Ins 40.04(2)(f)(f) Any material transactions which the commissioner requires to be reported by order. Ins 40.04(3)(3) Illegal transactions not authorized. This section does not authorize or permit any transaction which would be otherwise contrary to law. Ins 40.04(4)(4) Group or series of related transactions. For the purpose of applying sub. (2), a group or series of related transactions shall be treated as if they are a single transaction. Ins 40.04(5)(5) Subterfuge prohibited. A domestic insurer, person attempting to acquire control of a domestic insurer, person having control of a domestic insurer or affiliate of a domestic insurer may not enter into transactions which are part of a group or series of transactions if the purpose of those separate transactions is to attempt to avoid a threshold amount under this chapter. Ins 40.04(6)(6) Disapproval. Transactions subject to reporting under sub. (2) may be disapproved by the commissioner under s. 617.21 (3), Stats. No person may enter into or assent to a transaction that is disapproved by the commissioner or which is subject to reporting under sub. (2) but not reported. Ins 40.04(7)(7) Insurer may report on behalf of affiliate or person attempting to acquire control. A domestic insurer may file a report under sub. (2) on behalf of its affiliate or of the person attempting to acquire control of the insurer. Lack of knowledge that an insurer has not reported on behalf of the affiliate or person or that the report is incomplete or inaccurate is not a defense for the affiliate or person attempting to acquire control of the insurer. Ins 40.07Ins 40.07 Designation of the group-wide supervisor of internationally active insurance groups. Ins 40.07(1)(a)(a) The commissioner is authorized to act as the group-wide supervisor for any internationally active insurance group in accordance with this section. The commissioner may acknowledge that another regulatory official is a more appropriate group-wide supervisor when the internationally active insurance group meets any of the following requirements: Ins 40.07(1)(a)1.1. Does not have substantial insurance operations in the United States. Ins 40.07(1)(a)2.2. Has substantial insurance operations in the United States, but not in Wisconsin. Ins 40.07(1)(a)3.3. Has substantial insurance operations in the United States and Wisconsin, but the commissioner has determined pursuant to the factors set forth in sub. (2) and s. Ins 40.08 (2), that another regulatory official is the appropriate group-wide supervisor. Ins 40.07(1)(b)(b) An insurance holding company system that does not qualify as an internationally active insurance group may request that the commissioner either act as the group-wide supervisor or acknowledge another regulatory official as the group-wide supervisor. Ins 40.07(2)(2) When determining the appropriate group-wide supervisor, the commissioner shall consider the following factors, in cooperation with other state, federal and international regulatory officials involved with supervision of the internationally active insurance group and its members, and in consultation with the internationally active insurance group: Ins 40.07(2)(a)(a) The place of domicile of the insurers within the internationally active insurance group that hold the largest share of the group’s written premiums, assets or liabilities. Ins 40.07(2)(b)(b) The place of domicile of the top-tiered insurer in the insurance holding company system of the internationally active insurance group. Ins 40.07(2)(c)(c) The location of the executive offices or largest operational offices of the internationally active insurance group. Ins 40.07(2)(d)(d) Whether the regulatory system of a regulatory official who is acting, or is interested in acting, as the group-wide supervisor is substantially similar to the laws of Wisconsin or is sufficient for group-wide supervision, enterprise risk analysis, and cooperation with other regulatory officials. Ins 40.07(2)(e)(e) Whether another regulatory official acting or seeking to act as the group-wide supervisor provides the commissioner with reasonably reciprocal recognition and cooperation. Ins 40.07(3)(3) In the event of a material change in the internationally active insurance group the commissioner shall make a determination to act as the group-wide supervisor or acknowledge another regulatory official as the appropriate group-wide supervisor for the internationally active insurance group pursuant to subs. (1) and (2). Ins 40.07(4)(4) The commissioner is authorized to collect from any insurer registered under s. Ins 40.03 all information necessary to determine whether the commissioner may act as the group-wide supervisor of an internationally active insurance group or acknowledge another regulatory official to act as the group-wide supervisor. Prior to issuing a determination that an internationally active insurance group is subject to group-wide supervision by the commissioner, the commissioner shall notify the insurer registered as required by s. Ins 40.03, and the ultimate controlling person within the internationally active insurance group. The internationally active insurance group shall have not less than 30 days to provide the commissioner with additional information pertinent to the pending determination. The commissioner shall publish on its Internet website the identity of internationally active insurance groups that the commissioner has determined are subject to group-wide supervision by the commissioner. Ins 40.07 HistoryHistory: CR 19-013: cr. Register April 2020 No. 772, eff. 5-1-20; correction in (4) made under s. 35.17, Stats., Register April 2020 No. 772. Ins 40.08Ins 40.08 Duties of the group-wide supervisor. Ins 40.08(1)(1) If the commissioner is the group-wide supervisor for an internationally active insurance group, the commissioner is authorized to engage in any of the following group-wide supervision activities: Ins 40.08(1)(a)(a) Assess the enterprise risks within the internationally active insurance group to ensure the following: Ins 40.08(1)(a)1.1. The material financial condition and liquidity risks to the members of the internationally active insurance group that are engaged in the business of insurance are identified by management.