601.465(1m)(c)9.9. An agent or employee of the International Association of Insurance Supervisors. 601.465(1m)(c)10.10. A fund or other entity in another state, or an association acting on behalf of the fund or other entity, that is organized for the same purpose as the security fund created under ch. 646. 601.465(1m)(d)(d) Biographical data reported under s. 611.54 (1) relating to directors or principal officers of a corporation. 601.465(1n)(a)(a) Notwithstanding sub. (1m) and subch. II of ch. 19, it is presumed that nonpublic documents and information provided by an insurer to the office under s. 601.42 or 601.43 are proprietary and confidential and that the potential for harm and competitive disadvantage to the insurer if the documents and information are made public by the office outweighs the public interest in the disclosure of the documents and information. 601.465(1n)(b)(b) With notice to the insurer, the presumption under par. (a) may be rebutted by the requesting party presenting clear and convincing evidence to a court of competent jurisdiction that the public interest in the disclosure of the documents and information substantially outweighs the potential for harm or competitive disadvantage to the insurer if the documents and information are disclosed and that the public interest concerns cannot be addressed without the disclosure of the documents and information. If the presumption under par. (a) is successfully rebutted, disclosure of the documents and information shall be made only to the extent necessary to protect the public interest. 601.465(1n)(c)(c) Paragraph (a) does not apply to the commissioner’s discretion to disclose documents and information provided by an insurer to the office under s. 601.42 or 601.43 as a part of an enforcement proceeding the commissioner brings under s. 601.64. 601.465(2m)(2m) Waiver and applicability of the privilege. All of the following apply to the privilege under this section: 601.465(2m)(a)(a) The privilege may be waived only by the affirmative written and specific consent of the commissioner. 601.465(2m)(c)(c) The privilege applies to testimony, reports, records, communications, and information obtained, created, or provided by any official, employee, or agent of the office for the purpose of assisting or participating in monitoring activities or in the conduct of an inquiry, investigation, or examination by, or coordinated through, the National Association of Insurance Commissioners. 601.465(2m)(d)(d) The privilege applies to testimony, reports, records, communications, and information in existence on or after April 9, 2008. 601.465(2m)(f)(f) Privileged information is not subject to subpoena or discovery and is not admissible as evidence in any private civil action. 601.465(2m)(g)(g) The commissioner may not be compelled to testify concerning privileged information in any private civil action. 601.465(2m)(h)(h) No person, while acting under the authority of the commissioner, may testify concerning privileged information in any private civil action. 601.465(2m)(i)(i) The privilege is not waived as a result of the commissioner sharing information as authorized under sub. (1m). 601.465(3)(3) Exceptions. This section does not apply to any of the following: 601.465(3)(a)(a) Own risk and solvency assessment reports and related information provided by an insurer under ch. 622, which are subject only to the confidentiality provisions in ch. 622. 601.465(3)(b)(b) Enterprise risk filing and any related information provided by an insurer under rules promulgated under s. 617.12, which are not subject to subch. II of ch. 19 and are subject only to any confidentiality provisions of rules promulgated under s. 617.12. 601.465(3)(c)(c) Reports of internal control over financial reporting and any related information provided by an insurer under s. Ins 50.17, Wis. Adm. Code, which are not subject to subch. II of ch. 19 and are subject only to the confidentiality provisions of s. Ins 50.17 (6) (b), Wis. Adm. Code. 601.465(3)(e)(e) All information protected under s. 610.80 (4), including the corporate governance annual disclosures and related information, which is subject only to the confidentiality provisions in s. 610.80 (4). 601.465(3)(h)(h) Group capital calculation and liquidity stress test filings and any related information provided by an insurer under rules promulgated under s. 617.13 (1), which are not subject to subch. II of ch. 19 and are subject only to the confidentiality provisions of s. 617.13 (2). 601.465 Cross-referenceCross-reference: See also s. Ins 6.13, Wis. adm. code. 601.47(1)(1) General. The commissioner may prepare books, pamphlets, and other publications relating to insurance and sell them in the manner and at the prices the commissioner determines. The cost of publication and distribution may be paid from the appropriation under s. 20.145 (1) (g) 1. 