(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.