SECTION 4.
Ins 6.785 (4) (e) is amended to read: Ins 6.785 (4) (e) Rates for risks developing $100,000$50,000 or more annual manual basic limit premium individually or in any combination of general liability insurance, commercial automobile, crime or glass.
SECTION 5.
Ins 6.785 (4) (i) is created to read: Ins 6.785 (4) (i) Rates for commercial property and casualty risks developing $50,000 or more in annual premium, except for any of the following:
1. Workers’ compensation insurance.
2. Medical malpractice liability insurance.
3. Any coverage issued under an assigned risk plan or through a residual market pool or residual market facility.
4. Any insurance that provides coverage for primary personal, family, or household purposes.
SECTION 6.
Ins 6.785 (6g) is created to read:Ins 6.785 (6g) Form filing exemption. The commercial property and casualty insurance policy forms identified in pars. (a) and (b) are exempt from the filing requirements set forth in s. 631.20(1)(a), Stats., provided the insurer complies with any requirements of ch. 600-655, Stats., and the Wisconsin Administrative Code that govern the content of such policy forms. (a) The following commercial property and casualty forms developing $50,000 or more in annual premium are exempt:
1. Aircraft hull and liability;
2. Surety;
3. Fidelity;
4. Boiler and machinery;
5. Environmental impairment/pollution liability;
6. Kidnap and ransom;
7. Political risk or expropriations; and
8. Employment practices liability.
(b) The following commercial property and casualty forms developing $75,000 or more in annual premium are exempt:
1. Commercial inland marine;
2. Product Liability; and
3. Fiduciary liability.
SECTION 7.
Ins 6.785 (6r) is created to read:Ins 6.785 (6r) Disapproval of exempt forms. If the commissioner determines that a policy form subject to the filing exemption granted by sub. (6g) does not meet the standards set forth in s. 631.20(2), Stats., the commissioner may disapprove the use of a form. SECTION 8.
Ins 6.785 (7) is amended to read:Ins 6.785 (7) Insurer records. An insurer using a rate subject to the exemption granted by sub. (4) or a form subject to the filing exemption granted by sub. (6g) shall maintain separate records and documentation for a period of 3 years after the rate or form is no longer used. This documentation shall include all details of the factors used in determining the rate or classification for a particular risk, including conditions used to qualify a rate for an exemption under sub. (4). The insurer shall provide these records to the commissioner upon request. SECTION 9.
Ins 6.785 (8) is created to read:Ins 6.785 (8) Policyholder notice. Any policy exempt from filing under sub. (6g) shall include, at the time of issuance, a notice advising the policyholder that the policy includes forms and policy terms that have not been filed with or reviewed by the commissioner of insurance.
EFFECTIVE DATE. These changes will take effect on the first day of the month after publication, as provided in s. 227.22(2)(intro.). Stats.Section 1.
Section 2.
Nathan Houdek, Commissioner