601.47(2)(2) Annual report. The commissioner shall determine the form for the report required in s. 601.46 (3) and shall have the report published in sufficient quantity to meet all requests for copies. The commissioner shall distribute copies upon request to any person who pays the price determined for the report under sub. (1). 601.47(3)(3) Free distribution. The commissioner may furnish free copies of the publications prepared under subs. (1) and (2) to public officers and libraries in this state and elsewhere. The cost of free distribution shall be charged to the appropriation under s. 20.145 (1) (g) 1. 601.48601.48 Participation in organizations. 601.48(1)(1) National Association of Insurance Commissioners. The commissioner and the office of the commissioner shall maintain close relations with the commissioners of other states and shall participate in the activities and affairs of the National Association of Insurance Commissioners and other organizations so far as it will, in the judgment of the commissioner, enhance the purposes of chs. 600 to 655. The actual and necessary expenses incurred thereby shall be reimbursed out of the appropriation under s. 20.145 (1) (g) 1. 601.48(1m)(a)(a) The office shall maintain accreditation with the National Association of Insurance Commissioners. 601.48(1m)(b)(b) Notwithstanding s. 230.14, the commissioner may adopt minimum education and certification requirements for job classification levels that monitor the financial solvency of insurers as necessary to meet accreditation and best practice standards established by the National Association of Insurance Commissioners. Any minimum education and certification requirement adopted under this paragraph shall apply only to employees placed into the classification level after the requirement is adopted and may not apply to employees who were in that classification level prior to the adoption of the requirement. 601.48(2)(2) Consultation in regulation. The commissioner may exchange information and data and consult with other persons in order to improve and carry out insurance regulation. 601.49601.49 Access to records. The commissioner shall have access to the records of any agency of the state government or of any political subdivision thereof which the commissioner may wish to consult in discharging his or her duties. 601.49 HistoryHistory: 1979 c. 102. 601.51601.51 Provision of certified copies and notices. 601.51(1)(1) Certified copies. On request of any insurer authorized to do a surety business and its payment of the fee under s. 601.31 (1), the commissioner shall mail a certified copy of its certificate of authority to any designated public officer in this state who requires such a certificate before accepting a bond. That public officer shall file it. Whenever a certified copy has been furnished to a public officer it is unnecessary, while the certificate remains effective, to attach a copy of it to any instrument of suretyship filed. 601.51(2)(2) Notice of revocation of certificate. Whenever the commissioner revokes the certificate of authority of any insurer authorized to do a surety business, the commissioner shall immediately give notice thereof to each officer who was sent a certified copy under sub. (1). 601.51 AnnotationLegislative Council Note, 1975: This continues the substance of s. 204.04 (1) and (2). [Bill 642-S]
601.53601.53 Insolvency notices. 601.53(1)(1) Insurers doing a surety business. Whenever any authorized insurer doing a surety business is placed in liquidation under ch. 645 or a similar law of another state or jurisdiction, the commissioner shall immediately notify the director of state courts. Upon receipt of the notice, the director of state courts shall notify each register in probate, probate registrar and clerk of circuit court, who shall notify and require every fiduciary that has filed a bond on which the company is surety to file a new bond with a different surety. 601.53(2)(2) Other. The commissioner as liquidator of an insurer shall send notices as provided in s. 645.47. 601.53 AnnotationLegislative Council Note, 1975: Sub. (1) continues the substance of s. 204.04 (3). Sub. (2) is new and is a useful cross reference. [Bill 642-S]
