Current through August 26, 2024
(1) Except as provided by sub. (2):
(a) No person may act as a reinsurance
intermediary-broker in this state if the reinsurance intermediary-broker
maintains an office either directly or as a member or employe of a firm or
association, or an officer, director or employe of a corporation:
1. In this state, unless the reinsurance
intermediary-broker is a licensed reinsurance intermediary-broker in this
state;
2. In another state, unless
the reinsurance intermediary-broker is a licensed reinsurance
intermediary-broker in this state or for that function in another state having
a law or rule substantially similar to this chapter.
(b) Except as provided by sub. (2), no person
may act as a reinsurance intermediary-manager:
1. For a reinsurer domiciled in this state,
unless the person is a licensed reinsurance intermediary-manager in this
state;
2. In this state, if the
person maintains an office either directly or as a member or employe of a firm
or association, or an officer, director or employe of a corporation in this
state, unless the person is a licensed reinsurance intermediary-manager in this
state; or
3. In another state for a
nondomestic insurer, unless the person is a licensed reinsurance
intermediary-manager in this state or for that function in another state having
a law substantially similar to this chapter.
(2) This section does not apply to a natural
person if:
(a) The natural person is named in
the application or supplement to an application for a reinsurance intermediary
license and the license designates the natural person as authorized to act
under the license; and
(b) The
natural person is a member or employe of a firm or association licensed as a
reinsurance intermediary or is an officer, director or employe of a corporation
licensed as an intermediary.
(3) The commissioner may require a
reinsurance intermediary-manager required to be licensed under sub. (1) to:
(a) File a bond in an amount and from an
insurer acceptable to the commissioner for the protection of the reinsurer;
and
(b) Maintain an errors and
omissions policy in an amount acceptable to the commissioner.
(4) The commissioner may issue a
reinsurance intermediary license to any person who complies with the
requirements of this chapter and s.
Ins 6.58 or 6.59.
(5) If the applicant for a reinsurance
intermediary license is a nonresident, the applicant, as a condition precedent
to receiving or holding a license, shall:
(a)
Designate the commissioner as agent for service of process in the manner, and
with the same legal effect, provided for by this chapter for designation of
service of process upon unauthorized insurers; and
(b) Furnish the commissioner with the name
and address of a resident of this state upon whom notices or orders of the
commissioner or process affecting the nonresident reinsurance intermediary may
be served.
(6) A
nonresident reinsurance intermediary licensee shall promptly notify the
commissioner in writing of every change in its designated agent for service of
process, and the change is not effective until acknowledged by the
commissioner.
(7) The commissioner
may refuse to issue or revoke, suspend or summarily suspend, a reinsurance
intermediary license if the applicant, anyone named on the application or
supplement to the application, or any member, principal, officer or director of
the applicant, is not trustworthy, or any controlling person is not trustworthy
or any of them has given cause for revocation or suspension of a license, or
has failed to comply with any prerequisite for the issuance of a reinsurance
intermediary license.
(8) The
commissioner may refuse to issue, suspend, summarily suspend or revoke the
license of a reinsurance intermediary for violation of chs. 600 to 645, Stats.,
a rule adopted under chs. 600 to 645, Stats., or on any grounds described in s.
628.10,
Stats.
(9) Licensed attorneys at
law who act solely in their professional capacity as attorneys are exempt from
this section.
