Ins 6.58(4)(4)Standards of competence and trustworthiness.
Ins 6.58(4)(a)(a) For partners, directors or principal officers who are licensed at the time of application under sub. (4) as insurance intermediaries, reinsurance intermediaries, travel insurance agents or managing general agents, those standards as set forth in s. Ins 6.59 (5) shall apply in lieu of the standards set forth in this section.
Ins 6.58(4)(b)(b) For partners, directors or principal officers who are not licensed at the time of application under sub. (4) as insurance intermediaries, reinsurance intermediaries, travel insurance agents or managing general agents, the following criteria may be used in assessing trustworthiness and competence:
Ins 6.58(4)(b)1.1. ‘Criminal record.’ The conviction for crimes which are substantially related to insurance. “Conviction” includes having been found guilty by judge or jury, having entered a plea of guilty or nolo contendere or no contest, or having been given probation, a suspended sentence, or a fine.
Ins 6.58(4)(b)2.2. ‘Accuracy of information.’ Any material misrepresentation in the information submitted in the application.
Ins 6.58(4)(b)3.3. ‘Regulatory action.’ Any regulatory action taken with regard to any license held, such as insurance licenses in other states, real estate licenses and security licenses.
Ins 6.58(4)(b)4.4. Other criteria which the commissioner considers evidence of untrustworthiness or incompetence.
Ins 6.58(5)(5)Fees.
Ins 6.58(5)(a)(a) Biennially, at least 60 days prior to February 15 of each even numbered year, a regulation fee notice of $35.00 for resident and $70.00 for nonresident insurance intermediary firms, reinsurance intermediaries, travel insurance firms, and managing general agents will be issued in a manner prescribed by the commissioner.
Ins 6.58(5)(b)(b) If payment of the biennial regulation fee is not made prior to February 15 of the year in which it is due, in a payment type prescribed by the commissioner, the license shall terminate.
Ins 6.58(6)(6)Notification of changes. Each insurance intermediary firm licensed or applying for a license shall, within 30 days, notify the commissioner of insurance in writing of any change in its business mailing address, business address, contact email address, location of the business records, or a change in the name or address of the designated representative.
Ins 6.58 NoteNote: Intermediary corporations and partnerships are subject to the recordkeeping requirements as set forth in s. Ins 6.61 (1).
Ins 6.58 HistoryHistory: Cr. Register, August, 1980, No. 296, eff. 9-1-80; am. (5) (a), Register, September, 1981, No. 309, eff. 10-1-81; cr. (6), Register, September, 1981, No. 309, eff. 1-1-82; r. and recr. (2), r. (3) and (8), renum. (4) to (7) to be (3) to (6), Register, April, 1982, No. 316, eff. 5-1-82; r. form 11-50, Register, October, 1982, No. 322, eff. 11-1-82; am. (3) (a) to (f), Register, December, 1984, No. 348, eff. 1-1-85; correction in (5) made under s. 13.93 (am) (b) 7., Stats., Register, December, 1984, No. 348; emerg. am. (1), (3) (intro.), (a) 1. and 2., (4) (a), (b) (intro.) and 1., (5) (a) and (6), cr. (3) (a) 7., eff. 3-12-93; am (1), (3) (intro.), (a) 1. and 2., (4) (a), (b) (intro.) and 1., (5) (a) and (6), cr. (3) (a) 7., Register, July, 1993, No. 451, eff. 8-1-93; emerg. am. (5) (a), eff. 10-9-95; am. (5) (a), Register, February, 1996, No. 482, eff. 3-1-96; cons. and renum. (3) (intro.) and (a) (intro.) to be (3) (a) (intro.) and am., am. (3) (b), Register, January, 1999, No. 517, eff. 2-1-99; CR 01-074: am. (1), (2), (3) (a) 3. and 4., (5) and (6), Register January 2002 No. 553 eff. 2-1-02; CR 05-111: am. (3) (b) and (5) (a) Register October 2006 No. 610, eff. 11-1-06; CR 09-022: am. (5) (a) and (b) Register August 2009 No. 644, eff. 9-1-09; CR 19-025: am. (1), (3) (a) (intro.), 2., 6., cr. (3) (a) 8., am. (3) (b), (4) (a), (b) (intro.), 1., 2., (5) (a), (b), r. (5) (c), am. (6) Register August 2020 No. 776, eff. 9-1-20.
