that a compacting state may opt out of a uniform standard as provided in this
12subsection. "Opt out" shall be defined as any action by a compacting state to decline
13to adopt or participate in a promulgated uniform standard. All other rules and
14operating procedures, and amendments thereto, shall become effective as of the date
15specified in each rule, operating procedure, or amendment.
SB294,20,316
(d) 1. A compacting state may opt out of a uniform standard either by legislation
17or regulation duly promulgated by the insurance department under the compacting
18state's administrative procedure act. If a compacting state elects to opt out of a
19uniform standard by regulation, it must give written notice to the commission no
20later than 10 business days after the uniform standard is promulgated, or at the time
21the state becomes a compacting state, and find that the uniform standard does not
22provide reasonable protections to the citizens of the state, given the conditions in the
23state. The commissioner shall make specific findings of fact and conclusions of law,
24based on a preponderance of the evidence, detailing the conditions in the state that
25warrant a departure from the uniform standard and determining that the uniform
1standard would not reasonably protect the citizens of the state. The commissioner
2must consider and balance all of the following factors and find that the conditions in
3the state and needs of the citizens of the state outweigh all of the following factors:
SB294,20,64
a. The intent of the legislature to participate in, and the benefits of, an
5interstate agreement to establish national uniform consumer protections for the
6products subject to this section.
SB294,20,87
b. The presumption that a uniform standard adopted by the commission
8provides reasonable protections to consumers of the relevant product.
SB294,20,169
2. Notwithstanding subd. 1., a compacting state may, at the time of its
10enactment of this compact, prospectively opt out of all uniform standards involving
11long-term care insurance products by expressly providing for such opt out in the
12enacted compact, and such an opt out may not be treated as a material variance in
13the offer or acceptance of any state to participate in this compact. Such an opt out
14shall be effective at the time of enactment of this compact by the compacting state
15and shall apply to all existing uniform standards involving long-term care insurance
16products and those subsequently promulgated.
SB294,21,217
(e) If a compacting state elects to opt out of a uniform standard, the uniform
18standard shall remain applicable in the compacting state electing to opt out until
19such time as the opt out legislation is enacted into law or the regulation opting out
20becomes effective. Once the opt out of a uniform standard by a compacting state
21becomes effective as provided under the laws of that state, the uniform standard
22shall have no further force or effect in that state unless and until the legislation or
23regulation implementing the opt out is repealed or otherwise becomes ineffective
24under the laws of the state. If a compacting state opts out of a uniform standard after
1the uniform standard has been made effective in that state, the opt out shall have
2the same prospective effect as provided under sub. (14) for withdrawals.
SB294,21,163
(f) If a compacting state has formally initiated the process of opting out of a
4uniform standard by regulation, and while the regulatory opt out is pending, the
5compacting state may petition the commission, at least 15 days before the effective
6date of the uniform standard, to stay the effectiveness of the uniform standard in that
7state. The commission may grant a stay if it determines the regulatory opt out is
8being pursued in a reasonable manner and there is a likelihood of success. If a stay
9is granted or extended by the commission, the stay or extension thereof may postpone
10the effective date by up to 90 days, unless affirmatively extended by the commission;
11provided, that a stay may not be permitted to remain in effect for more than one year
12unless the compacting state can show extraordinary circumstances that warrant a
13continuance of the stay, including, but not limited to, the existence of a legal
14challenge that prevents the compacting state from opting out. A stay may be
15terminated by the commission upon notice that the rule-making process has been
16terminated.
SB294,21,2417
(g) Not later than 30 days after a rule or operating procedure is promulgated,
18any person may file a petition for judicial review of the rule or operating procedure;
19provided, that the filing of such a petition may not stay or otherwise prevent the rule
20or operating procedure from becoming effective unless the court finds that the
21petitioner has a substantial likelihood of success. The court shall give deference to
22the actions of the commission consistent with applicable law and shall not find the
23rule or operating procedure to be unlawful if the rule or operating procedure
24represents a reasonable exercise of the commission's authority.
SB294,22,9
1(8) Article VIII - Commission Records and Enforcement. (a) The commission
2shall promulgate rules establishing conditions and procedures for public inspection
3and copying of its information and official records, except such information and
4records involving the privacy of individuals and insurers' trade secrets. The
5commission may promulgate additional rules under which it may make available to
6federal and state agencies, including law enforcement agencies, records and
7information otherwise exempt from disclosure, and may enter into agreements with
8such agencies to receive or exchange information or records subject to nondisclosure
9and confidentiality provisions.
