SB533,11,3
11. The opinion shall apply to all business in force, including individual and
2group health insurance plans, in form and substance acceptable to the commissioner
3as specified by rule.
SB533,11,64 2. The opinion shall be based on standards adopted from time to time by the
5actuarial standards board established by the American academy of actuaries and on
6such additional standards as the commissioner may by rule prescribe.
SB533,11,117 3. In the case of an opinion required to be submitted by a foreign or alien compa
8ny, the commissioner may accept the opinion filed by that company with the insur
9ance supervisory official of another state if the commissioner determines that the
10opinion reasonably meets the requirements applicable to a company domiciled in
11this state.
SB533,11,1512 (d) Except for fraud or wilful misconduct, a qualified actuary may not be held
13liable for damages to any person other than the insurance company or the commis
14sioner for any act, error, omission, decision or conduct with respect to an opinion re
15quired under this subsection.
SB533,11,1816 (e) The commissioner shall specify by rule any disciplinary action that the com
17missioner may take against an insurance company or a qualified actuary related to
18any of the requirements under this subsection.
SB533,11,2519 (f) 1. The commissioner shall keep confidential any memorandum in support
20of, and any other material provided by an insurance company to the commissioner
21in connection with, an opinion required under this subsection. Any such memoran
22dum or other material may not be made public and may not be subject to subpoena
23except for the purpose of defending an action seeking damages from any person on
24account of an act required under this subsection or required by a rule authorized or
25required under this subsection.
SB533,12,6
12. The commissioner may release any such memorandum or other material
2with the written consent of the insurance company, or to the American academy of
3actuaries upon its request if the memorandum or other material is required for pro
4fessional disciplinary proceedings and if the request sets forth procedures that are
5satisfactory to the commissioner for preserving the confidentiality of the memoran
6dum or other material.
SB533,12,107 3. A memorandum loses its confidentiality if the insurance company cites any
8portion of the memorandum for marketing purposes or before any governmental
9agency other than a state insurance department or if the insurance company releases
10any portion of the memorandum to the news media.
SB533, s. 13 11Section 13. 623.06 (5) of the statutes is renumbered 623.06 (5) (a) and
12amended to read:
SB533,12,1813 623.06 (5) (a) In no event shall may a company's aggregate reserves for all life
14insurance policies, excluding disability and accidental death benefits, issued on or
15after the effective date of this section, be less than the aggregate reserves calculated
16in accordance with the method set forth in subs. (3) to (4m) and (7) and the mortality
17table or tables and rate or rates of interest used in calculating nonforfeiture benefits
18for such policies.
SB533, s. 14 19Section 14. 623.06 (5) (b) of the statutes is created to read:
SB533,12,2320 623.06 (5) (b) In no event may a company's aggregate reserves for all policies,
21contracts and benefits be less than the aggregate reserves determined by a qualified
22actuary in an opinion under sub. (1m) (b) 1. to be necessary to make adequate provi
23sion for the company's obligations under the policies and contracts.
SB533, s. 15 24Section 15. 623.06 (6) of the statutes is amended to read:
SB533,13,20
1623.06 (6) Reserves for all policies and contracts issued prior to the effective
2date of this section subsection may be calculated, at the option of the company, ac
3cording to any standards which that produce greater aggregate reserves for all such
4policies and contracts than the minimum reserves required by the laws in effect im
5mediately prior to such date. Reserves for any category of policies, contracts or bene
6fits as established by the commissioner, issued on or after the effective date of this
7section subsection, may be calculated, at the option of the company, according to any
8standards which that produce greater aggregate reserves for such category than
9those calculated according to the minimum standard herein provided, but the rate
10or rates of interest used for policies and contracts, other than annuity and pure en
11dowment contracts, shall not be higher than the corresponding rate or rates of inter
12est used in calculating any nonforfeiture benefits provided for therein. Any such
13company which that at any time has adopted any standard of valuation producing
14greater aggregate reserves than those calculated according to the minimum stan
15dard herein provided may, with the approval of the commissioner, adopt any lower
16standard of valuation, but not lower than the minimum herein provided. For the pur
17poses of this subsection, holding any additional reserves that a qualified actuary, in
18an opinion under sub. (1m) (b) 1., determined to be necessary to make adequate pro
19vision for the company's obligations under the policies and contracts shall not be con
20sidered the adoption of a higher standard of valuation.
SB533, s. 16 21Section 16. 645.08 (2) of the statutes is amended to read:
SB533,14,722 645.08 (2) Immunity. No civil cause of action may arise against and no civil li
23ability may be imposed upon the state, commissioner, special deputy commissioner,
24rehabilitator or liquidator, or their employes or agents, or the insurance security
25fund under ch. 646 or its agents, employes, directors or contributor insurers, for an

1act or omission by any of them in the performance of their powers and duties under
2this chapter or in the performance of their powers and duties relating to regulation
3of the capital or solvency of an insurer under chs. 600 to 646, including the compulso
4ry or security surplus requirements under ch. 623
. This subsection does not apply
5to a civil cause of action arising from an act or omission that is criminal under ch. 943,
6if the
. Such a cause of action is not , however, may be barred or limited by common
7law, sovereign immunity, governmental immunity or otherwise by law.
SB533, s. 17 8Section 17. 646.01 (1) (a) 2. i. of the statutes is created to read:
SB533,14,119 646.01 (1) (a) 2. i. Nondomestic insurers that have not obtained a certificate
10of authority to do business in this state and that are doing business under s. 618.41
11or 618.42.
SB533, s. 18 12Section 18. 646.31 (2) (a) of the statutes is renumbered 646.31 (2) (a) 1. and
13amended to read:
SB533,14,1614 646.31 (2) (a) 1. The claim of a policyholder, including a ceding assessable do
15mestic insurer which is organized under ch. 612 and a domestic insurer which is a
16bona fide policyholder of the insurer in liquidation, or.
SB533,14,20 172. Except for a claim of a beneficiary, assignee or payee under a life or disability
18insurance policy or annuity contract, the claim of
an insured, including a certificate
19holder,
under a policy or annuity who at the time of the insured event or of the liqui
20dation order was a resident of this state; or.
SB533, s. 19 21Section 19. 646.31 (2) (f) of the statutes is created to read:
SB533,14,2522 646.31 (2) (f) Beneficiaries, assignees and payees. Except for a claim of a non
23resident certificate holder under a group policy or contract, a claim made under a life
24or disability insurance policy or annuity contract by a resident or nonresident benefi
25ciary, assignee or payee of a person who fulfills all of the following criteria:
SB533,15,2
11. The person is a policyholder of, or a certificate holder under, the life or dis
2ability insurance policy or annuity contract.
SB533,15,43 2. The person is a resident of this state or could have made a claim under par.
4(b) 2.
SB533, s. 20 5Section 20. 646.51 (6) of the statutes is amended to read:
SB533,15,96 646.51 (6) Appeal and review. Within 10 30 days after receipt of the board
7sends
the statement under sub. (5), an insurer, after paying the assessment under
8protest, may appeal the assessment to the board or a committee thereof. The decision
9of the board on the appeal is subject to judicial review.
SB533, s. 21 10Section 21. Effective dates. This act takes effect on the day after publica
11tion, except as follows:
SB533,15,14 12(1) The amendment of sections 601.72 (1) (intro.), (2) and (3) and 601.73 (2) (c)
13of the statutes and the repeal and recreation of section 601.73 (1) (intro.) of the stat
14utes takes effect on July 1, 1996.
SB533,15,1515 (End)
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