Wisconsin Administrative Code
Office of the Commissioner of Insurance
Chapter Ins 6 - General
Section Ins 6.03 - Domestication of nondomestic insurer
Universal Citation: WI Admin Code ยง Ins 6.03
Current through August 26, 2024
(1) PURPOSE. Under s. 611.223(1) (a), Stats., a nondomestic insurer may apply to the commissioner to become a domestic insurer. In accordance with s. 611.223(1) (b), Stats., this section specifies the contents of the application needed from a nondomestic insurer to obtain a certificate of incorporation and certificate of authority to be a domestic insurer.
(2) SCOPE. This section applies to each nondomestic insurer which submits to the commissioner under s. 611.223(1) (a), Stats., an application for a certificate of incorporation and a certificate of authority for domestic insurers.
(3) REQUIRED CONTENTS OF THE APPLICATION. The application for a certificate of incorporation and a certificate of authority shall be filed in accordance with s. 611.223(1) (a), Stats., and shall include the following information:
(a) Information on the
corporation and officers and directors, including all of the following:
1. The names, and for the preceding 10 years
all addresses and all occupations of all existing and proposed directors and
officers;
2. Certified copies of
the articles and bylaws of the corporation and of any proposed amendments
thereto in conjunction with the change of domicile;
3. All agreements relating to the corporation
to which any existing or proposed director or officer is a party;
4. The present and proposed compensation of
existing and proposed directors and officers; and
5. The holding company information required
in s.
Ins 40.03(3) if the insurer must report
this information under s.
617.11(1),
Stats.
(b) The
applicant's plan for conducting the insurance business, including any proposed
changes to the applicant's current manner of conducting the insurance business,
containing all of the following information:
1. A description of the geographical area in
which the applicant conducts business;
2. The types of insurance the applicant
writes;
3. The applicant's
marketing methods;
4. A summary of
the applicant's policies on reinsurance business ceded, including information
regarding retentions, maximum risks, types of contracts such as pro rata,
excess of loss, and any other information which may be material to this part of
the applicant's operation;
5. A
summary of the applicant's policies on assumed reinsurance including
information regarding retentions, maximum risks, types of business, types of
contracts to be issued, and other factors which may be material to this part of
the applicant's operations;
6. A
brief summary of the applicant's investment policy;
7. The applicant's annual statements for the
three most recent years and a projection of the anticipated operating results
of the corporation at the end of the next five years of operation, based on
reasonable assumptions of loss experience, premium and other income, operating
expenses and acquisition costs; and
8. To the extent requested by the
commissioner, the applicant's method of establishing premium rates.
(c) A certificate from the
authority which regulates the insurance industry in the applicant's state of
domicile, stating that the authority has given all requisite approvals and that
the applicant's corporation is in good standing with the authority and in
compliance with the laws of the state of domicile; and
(d) Any other relevant information required
by the commissioner from an applicant.
(4) APPLICATION MATERIAL; FEES.
(a) An insurer may obtain materials for
application for a certificate of incorporation and certificate of authority by
requesting them from the commissioner of insurance, P.O. Box 7873, Madison,
Wisconsin 53707-7873.
(b) In
accordance with s.
601.31(1) (a), Stats., an insurer shall submit a $100
fee to the commissioner at the same time that the insurer submits the
application for the certificates of incorporation and authority.
(5) ISSUANCE OF CERTIFICATE.
(a) The commissioner shall issue within 180
days of receiving a completed application submitted in accordance with s.
611.223(1) (a), Stats., a certificate of incorporation
and a certificate of authority to the insurer submitting the application if the
commissioner determines that the insurer satisfies the requirements of s.
611.223(1) (a) 1 to 3., Stats. A failure by the
commissioner to issue the certificate of incorporation and a certificate of
authority within 180 days does not constitute acceptance of the
application.
(b) In accordance with
s.
601.31(1) (b), Stats., an insurer shall submit a $100
fee to the commissioner upon issuance of the certificate of incorporation and
certificate of authority.
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