2015 WISCONSIN ACT 90
An Act to repeal 601.422, 601.425, 601.428, 612.14 (1) to (12), 612.31 (5), 612.31 (6), 612.32 (4), 612.53 (1) (title), 612.53 (2), 612.71, 623.06 (1c), 628.81, 635.13 (title), 635.13 (2) and 646.51 (3) (am) 1.; to renumber 612.53 (1) and 635.13 (1); to renumber and amend 612.14 (intro.), 620.04 (1), 623.06 (1f), 623.06 (8) and 632.43 (6m) (a) 3.; to consolidate, renumber and amend 646.51 (3) (am) (intro.) and 2.; to amend 600.01 (1) (b) 10. b., 605.21 (2), 611.07 (4), 611.56 (5), 611.63 (4), 612.02 (2) (a), 612.13 (3), 612.13 (4), 612.31 (4) (m), 612.32 (1), 612.32 (2) (a), 612.33 (1), 612.33 (2) (b), 623.06 (2) (intro.), 628.07, 628.10 (2) (a), 628.10 (2) (am), 628.347 (1) (a), 628.347 (4) (c), 628.347 (4m) (b) 3. c., 631.95 (3) (a), 632.43 (6m) (e) 3. f., 632.43 (6m) (e) 3. g., 632.62 (2), 632.62 (3), 632.62 (4) (a), 632.62 (4) (b), 632.89 (3c) (b), 646.51 (3) (b), 646.51 (4) (a), 646.51 (9) (a), 646.51 (9) (b), 655.27 (3) (b) 1., 655.27 (3) (b) 2., 655.27 (3) (b) 2m., 655.27 (3) (bg) 1., 655.27 (3) (bg) 2., 655.27 (3) (br) (intro.), 655.27 (3) (d), 655.27 (3) (e) and 655.61 (1); to repeal and recreate 623.06 (1) (f); and to create 227.01 (13) (pm), 601.465 (1m) (c) 8., 601.465 (1m) (c) 9., 601.465 (3) (d), 620.04 (1) (b), 623.06 (1), 623.06 (1f) (b), 623.06 (1m) (intro.), 623.06 (1r), 623.06 (8m), 623.06 (9), 623.06 (10), 623.06 (11), 623.06 (12), 623.06 (13) (b), 632.43 (6m) (a) 3. b., 632.43 (6m) (a) 4m., 645.675, 646.51 (3) (ar), 646.51 (10), 655.27 (3) (bt) and 655.61 (3) of the statutes; relating to: various miscellaneous changes to the insurance statutes and granting rule-making authority.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
90,1
Section
1. 227.01 (13) (pm) of the statutes is created to read:
227.01 (13) (pm) Relates to setting fees under s. 655.27 (3) for the injured patients and families compensation fund or setting fees under s. 655.61 for the mediation fund.
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Section
2. 600.01 (1) (b) 10. b. of the statutes is amended to read:
600.01 (1) (b) 10. b. The exemption under subd. 10. a. does not apply if the services offered by the care management organization include hospital, physician or other acute health care services other than mental health and alcohol and other drug abuse treatment services.
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Section
3. 601.422 of the statutes is repealed.
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Section
4. 601.425 of the statutes is repealed.
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Section
5. 601.428 of the statutes is repealed.
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Section
6. 601.465 (1m) (c) 8. of the statutes is created to read:
601.465 (1m) (c) 8. The International Association of Insurance Supervisors.
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Section
7. 601.465 (1m) (c) 9. of the statutes is created to read:
601.465 (1m) (c) 9. An agent or employee of the International Association of Insurance Supervisors.
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Section
8. 601.465 (3) (d) of the statutes is created to read:
601.465 (3) (d) Any information defined as confidential information under s. 623.06 (12) (am), which is subject only to the confidentiality provisions in s. 623.06 (12).
90,9
Section
9. 605.21 (2) of the statutes is amended to read:
605.21 (2) Premium payment. Upon receipt of certification of premium due, the premium shall be paid into the state treasury for the benefit of the property fund, within 60 30 days after the date of certification or the effective date of the policy, whichever is the later. Premiums for property insured effective at a later date shall be paid within 60 30 days after the effective date of each addition. The amount of a premium in default shall be a special charge against the local governing unit, and be included in the next certification of state taxes and charged and collected as other special charges are collected, with interest from the due date at a rate set by the commissioner by rule or, in the absence of a rule, at twice the most common prime rate charged by major banks in this state.
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Section
10. 611.07 (4) of the statutes is amended to read:
611.07 (4) Waiver of notice and informal action by shareholders, policyholders or directors. Sections 180.0704, 180.0706, 180.0821, and 180.0823 apply to stock corporations and ss. 181.0704, 181.0706, 181.0821, and 181.0823 apply to mutuals. Section 180.0821 also applies to a committee of the board of a stock corporation and s. 181.0821 also applies to a committee of the board of a mutual, except that, in both cases, references to "board" shall be read as "committee" and "directors" shall mean members of the board appointed to serve on the committee.
90,11
Section
11. 611.56 (5) of the statutes is amended to read:
611.56 (5) Quorum
Meetings, quorum, and voting. Section Sections 180.0820, 180.0821, and 180.0824 applies apply to a committee of the board of a stock corporation, except that references in s. 180.0824 to a committee "created under s. 180.0825" shall be read as a committee "created under this section". Sections 181.0820, 181.0821, and 181.0824 apply to a committee of the board of a mutual, except that references to "board" shall be read as "committee", "majority" in s. 181.0824 (1) shall mean a majority of the members of the board appointed to serve on the committee, and "majority" in s. 181.0824 (2) shall mean a majority of the members of the board appointed to serve on the committee who are present at the meeting.