601.55601.55 Nondomestic insurers; additional requirements. If another state or a foreign country requires domestic insurers doing business in that state or foreign country to deposit security, to pay a fee or tax not included in the computation under s. 76.66, to pay a fine or penalty or to comply with an obligation, prohibition or restriction that is in addition to or greater than requirements imposed by this state on nondomestic insurers doing a similar business in this state, this state may, as a condition for issuing a license to an insurer domiciled in that state or foreign country, impose a similar security requirement, fee, tax, fine, penalty, obligation, prohibition or restriction. 601.55 HistoryHistory: 1989 a. 31. 601.58601.58 Interstate insurance product regulation compact. The interstate insurance product regulation compact is hereby enacted into law and entered into by this state with all other jurisdictions legally joining therein, in substantially the following form: 601.58(1)(1) Article I — Purposes. Through means of joint and cooperative action among the compacting states, the purposes of this compact include all of the following: 601.58(1)(a)(a) To promote and protect the interest of consumers of individual and group annuity, life insurance, disability income, and long-term care insurance products. 601.58(1)(b)(b) To develop uniform standards for insurance products covered under the compact. 601.58(1)(c)(c) To establish a central clearinghouse to receive and provide prompt review of insurance products covered under the compact and, in certain cases, advertisements related thereto, submitted by insurers authorized to do business in one or more compacting states. 601.58(1)(d)(d) To give appropriate regulatory approval to those product filings and advertisements satisfying the applicable uniform standard. 601.58(1)(e)(e) To improve coordination of regulatory resources and expertise between state insurance departments regarding the setting of uniform standards and review of insurance products covered under the compact. 601.58(1)(f)(f) To create the interstate insurance product regulation commission. 601.58(1)(g)(g) To perform these and such other related functions as may be consistent with the state regulation of the business of insurance. 601.58(2)(2) Article II — Definitions. In this compact: 601.58(2)(a)(a) “Advertisement” means any material designed to create public interest in a product or to induce the public to purchase, increase, modify, reinstate, borrow on, surrender, replace, or retain a policy, as more specifically defined in the rules and operating procedures of the commission. 601.58(2)(b)(b) “Bylaws” mean those bylaws established by the commission for its governance, or for directing or controlling the commission’s actions or conduct. 601.58(2)(c)(c) “Commission” means the interstate insurance product regulation commission established by this compact. 601.58(2)(d)(d) “Commissioner” means the chief insurance regulatory official of a state, including, but not limited to, commissioner, superintendent, director, or administrator. 601.58(2)(e)(e) “Compacting state” means any state that has enacted this compact legislation and that has not withdrawn under sub. (14) (a) or been terminated under sub. (14) (g). 601.58(2)(f)(f) “Domiciliary state” means the state in which an insurer is incorporated or organized; or, in the case of an alien insurer, its state of entry. 601.58(2)(g)(g) “Insurer” means any entity licensed by a state to issue contracts of insurance for any of the lines of insurance covered by this section. 601.58(2)(h)(h) “Member” means the person chosen by a compacting state as its representative to the commission, or his or her designee. 601.58(2)(i)(i) “Noncompacting state” means any state that is not at the time a compacting state. 601.58(2)(j)(j) “Operating procedures” mean procedures promulgated by the commission implementing a rule, a uniform standard, or a provision of this compact. 601.58(2)(k)(k) “Product” means the form of a policy or contract, including any application, endorsement, or related form that is attached to and made a part of the policy or contract, and any evidence of coverage or certificate, for an individual or group annuity, life insurance, disability income, or long-term care insurance product that an insurer is authorized to issue. 601.58(2)(L)(L) “Rule” means a statement of general or particular applicability and future effect promulgated by the commission, including a uniform standard developed under sub. (7), designed to implement, interpret, or prescribe law or policy or describing the organization, procedure, or practice requirements of the commission, which shall have the force and effect of law in the compacting states. 601.58(2)(m)(m) “State” means any state, district, or territory of the United States of America. 601.58(2)(n)(n) “Third-party filer” means an entity that submits a product filing to the commission on behalf of an insurer. 601.58(2)(o)(o) “Uniform standard” means a standard adopted by the commission for a product line, pursuant to sub. (7), and shall include all of the product requirements in the aggregate; provided, that each uniform standard shall be construed, whether express or implied, to prohibit the use of any inconsistent, misleading, or ambiguous provisions in a product and the form of the product made available to the public shall not be unfair, inequitable, or against public policy as determined by the commission. 