Wisconsin Administrative Code
Office of the Commissioner of Insurance
Chapter Ins 23 - Standards for insurance marketed to fund prearranged funeral plans
Section Ins 23.20 - General
Universal Citation: WI Admin Code ยง Ins 23.20
Current through August 26, 2024
(1) An insurance intermediary may sell a life insurance or annuity policy for the purpose of funding a prearranged funeral plan only if:
(a) The insurance intermediary
is an authorized and appointed agent under s.
445.125(3m),
Stats. of the funeral director or funeral establishment which provides the
prearranged funeral plan; or
(b)
The insurance intermediary does not, directly or indirectly, receive referrals
or other marketing information from a funeral director or operator of a funeral
establishment or an agent of the funeral director or funeral establishment,
sell the prearranged funeral plan, or participate in the sale of the
prearranged funeral plan.
(2) No insurer may accept an application which an insurance intermediary solicited in violation of sub. (1) or another provision of this chapter.
(3) An insurer shall establish reasonable procedures to prevent violations of subs. (1) and (2).
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