Wisconsin Administrative Code
Office of the Commissioner of Insurance
Chapter Ins 50 - Annual Audited Financial Reports, Annual Financial Statements And Examinations
Subchapter I - Annual Audited Financial Reports
Section Ins 50.02 - Applicability
Universal Citation: WI Admin Code ยง Ins 50.02
Current through August 26, 2024
Unless otherwise ordered by the commissioner, this subchapter applies to all insurers except:
(1) An insurer is not subject to this subchapter for a calendar year in which the insurer has:
(a) Direct premiums written in
this state of less than $100,000 and less than 1,000 policyholders or
certificate holders of directly written policies in the state at the end of the
calendar year; and
(b) Assumed
premiums nationwide of less than $1,000,000 under reinsurance contracts or
treaties and direct premiums written nationwide of less than
$1,000,000.
(2) A foreign or alien insurer is exempt from this chapter except for s. Ins 50.03 if:
(a) It
complies with another state's requirement to submit audited financial reports
and the other state's requirement is found by the commissioner to be
substantially similar to the requirements of this chapter; and
(b) It files audited financial reports with
that state's commissioner of insurance or equivalent agency.
(3) An insurer licensed under ch. 612, Stats., if the insurer meets all of the following requirements:
(a) Has direct total written premium for the
calendar year, including premiums on nonproperty coverage, of less than
$500,000;
(b) Has a net of
reinsurance premium to policyholder surplus ratio of less than 3 to 1 as of the
December 31 of the year for which an audited financial report is otherwise
required.
(c) Is not authorized
under its articles of incorporation to do business in more than 8
counties.
(d) Does not engage in
the writing of nonproperty coverage unless the nonproperty coverage is 90%
reinsured.
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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