SB294,22,1910
(b) Except as to privileged records, data, and information, the laws of any
11compacting state pertaining to confidentiality or nondisclosure may not relieve any
12compacting state commissioner of the duty to disclose any relevant records, data, or
13information to the commission; provided, that disclosure to the commission shall not
14be deemed to waive or otherwise affect any confidentiality requirement; and
15provided further, that, except as otherwise expressly provided in this section, the
16commission shall not be subject to the compacting state's laws pertaining to
17confidentiality and nondisclosure with respect to records, data, and information in
18its possession. Confidential information of the commission shall remain confidential
19after such information is provided to any commissioner.
SB294,23,220
(c) The commission shall monitor compacting states for compliance with duly
21adopted bylaws, rules, including uniform standards, and operating procedures. The
22commission shall notify any noncomplying compacting state in writing of its
23noncompliance with commission bylaws, rules, or operating procedures. If a
24noncomplying compacting state fails to remedy its noncompliance within the time
1specified in the notice of noncompliance, the compacting state shall be deemed to be
2in default under sub. (14).
SB294,23,73
(d) The commissioner of any state in which an insurer is authorized to do
4business, or is conducting the business of insurance, shall continue to exercise his or
5her authority to oversee the market regulation of the activities of the insurer in
6accordance with the provisions of the state's law. The commissioner's enforcement
7of compliance with the compact is governed by the following provisions:
SB294,23,138
1. With respect to the commissioner's market regulation of a product or
9advertisement that is approved by or certified to the commission, the content of the
10product or advertisement shall not constitute a violation of the provisions,
11standards, or requirements of the compact except upon a final order of the
12commission, issued at the request of a commissioner after prior notice to the insurer
13and an opportunity for hearing before the commission.
SB294,23,2014
2. Before a commissioner may bring an action for violation of any provision,
15standard, or requirement of the compact relating to the content of an advertisement
16not approved by or certified to the commission, the commission, or an authorized
17commission officer or employee, must authorize the action. However, authorization
18pursuant to this subdivision does not require notice to the insurer, opportunity for
19hearing, or disclosure of requests for authorization or records of the commission's
20action on such requests.
SB294,23,25
21(9) Article IX - Dispute Resolution. The commission shall attempt, upon the
22request of a member, to resolve any disputes or other issues that are subject to this
23compact and that may arise between 2 or more compacting states, or between
24compacting states and noncompacting states, and the commission shall promulgate
25an operating procedure providing for resolution of such disputes.
SB294,24,7
1(10) Article X - Product Filing and Approval. (a) Insurers and 3rd-party
2filers seeking to have a product approved by the commission shall file the product
3with, and pay applicable filing fees to, the commission. Nothing in this section shall
4be construed to restrict or otherwise prevent an insurer from filing its product with
5the insurance department in any state wherein the insurer is licensed to conduct the
6business of insurance, and such filing shall be subject to the laws of the states where
7filed.
SB294,24,168
(b) The commission shall establish appropriate filing and review processes and
9procedures pursuant to commission rules and operating procedures.
10Notwithstanding any provision herein to the contrary, the commission shall
11promulgate rules to establish conditions and procedures under which the
12commission will provide public access to product filing information. In establishing
13such rules, the commission shall consider the interests of the public in having access
14to such information, as well as protection of personal medical and financial
15information and trade secrets, that may be contained in a product filing or
16supporting information.
SB294,24,1817
(c) Any product approved by the commission may be sold or otherwise issued
18in those compacting states for which the insurer is legally authorized to do business.
SB294,25,3
19(11) Article XI - Review of Commission Decisions Regarding Filings. (a) Not
20later than 30 days after the commission has given notice of a disapproved product
21or advertisement filed with the commission, the insurer or 3rd-party filer whose
22filing was disapproved may appeal the determination to a review panel appointed by
23the commission. The commission shall promulgate rules to establish procedures for
24appointing such review panels and provide for notice and hearing. An allegation that
25the commission, in disapproving a product or advertisement filed with the
1commission, acted arbitrarily, capriciously, or in a manner that is an abuse of
2discretion or otherwise not in accordance with the law, is subject to judicial review
3in accordance with sub. (3).
SB294,25,84
(b) The commission shall have authority to monitor, review, and reconsider
5products and advertisement subsequent to their filing or approval upon a finding
6that the product does not meet the relevant uniform standard. Where appropriate,
7the commission may withdraw or modify its approval after proper notice and
8hearing, subject to the appeal process in par. (a).
SB294,25,15
9(12) Article XII - Finance. (a) The commission shall pay or provide for the
10payment of the reasonable expenses of its establishment and organization. To fund
11the cost of its initial operations, the commission may accept contributions and other
12forms of funding from the National Association of Insurance Commissioners,
13compacting states, and other sources. Contributions and other forms of funding from
14other sources shall be of such a nature that the independence of the commission
15concerning the performance of its duties shall not be compromised.
