Ins 50.18 History History: Cr. Register, July, 1993, No. 451, eff. 8-1-93; CR 08-053: renum. from Ins 50.16, am. (title) and (1), cr. (3) to (7) Register December 2008 No. 636, eff. 1-1-09; CR 17-015: cr. (8) Register December 2017 No. 744, eff. 1-1-18.

Ins 50.19 Ins 50.19 Canadian and British companies.

Ins 50.19(1) (1) In the case of Canadian and British insurers, for the purpose of this subchapter the annual audited financial report shall be defined as the annual statement of total business on the form filed by the insurers with their domiciliary supervisory authority duly audited by an independent chartered accountant.

Ins 50.19(2) (2) For Canadian and British insurers, the letter required in s. Ins 50.07 shall state that the accountant is aware of the requirements relating to the annual audited statement filed with the commissioner under s. Ins 50.05 and shall affirm that the opinion expressed is in conformity with those requirements.

Ins 50.19 History History: Cr. Register, July, 1993, No. 451, eff. 8-1-93; CR 08-053: renum. from Ins 50.17 Register December 2008 No. 636, eff. 1-1-09.

subch. II of ch. Ins 50 Subchapter II — Annual Financial Statements

Ins 50.20 Ins 50.20 Insurers to file annual financial statements.

Ins 50.20(1) (1) An insurer shall file an annual financial statement with the commissioner. Except as otherwise required by law, rule, order or instruction of the commissioner, an insurer shall file the annual financial statement:

Ins 50.20(1)(a) (a) On the national association of insurance commissioners annual statement blank appropriate for the lines of business the insurer is authorized to write, except an insurer licensed under ch. 612, Stats., may file on the town mutual annual statement blank prescribed by the commissioner; and

Ins 50.20(1)(b) (b) Prepared in accordance with the national association of insurance commissioners annual statement instructions and the accounting practices or procedures prescribed or permitted by the applicable national association of insurance commissioners accounting practices and procedures manual except an insurer licensed under ch. 612, Stats., shall prepare the statement as prescribed by the commissioner.

Ins 50.20(2) (2) Insurers shall file the annual statement required under sub. (1) by March 1, except insurers organized under ch. 612, Stats., shall file by February 15 and the commissioner may prescribe a different date for individual insurers.

Ins 50.20 History History: Cr. Register, July, 1993, No. 451, eff. 8-1-93.

Ins 50.25 Ins 50.25 Insurers to file with the national association of insurance commissioners.

Ins 50.25(1) (1) This section applies to all licensed insurers, except:

Ins 50.25(1)(a) (a) Those categories of insurers whose annual or quarterly statements the national association of insurance commissioners does not collect on the date filing is required, unless otherwise required by the commissioner;

Ins 50.25(1)(b) (b) An insurer organized under ch. 612, Stats., unless otherwise ordered by the commissioner; and

Ins 50.25(1)(c) (c) Insurers the commissioner exempts after finding an exemption is in the public interest.

Ins 50.25(2) (2) An insurer shall annually on or before March 1 file with the national association of insurance commissioners a copy of the annual statement it is required to file under s. Ins 50.20 and any supplemental information which the commissioner requires to included with the annual statement. The insurer shall include with the copy a signed jurat page and actuarial certificate and shall also file copies of any subsequent amendments or addendums filed with the commissioner with the national association of insurance commissioners.

Ins 50.25(3) (3) An insurer shall file a quarterly financial statement with and in the form prescribed by the national association of insurance commissioners within 45 days of the end of each quarter.

Ins 50.25(4) (4) An insurer shall file the information required under sub. (2) or (3) in the form of media prescribed by the national association of insurance commissioners.

Ins 50.25 History History: Cr. Register, July, 1993, No. 451, eff. 8-1-93.

Ins 50.30 Ins 50.30 Actuarial opinion required.

Ins 50.30(1) (1) An insurer shall file with the annual financial statement required under s. Ins 50.20 a statement of actuarial opinion from a qualified actuary in accordance with the appropriate national association of insurance commissioners annual statement instructions.

Ins 50.30(2) (2) A domestic property and casualty insurer required to file an actuarial opinion under sub. (1) shall do all of the following:

Ins 50.30(2)(a) (a) Submit an actuarial opinion summary, written by the insurer’s appointed actuary, with the financial statement and actuarial opinion. The actuarial opinion summary shall be filed in accordance with the appropriate national association of insurance commissioners property and casualty annual statement instructions and shall be considered as a document supporting the actuarial opinion required in sub. (1).

Ins 50.30(2)(b) (b) Prepare an actuarial report and supporting work papers as required by the appropriate national association of insurance commissioners property and casualty annual statement instructions to support each actuarial opinion. The office of the commissioner of insurance may require the insurer to file the actuarial report or supporting work papers. The insurer is required to file the actuarial report or supporting work papers only if the insurer is asked to do so by the office of the commissioner of insurance.

Ins 50.30(3) (3) An insurer licensed but not domiciled in this state shall provide the office of the commissioner of insurance an actuarial opinion summary and actuarial report and supporting work papers described under sub. (2) upon request.

Ins 50.30(4) (4) 

Ins 50.30(4)(a) (a) Nothing in this section restricts the office of the commissioner of insurance from engaging a qualified actuary under s. 601.42 (7) or 601.43, Stats., at the expense of the insurer to review the actuarial opinion filed under sub. (1) and the basis for the opinion or to review or to prepare or create the actuarial opinion, actuarial report or supporting work papers.