601.58(3)(3) Article III — Establishment of the Commission and Venue. The compacting states hereby create the interstate insurance product regulation commission. Pursuant to sub. (4), the commission will have the power to develop uniform standards for product lines, receive and provide prompt review of products filed therewith, and give approval to those product filings satisfying applicable uniform standards; provided, that it is not intended for the commission to be the exclusive entity for receipt and review of insurance product filings. Nothing herein shall prohibit any insurer from filing its product in any state wherein the insurer is licensed to conduct the business of insurance, and any such filing shall be subject to the laws of the state where filed. The commission is a body corporate and politic, and an instrumentality of the compacting states. The commission is solely responsible for its liabilities except as otherwise specifically provided in this compact. Venue is proper and judicial proceedings by or against the commission shall be brought solely and exclusively in a court of competent jurisdiction where the principal office of the commission is located. 601.58(4)(4) Article IV — Powers of the Commission. The commission shall have all of the following powers: 601.58(4)(a)(a) To promulgate rules, pursuant to sub. (7), which shall be binding in the compacting states to the extent and in the manner provided in this compact. 601.58(4)(b)(b) To exercise its rule-making authority and establish reasonable uniform standards for products covered under the compact, and advertisement related thereto, which shall have the force and effect of law and shall be binding in the compacting states, but only for those products filed with the commission; provided, that a compacting state shall have the right to opt out of such uniform standard pursuant to sub. (7), to the extent and in the manner provided in this compact; and provided further, that any uniform standard established by the commission for long-term care insurance products may provide the same or greater protections for consumers as, but shall not provide less than, those protections set forth in the National Association of Insurance Commissioners’ Long-Term Care Insurance Model Act and Long-Term Care Insurance Model Regulation, respectively, adopted as of 2001. The commission shall consider whether any subsequent amendments to the National Association of Insurance Commissioners’ Long-Term Care Insurance Model Act or Long-Term Care Insurance Model Regulation adopted by the National Association of Insurance Commissioners require amending of the uniform standards established by the commission for long-term care insurance products. 601.58(4)(c)(c) To receive and review in an expeditious manner products filed with the commission, and rate filings for disability income and long-term care insurance products, and give approval of those products and rate filings that satisfy the applicable uniform standard, where such approval shall have the force and effect of law and be binding on the compacting states to the extent and in the manner provided in the compact. 601.58(4)(d)(d) To receive and review in an expeditious manner advertisement relating to long-term care insurance products for which uniform standards have been adopted by the commission, and give approval to all advertisement that satisfies the applicable uniform standard. For any product covered under this compact, other than long-term care insurance products, the commission shall have the authority to require an insurer to submit all or any part of its advertisement with respect to that product for review or approval prior to use, if the commission determines that the nature of the product is such that an advertisement of the product could have the capacity or tendency to mislead the public. The actions of the commission as provided in this subsection shall have the force and effect of law and shall be binding in the compacting states to the extent and in the manner provided in the compact. 601.58(4)(e)(e) To exercise its rule-making authority and designate products and advertisement that may be subject to a self-certification process without the need for prior approval by the commission. 601.58(4)(f)(f) To promulgate operating procedures, pursuant to sub. (7), that shall be binding in the compacting states to the extent and in the manner provided in this compact. 601.58(4)(g)(g) To bring and prosecute legal proceedings or actions in its name as the commission; provided, that the standing of any state insurance department to sue or be sued under applicable law shall not be affected.
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Chs. 600-655, Insurance
statutes/601.47
statutes/601.47
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