SB294,25,1916
(b) The commission shall collect a filing fee from each insurer and 3rd-party
17filer filing a product with the commission to cover the cost of the operations and
18activities of the commission and its staff in a total amount sufficient to cover the
19commission's annual budget.
SB294,25,2120
(c) The commission's budget for a fiscal year may not be approved until it has
21been subject to notice and comment as set forth in sub. (7).
SB294,25,2322
(d) The commission shall be exempt from all taxation in and by the compacting
23states.
SB294,25,2524
(e) The commission may not pledge the credit of any compacting state, except
25by and with the appropriate legal authority of that compacting state.
SB294,26,16
1(f) The commission shall keep complete and accurate accounts of all its internal
2receipts, including grants and donations, and disbursements of all funds under its
3control. The internal financial accounts of the commission shall be subject to the
4accounting procedures established under its bylaws. The financial accounts and
5reports including the system of internal controls and procedures of the commission
6shall be audited annually by an independent certified public accountant. Upon the
7determination of the commission, but no less frequently than every 3 years, the
8review of the independent auditor shall include a management and performance
9audit of the commission. The commission shall make an annual report to the
10governor and legislature of each of the compacting states, which shall include a
11report of the independent audit. The commission's internal accounts shall not be
12confidential and such materials may be shared with the commissioner of any
13compacting state upon request; provided, that any work papers related to any
14internal or independent audit and any information regarding the privacy of
15individuals and insurers' proprietary information, including trade secrets, shall
16remain confidential.
SB294,26,1917
(g) No compacting state shall have any claim to or ownership of any property
18held by or vested in the commission or to any commission funds held pursuant to the
19provisions of this compact.
SB294,26,21
20(13) Article XIII - Compacting States, Effective Date, and Amendment. (a)
21Any state is eligible to become a compacting state.
SB294,27,722
(b) The compact shall become effective and binding upon legislative enactment
23of the compact into law by 2 compacting states; provided, that the commission shall
24become effective for purposes of adopting uniform standards for, reviewing, and
25giving approval or disapproval of, products filed with the commission that satisfy
1applicable uniform standards only after 26 states are compacting states or,
2alternatively, only after states representing greater than 40 percent of the premium
3volume for life insurance, annuity, disability income, and long-term care insurance
4products, based on records of the National Association of Insurance Commissioners
5for the prior year, are compacting states. Thereafter, it shall become effective and
6binding as to any other compacting state upon enactment of the compact into law by
7that state.
SB294,27,118
(c) Amendments to the compact may be proposed by the commission for
9enactment by the compacting states. No amendment shall become effective and
10binding upon the commission and the compacting states unless and until all
11compacting states enact the amendment into law.
SB294,27,16
12(14) Article XIV - Withdrawal, Default, and Termination. (a) Once effective,
13the compact shall continue in force and remain binding upon each and every
14compacting state; provided, that a compacting state may withdraw from the compact
15("withdrawing state") by enacting a statute specifically repealing the statute that
16enacted the compact into law.
SB294,27,2117
(b) The effective date of withdrawal is the effective date of the repealing statute.
18The withdrawal shall not apply to any product filings approved or self-certified, or
19any advertisement of such products, on the date the repealing statute becomes
20effective, except by mutual agreement of the commission and the withdrawing state,
21unless the approval is rescinded by the withdrawing state as provided in par. (e).
SB294,27,2422
(c) The commissioner of the withdrawing state shall immediately notify the
23management committee in writing upon the introduction of legislation repealing this
24compact in the withdrawing state.
SB294,28,2
1(d) The commission shall notify the other compacting states of the introduction
2of such legislation within 10 days after its receipt of notice thereof.
SB294,28,123
(e) The withdrawing state is responsible for all obligations, duties, and
4liabilities incurred through the effective date of withdrawal, including any
5obligations, the performance of which extend beyond the effective date of
6withdrawal, except to the extent those obligations may have been released or
7relinquished by mutual agreement of the commission and the withdrawing state.
8The commission's approval of products and advertisement prior to the effective date
9of withdrawal shall continue to be effective and be given full force and effect in the
10withdrawing state, unless formally rescinded by the withdrawing state in the same
11manner as provided by the laws of the withdrawing state for the prospective
12disapproval of products or advertisement previously approved under state law.
SB294,28,1413
(f) Reinstatement following withdrawal of any compacting state shall occur
14upon the effective date of the withdrawing state reenacting the compact.
