Chapter Ins 45

BUSINESS TRANSACTED WITH PRODUCER CONTROLLED
PROPERTY OR CASUALTY INSURER

Ins 45.01   Definitions.

Ins 45.02   Scope.

Ins 45.03   Minimum standards.

Ins 45.04   Applicability; noncompliance.

Ins 45.05   Audit committee.

Ins 45.06   Reporting requirements.

Ins 45.07   Disclosure.

Ins 45.01 Ins 45.01 Definitions. In this chapter, unless the context otherwise requires:

Ins 45.01(1) (1) “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the national association of insurance commissioners.

Ins 45.01(2) (2) “Control” has the meaning provided under s. 600.03 (13), Stats.

Ins 45.01(3) (3) “Controlled insurer” means a licensed insurer which is controlled, directly or indirectly, by a producer.

Ins 45.01(4) (4) “Controlling producer” means a producer who, directly or indirectly, controls an insurer.

Ins 45.01(5) (5) “Insurer” means an insurer licensed to transact property or casualty insurance business in this state. “Insurer” does not include, for the purposes of this chapter:

Ins 45.01(5)(a) (a) A risk retention group as defined in s. 600.03 (41e), Stats.;

Ins 45.01(5)(b) (b) A residual market pool or joint underwriting authority or association; or

Ins 45.01(5)(c) (c) An insurer owned by another organization and whose exclusive purpose is to insure risks of the parent organization and the parent organization’s affiliates or, in the case of groups and associations, an insurer owned by the insureds whose exclusive purpose is to insure risks of member organizations or group members and their affiliates.