(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:
(a) Assess the enterprise risks within the
internationally active insurance group to ensure the following:
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.
2. Reasonable and
effective risk mitigation measures are in place.
(b) Request information necessary and
appropriate to assess enterprise risk from any member of an internationally
active insurance group subject to the commissioner's supervision, including
information about the members of the internationally active insurance group
regarding the following:
1. Governance, risk
assessment and management.
2.
Capital adequacy.
3. Material
intercompany transactions.
(c) Coordinate and compel, through the
authority of the regulatory officials of the jurisdictions where members of the
internationally active insurance group are domiciled, the development and
implementation of reasonable measures designed to ensure that the
internationally active insurance group is able to timely recognize and mitigate
enterprise risks to members of such internationally active insurance group that
are engaged in the business of insurance.
(d) Communicate with other state, federal and
international regulatory agencies for members within the internationally active
insurance group and share relevant information subject to the confidentiality
provisions in s.
Ins 40.05,
and through supervisory colleges under s.
617.215,
Stats.
(e) Enter into agreements
with, or obtain documentation from, any insurer registered under s.
Ins 40.03, any
member of the internationally active insurance group, and any other state,
federal and international regulatory agencies for members of the
internationally active insurance group, providing the basis for or otherwise
clarifying the commissioner's role as group-wide supervisor, including
provisions for resolving disputes with other regulatory officials. Such
agreements or documentation shall not serve as evidence in any proceeding that
any insurer or person within an insurance holding company system not domiciled
or incorporated in Wisconsin is doing business in Wisconsin or is otherwise
subject to the jurisdiction of Wisconsin.
(f) Other group-wide supervision activities,
consistent with the authorities and purposes enumerated above, as considered
necessary by the commissioner.
(2) If the commissioner acknowledges that
another regulatory official from a jurisdiction that is not accredited by the
NAIC is the group-wide supervisor, the commissioner is authorized to reasonably
cooperate, including through supervisory colleges, with group-wide supervision
undertaken by the group-wide supervisor, when the following provisions are met:
(a) The commissioner's cooperation is in
compliance with the laws of Wisconsin.
(b) The regulatory official acknowledged as
the group-wide supervisor also recognizes and cooperates with the
commissioner's activities as a group-wide supervisor for other internationally
active insurance groups where applicable. Where such recognition and
cooperation is not reasonably reciprocal, the commissioner is authorized to
refuse recognition and cooperation.
(3) The commissioner is authorized to enter
into agreements with, or obtain documentation from, any insurer registered as
required by s.
Ins 40.03, any
affiliate of the insurer, and other state, federal and international regulatory
agencies for members of the internationally active insurance group that provide
the basis for or otherwise clarify a regulatory official's role as group-wide
supervisor.