SB294,29,415
(g) If the commission determines that any compacting state has at any time
16defaulted ("defaulting state") in the performance of any of its obligations or
17responsibilities under this compact, the bylaws, or duly promulgated rules or
18operating procedures, then, after notice and hearing as set forth in the bylaws, all
19rights, privileges, and benefits conferred by this compact on the defaulting state
20shall be suspended from the effective date of default as fixed by the commission. The
21grounds for default include, but are not limited to, failure of a compacting state to
22perform its obligations or responsibilities and any other grounds designated in
23commission rules. The commission shall immediately notify the defaulting state in
24writing of the defaulting state's suspension pending a cure of the default. The
25commission shall stipulate the conditions and the time period within which the
1defaulting state must cure its default. If the defaulting state fails to cure the default
2within the time period specified by the commission, the defaulting state shall be
3terminated from the compact and all rights, privileges, and benefits conferred by this
4compact shall be terminated from the effective date of termination.
SB294,29,85
(h) Product approvals by the commission or product self-certifications, or any
6advertisement in connection with such product, that are in force on the effective date
7of termination shall remain in force in the defaulting state in the same manner as
8if the defaulting state had withdrawn voluntarily under par. (a).
SB294,29,109
(i) Reinstatement following termination of any compacting state requires a
10reenactment of the compact.
SB294,29,1311
(j) The compact dissolves effective upon the date of the withdrawal or default
12of the compacting state that reduces membership in the compact to one compacting
13state.
SB294,29,1714
(k) Upon the dissolution of this compact, the compact becomes null and void and
15shall be of no further force or effect, and the business and affairs of the commission
16shall be wound up and any surplus funds shall be distributed in accordance with the
17bylaws.
SB294,29,20
18(15) Article XV - Severability and Construction. (a) The provisions of this
19compact shall be severable; and if any phrase, clause, sentence, or provision is
20deemed unenforceable, the remaining provisions of the compact shall be enforceable.
SB294,29,2221
(b) The provisions of this compact shall be liberally construed to effectuate its
22purposes.
SB294,29,25
23(16) Article XVI - Binding Effect of Compact and Other Laws. (a) Nothing
24herein prevents the enforcement of any other law of a compacting state, except as
25provided in par. (b).
SB294,30,8
1(b) For any product approved by or certified to the commission, the rules,
2uniform standards, and any other requirements of the commission shall constitute
3the exclusive provisions applicable to the content, approval, and certification of such
4products. For advertisement that is subject to the commission's authority, any rule,
5uniform standard, or other requirement of the commission that governs the content
6of the advertisement shall constitute the exclusive provision that a commissioner
7may apply to the content of the advertisement. Notwithstanding the foregoing, no
8action taken by the commission shall abrogate or restrict any of the following:
SB294,30,99
1. The access of any person to state courts.
SB294,30,1110
2. Remedies available under state law related to breach of contract, tort, or
11other laws not specifically directed to the content of the product.
SB294,30,1212
3. State law relating to the construction of insurance contracts.
SB294,30,1513
4. The authority of the secretary of agriculture, trade and consumer protection
14or the attorney general of the state, including, but not limited to, maintaining any
15actions or proceedings, as authorized by law.
SB294,30,1716
(c) All insurance products filed with individual states shall be subject to the
17laws of those states.
SB294,30,2418
(d) All lawful actions of the commission, including all rules and operating
19procedures promulgated by the commission, are binding upon the compacting states.
20All agreements between the commission and the compacting states are binding in
21accordance with their terms. Upon the request of a party to a conflict over the
22meaning or interpretation of commission actions, and upon a majority vote of the
23compacting states, the commission may issue advisory opinions regarding the
24meaning or interpretation in dispute.
SB294,31,7
1(e) In the event any provision of this compact exceeds the constitutional limits
2imposed on the legislature of any compacting state, the obligations, duties, powers,
3or jurisdiction sought to be conferred by that provision upon the commission shall be
4ineffective as to that compacting state, and such obligations, duties, powers, or
5jurisdiction shall remain in the compacting state and shall be exercised by the agency
6thereof to which such obligations, duties, powers, or jurisdiction are delegated by law
7in effect at the time this compact becomes effective.
SB294, s. 5
8Section
5. 605.03 (1) (a) of the statutes is amended to read:
SB294,31,129
605.03
(1) (a)
Mandatory coverage. The property fund shall provide protection
10against fire and extended coverage perils. The coverage shall be at least as favorable
11as that customarily provided by policies
approved by
filed with the commissioner for
12the use of private insurers in insuring comparable property.
SB294, s. 6
13Section
6. 607.02 (1) of the statutes is amended to read:
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: