Exemption of licensing of individuals as intermediaries.
Prohibited business practices.
Filing requirements for multiple employer trusts and associations.
Proper exchange of business.
Unfair discrimination in life and disability insurance.
Unfair discrimination based on geographic location or age of risk.
Combinations of lines and classes of insurance.
Suretyship and risk limitations of surety obligations.
Classifications of insurance.
Grounds for disapproval of and authorized clauses for fire, inland marine and other property insurance forms.
Exemption from mid-term cancellation requirements.
Exemption from filing of rates.
Exemption from rate filing requirements.
Advisory councils and committees.
Retention of records.
Notification of a person's right to file a complaint with the commissioner.
Prohibited uses of senior-specific designations.
Registration of navigator entities.
Registration of certified application counselors, nonnavigator assisters and nonnavigator assister entities.
Prohibited business practices.
Navigator, nonnavigator assister, navigator entity, and nonnavigator assister entity records.
Prohibition of uses of designations.
Foreign company to operate 2 years before admission.
Experience has demonstrated that until a company has engaged in the business of insurance for at least 2 years there is not a sufficient basis upon which to form a judgment as to whether its methods and practices in the conduct of its business are such as to safeguard the interests of its policyholders and the people of this state. Therefore, no application of a foreign insurance company or mutual benefit society for a license to transact business in Wisconsin will be considered until it has continuously transacted the business of insurance for at least 2 years immediately prior to the making of such application for license.
Ins 6.01 History
Company to transact a kind of insurance 2 years before admission. Ins 6.02(1)(1)
Experience has demonstrated that until a company has engaged in a kind of insurance or in another kind of insurance of the same class for at least 2 years, there is not a sufficient basis upon which to form a judgment as to whether its methods and practices in the conduct of its business in such kind of insurance or another kind in the same class of insurance, are such as to safeguard the interests of its policyholders and the people of this state. Therefore, no application of a foreign insurance company or mutual benefit society for a license to transact a kind of insurance business in Wisconsin will be considered until it has continuously transacted that kind of insurance, or another kind of insurance in the same class of insurance as that for which it makes such application for at least 2 years immediately prior to making such application. For the purposes hereof, insurance is divided into kinds of insurance according to the provisions of s. Ins 6.75
, each subsection setting forth a separate kind, and into classes of insurance upon the basis of and including the said kinds as follows:
Ins 6.02 History
; emerg. am. eff. 6-22-76; am. Register, September, 1976, No. 249
, eff. 10-1-76; am. Register, March, 1979, No. 279
, eff. 4-1-79; corrections made under s. 13.93 (2m) (b) 7., Stats., Register, June, 1997, No. 498
Domestication of nondomestic insurer. Ins 6.03(1)(1)
Under s. 611.223 (1) (a)
, Stats., a nondomestic insurer may apply to the commissioner to become a domestic insurer. In accordance with s. 611.223 (1) (b)
, Stats., this section specifies the contents of the application needed from a nondomestic insurer to obtain a certificate of incorporation and certificate of authority to be a domestic insurer.
This section applies to each nondomestic insurer which submits to the commissioner under s. 611.223 (1) (a)
, Stats., an application for a certificate of incorporation and a certificate of authority for domestic insurers.
(3) Required contents of the application.
The application for a certificate of incorporation and a certificate of authority shall be filed in accordance with s. 611.223 (1) (a)
, Stats., and shall include the following information:
Information on the corporation and officers and directors, including all of the following:
The names, and for the preceding 10 years all addresses and all occupations of all existing and proposed directors and officers;
Certified copies of the articles and bylaws of the corporation and of any proposed amendments thereto in conjunction with the change of domicile;
All agreements relating to the corporation to which any existing or proposed director or officer is a party;
The present and proposed compensation of existing and proposed directors and officers; and
The applicant's plan for conducting the insurance business, including any proposed changes to the applicant's current manner of conducting the insurance business, containing all of the following information:
A description of the geographical area in which the applicant conducts business;
A summary of the applicant's policies on reinsurance business ceded, including information regarding retentions, maximum risks, types of contracts such as pro rata, excess of loss, and any other information which may be material to this part of the applicant's operation;
A summary of the applicant's policies on assumed reinsurance including information regarding retentions, maximum risks, types of business, types of contracts to be issued, and other factors which may be material to this part of the applicant's operations;
The applicant's annual statements for the three most recent years and a projection of the anticipated operating results of the corporation at the end of the next five years of operation, based on reasonable assumptions of loss experience, premium and other income, operating expenses and acquisition costs; and
To the extent requested by the commissioner, the applicant's method of establishing premium rates.
A certificate from the authority which regulates the insurance industry in the applicant's state of domicile, stating that the authority has given all requisite approvals and that the applicant's corporation is in good standing with the authority and in compliance with the laws of the state of domicile; and
Any other relevant information required by the commissioner from an applicant.
An insurer may obtain materials for application for a certificate of incorporation and certificate of authority by requesting them from the commissioner of insurance, P.O. Box 7873, Madison, Wisconsin 53707-7873.
In accordance with s. 601.31 (1) (a)
, Stats., an insurer shall submit a $100 fee to the commissioner at the same time that the insurer submits the application for the certificates of incorporation and authority.
The commissioner shall issue within 180 days of receiving a completed application submitted in accordance with s. 611.223 (1) (a)
, Stats., a certificate of incorporation and a certificate of authority to the insurer submitting the application if the commissioner determines that the insurer satisfies the requirements of s. 611.223 (1) (a) 1.
, Stats. A failure by the commissioner to issue the certificate of incorporation and a certificate of authority within 180 days does not constitute acceptance of the application.
In accordance with s. 601.31 (1) (b)
, Stats., an insurer shall submit a $100 fee to the commissioner upon issuance of the certificate of incorporation and certificate of authority.
Ins 6.03 History
Cr. Register, May, 1989, No. 401
, eff. 6-1-89; correction in (3) (a) 5. made under s. 13.93 (2m) (b) 7., Stats., Register, February, 2000, No. 530
Filing of insurance forms. Ins 6.05(3)(a)
“Affiliated insurer" means an insurer which is a member or subscriber to a rate service organization licensed under s. 625.32
, Stats., and which has authorized the rate service organization to file forms on its behalf.
“Certificate of compliance and readability" means a document in substantially identical format to Appendix A which is signed by an officer of the insurer.
“Certificate of readability" means a written statement signed by an officer of the insurer stating that the form is subject to s. Ins 6.07
and that the form meets the minimum standards set forth in that section.
“OCI" means the office of the commissioner of insurance.
“Submission" means a filing under s. 631.20
, Stats., or any request received by the office of the commissioner of insurance for approval of a single form or combination of forms.
“Transmittal document" means a document substantially identical in format to the form established by standards adopted by the National Association of Insurance Commissioners (NAIC), on which an insurer shall list information about each form submitted for approval.
Ins 6.05 Note
Note: A copy of the transmittal document may be obtained at no cost from the Office of the Commissioner of Insurance, P.O. Box 7873, Madison WI 53707-7873, or at the Office's web address: oci.wi.gov.
Each paper submission of forms shall include all of the following:
A properly completed insurance transmittal document in duplicate.
A properly completed certificate of compliance and readability in substantially identical format as in Appendix A.
In the case of a form that alters or replaces a previously approved form, a description of the change.
One copy of each form in final format exactly as it will be offered for issuance or delivery in the state of Wisconsin, except for hypothetical data and other appropriate variable material.
If a form contains variable material or language, a written description identifying the range of the variable material or language.
A second copy of each form, if the insurer requires an OCI stamped copy for its records.
A copy of the previously approved form clearly marked “for reference only" if the current form is to supercede the previously approved form.
If the submission of forms is filed by a third-party on behalf of an insurer, a letter from the insurer, authorizing the third-party to file forms on its behalf.
A self-addressed return envelope of sufficient size to return one copy of the materials in subds. 1.
, to the insurer.