Ins 6.59Ins 6.59Licensing of individuals as agents, reinsurance intermediaries, or managing general agents (s. 628.04, Stats.).
Ins 6.59(1)(1)Purpose. The purpose of this rule is to establish procedures for original licensure and license enlargement of an individual as an insurance agent, reinsurance intermediary or managing general agent.
Ins 6.59(2)(2)Examination. An examination is required of each resident applicant for each kind of license authority listed in s. Ins 6.50, except a reinsurance intermediary license, managing general agent, variable life or variable annuity and the limited line travel, crop and surety insurance licenses. Each examination will test the applicant’s basic knowledge of the kinds of insurance to be solicited or function to be performed and the applicant’s basic understanding of the applicable laws and regulations.
Ins 6.59(3)(3)Fees. The following fee schedule is established for residents and non-residents:
Application for one line of authority   $75.00
Application for 2 lines of authority   $150.00
Application for 3 lines of authority   $225.00
Application for 4 lines of authority   $300.00
Application for 5 lines of authority   $375.00
Application for a Surplus Lines license   $100.00
Ins 6.59(4)(4)Procedure.
Ins 6.59(4)(a)(a) Application for resident intermediary agents. Application for a permanent resident agent license or an enlargement of authority requiring an examination shall be made in a manner prescribed by the commissioner following successful completion of any required prelicensing education and the examination. A completed application shall include: the NAIC Uniform Application; fingerprints provided in a format specified by the commissioner in order to complete an electronic confirmation of criminal history from the Wisconsin department of justice, the crime information bureau, and the federal bureau of investigation completed not more than 180 days prior to the test date; payment of the fees to the testing vendor and an electronic photograph of the applicant taken by the test service at the time of testing; a certified certificate of prelicensing from the prelicensing school that was presented to the exam proctor prior to sitting for the exam; confirmation of previous license in another state, if applicable; and any documentation required in answer to questions on the application.
Ins 6.59(4)(am)(am) Application for nonresident intermediary agents. Application for a permanent nonresident agent license or an enlargement of authority shall be filed in a manner prescribed by the commissioner using the NAIC Uniform Application for Individual Nonresident License form. A completed application shall include: the NAIC Uniform Application; payment of the fees; and any documentation required in answer to questions on the application. If confirmation of license status is not attainable from the National Insurance Producer Registry, evidence of licensing from the home state, as defined by s. Ins 28.03 (3m), is required.
Ins 6.59(4)(an)(an) Application for variable life and variable annuity products. Application for a permanent resident agent variable life and variable annuity products license or an enlargement of authority to include variable life and variable annuity products license shall be filed in a manner prescribed by the commissioner using the NAIC Uniform Application. A completed application shall include: the NAIC Uniform Application; payment of the fees; any documentation required in answer to questions on the application; and verification of required registration by the Financial Industry Regulatory Authority (FINRA) registered for Series 6 or Series 7.
Ins 6.59(4)(ap)(ap) Application for limited travel, crop, legal expense or surety agent license. Application for a permanent resident agent travel, crop, legal expense or surety agent limited license or an enlargement of authority to include travel, crop, legal expense or surety limited license shall be filed in a manner prescribed by the commissioner using the NAIC Uniform Application. A completed application shall include: the NAIC Uniform Application; payment of the fees; and any documentation required in answer to questions on the application.
Ins 6.59(4)(as)(as) Application for reinsurance intermediary-broker, reinsurance intermediary-manager or managing general agent. Application for a reinsurance intermediary broker or reinsurance intermediary manager or managing general agent license shall be filed in a manner prescribed by the commissioner using the NAIC Uniform Application. A completed application shall include: the NAIC Uniform Application; payment of the fees; and any documentation required in answer to questions on the application.