90,11m
Section 11m. 611.63 (4) of the statutes is amended to read:
611.63 (4) Annual report to commissioner. The amount of all direct and indirect remuneration for services, including retirement and other deferred compensation benefits and stock options, paid or accrued each year for the benefit of each director and each officer and employee member of executive management, as defined by the commissioner, whose remuneration exceeds an amount established by the commissioner, and for all directors and officers as a group shall be included in the annual report made to the commissioner.
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Section
12. 612.02 (2) (a) of the statutes is amended to read:
612.02 (2) (a) The name of the corporation which shall contain the words "Town Mutual";
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Section
13. 612.13 (3) of the statutes is amended to read:
612.13 (3) Duties. The board shall manage direct the business and affairs of the corporation and shall not delegate its power or responsibility to any person except as specifically provided otherwise in this chapter.
90,14
Section
14. 612.13 (4) of the statutes is amended to read:
612.13 (4) Adjustment committee. The directors shall may annually appoint from their own number an adjustment committee of at least 3 persons, to adjust or supervise the adjustment of losses under s. 612.53. If no adjustment committee is appointed, the entire board shall act as the adjustment committee to adjust or supervise the adjustment of losses under s. 612.53.
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Section
15. 612.14 (intro.) of the statutes is renumbered 612.14 and amended to read:
612.14 Reports. The secretary and the treasurer An officer or person designated by an officer of the company shall present to the annual meeting written reports showing the condition of the town mutual on the previous December 31 and its activity during the preceding calendar year, including: any information required to be presented by the articles or bylaws or by the commissioner. The officer or person designated by an officer shall include in the reports a sufficient level of information to reasonably inform members about the financial condition of the town mutual.
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16. 612.14 (1) to (12) of the statutes are repealed.
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17. 612.31 (4) (m) of the statutes is amended to read:
612.31 (4) (m) Assuming reinsurance, except under sub. (6); or
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18. 612.31 (5) of the statutes is repealed.
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Section
19. 612.31 (6) of the statutes is repealed.
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Section
20. 612.32 (1) of the statutes is amended to read:
612.32 (1) Real property outside territory. Town mutuals may insure real property and contents in villages and cities partially located in the specified territory, real property and contents in an immediately adjoining county owned by a member immediately adjoining and contiguous to land owned by the same member which is who has real property and contents insured by the town mutual within the specified territory, and real property and contents used exclusively by the member and his or her family for recreational purposes.
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Section
21. 612.32 (2) (a) of the statutes is amended to read:
612.32 (2) (a) Farm property. A town mutual may provide coverage for livestock, while temporarily located outside the town mutual's territory, for farm products, while temporarily located for a period not exceeding 2 years outside the town mutual's territory, and for farm machinery and farm vehicles while temporarily located, for a period not exceeding 6 months, one year outside its territory, subject to limitations in the policy or in the articles or bylaws with respect to the distance from the territory to which the property may be removed without suspension of the coverage.
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Section
22. 612.32 (4) of the statutes is repealed.
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Section
23. 612.33 (1) of the statutes is amended to read:
612.33 (1) Permitted and prohibited reinsurance. A town mutual may cede reinsurance only under s. 612.31 (6), or to an insurer authorized to do business in this state under s. 612.71 or ch. 611 or 618, or under arrangements which are approved in advance by the commissioner and which are subject to the controls the commissioner prescribes.
90,24
Section
24. 612.33 (2) (b) of the statutes is amended to read:
612.33 (2) (b) Nonproperty insurance. To the extent that a town mutual provides insurance under s. 612.31 (3), it shall obtain reinsurance of at least a 90% proportional share of each risk or it shall obtain excess of loss reinsurance with a retention in a similar dollar amount with an insurer authorized to do such business in this state, in either instance not to exceed $25,000 on each risk. The commissioner may permit a town mutual to retain a larger percentage or have a greater excess of loss retention level if he or she finds that the interests of the members will not be endangered thereby, or may require it to reinsure a larger percentage or obtain a lesser excess of loss retention level if he or she finds that the interests of the members make it advisable. The commissioner may by rule require other reinsurance.
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Section
25. 612.53 (1) (title) of the statutes is repealed.
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Section
26. 612.53 (1) of the statutes is renumbered 612.53.
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Section
27. 612.53 (2) of the statutes is repealed.
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Section
28. 612.71 of the statutes is repealed.
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Section
29. 620.04 (1) of the statutes is renumbered 620.04 (1) (intro.) and amended to read:
620.04 (1) Additional restrictions. (intro.) If the commissioner finds that by reason of investment conditions generally or of the financial condition or current investment practice of an individual insurer, the interests of insureds, creditors, or the public are or may be endangered, the commissioner may do any of the following:
(a) For insurers that are not restricted under s. 620.03, impose reasonable and temporary restrictions upon the investments of an individual insurer, including prohibition or divestment of a particular investment.
90,30
Section
30. 620.04 (1) (b) of the statutes is created to read:
620.04 (1) (b) For insurers that are subject to s. 620.03, impose reasonable restrictions upon the investments of an individual insurer, including prohibition or divestment of a particular investment.
90,31
Section
31. 623.06 (1) of the statutes is created to read:
623.06 (1) In this section:
