Wisconsin Administrative Code
Office of the Commissioner of Insurance
Chapter Ins 3 - Casualty Insurance
Section Ins 3.11 - Multiple peril insurance contracts
Universal Citation: WI Admin Code ยง Ins 3.11
Current through August 26, 2024
(1) PURPOSE AND SCOPE.
(a) This rule implements and
interprets s.
Ins 6.70 and chs. 625 and 631, Stats., by enumerating the
minimum requirements for the writing of multiple peril insurance contracts.
Nothing herein contained is intended to prohibit insurers or groups of insurers
from justifying rates or premiums in the manner provided for by the rating
laws.
(b) This rule shall apply to
multiple peril insurance contracts permitted by s.
Ins 6.70, and which include a type or types of coverage or
a kind or kinds of insurance subject to ch. 625, Stats.
(c) Types of coverage or kinds of insurance
which are not subject to ch. 625, Stats., or to the filing requirement
provisions thereof, may not be included in multiple peril insurance contracts
otherwise subject to said sections unless such entire multiple peril insurance
contract is filed as being subject to this rule and said sections and the
filing requirements thereof.
(2)DEFINITION. Multiple peril insurance contracts are contracts combining 2 or more types of coverage or kinds of insurance included in any one or more than one paragraph of s. Ins 6.75. Such contracts may be on the divisible or single (indivisible) rate or premium basis.
(3)RATE MAKING.
(a) When underwriting experience is not
available to support a filing, the information set forth in s.
625.12, Stats.,
may be furnished as supporting information.
(b) Premiums or rates may be modified for
demonstrated, measurable, or anticipated variation from normal of the loss or
expense experience resulting from the combination or types of coverage or kinds
of insurance or other factors of the multiple peril insurance contract.
Multiple peril contracts may be filed or revised on the basis of sufficient
underwriting experience developed by the contract or such experience may be
used in support of such filing.
(c)
In the event that more than one rating organization cooperates in a single
(indivisible) rate or premium multiple peril insurance filing, one of such
cooperating rating organizations shall be designated as the sponsoring
organization for such filing by each of the other cooperating rating
organizations and evidence of such designation included with the
filing.
(4)STANDARD POLICY. The requirements of s. Ins 6.76 shall apply to any multiple peril insurance contract which includes insurance against loss or damage by fire.
Disclaimer: These regulations may not be the most recent version. Wisconsin may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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