Current through August 26, 2024
In this chapter:
(1)
"Actuary"" means a person who is a member in good standing of the American
academy of actuaries.
(2)
"Controlling person" means any person who directly or indirectly has the power
to direct or cause to be directed, the management, control or activities of the
reinsurance intermediary.
(3)
"Insurer" means an insurer as defined under s.
600.03(27),
Stats., which has a certificate of authority under ch. 611, 612, 613, 614 or
618, Stats.
(4) "Policyholder
surplus" means capital and surplus.
(5) "Reinsurer" means an insurer licensed in
this state with the authority to assume reinsurance under ch. 627,
Stats.
(6) "Reinsurance
intermediary" means a reinsurance intermediary-broker or a reinsurance
intermediary-manager.
(7)
"Reinsurance intermediary-broker" means any person, other than an officer or
employe of the ceding insurer, who solicits, negotiates or places reinsurance
cessions or retrocessions on behalf of a ceding insurer.
(8)
(a)
"Reinsurance intermediary-manager" means any person not excluded under par. (b)
who:
1. Has authority to bind, manages a
separate division, department or underwriting office with responsibility for,
or manages all or part of, assumed reinsurance business of a reinsurer;
and
2. Acts as an agent for the
reinsurer.
(b)
"Reinsurance intermediary-manager" does not include:
1. An employe of the reinsurer;
2. A United States manager of the United
States branch of an alien reinsurer;
3. An underwriting manager which, pursuant to
contract, manages all or part of the reinsurance operations of the reinsurer,
is under common control with the reinsurer, is subject to ch. 617, Stats., and
ch. Ins 40, or the laws and rules of another state which are substantially
similar to ch. 617, Stats., and ch. Ins 40, and whose compensation is not based
on the volume of premiums written.
4. The manager of a group, association, pool
or organization of insurers which engage in joint underwriting or joint
reinsurance and who are subject to examination by the insurance commissioner of
the state in which the manager's principal business office is
located.
(9)
"Qualified United States financial institution" means a financial institution
that:
(a) Is organized or, in the case of a
United States office of a foreign banking organization, licensed, under the
laws of the United States or any state;
(b) Is regulated, supervised and examined by
federal or state authorities having regulatory authority over financial
institutions; and
(c) Has been
determined by either the commissioner, or the securities valuation office of
the national association of insurance commissioners, to meet such standards of
financial condition and standing as are considered necessary and appropriate to
regulate the quality of financial institutions whose letters of credit will be
acceptable to the commissioner.
