(1) PURPOSE. This
section implements s.
(b), (4) (d) and (5) (e), Stats., for the
purpose of setting standards and techniques for accounting, valuing, reserving
and reporting of data relating to the financial transactions of the
DEFINITIONS. In this
(a) "Amounts in the fund," as used
(e), Stats., means the sum of cash and
invested assets as reported in a financial report under sub. (3).
(b) "Fiscal year," as used in s.
(d), Stats., means a year commencing July 1
and ending June 30.
FINANCIAL REPORTS. The board shall furnish the commissioner with the financial
report required by s.
, Stats., within 60 days after the close
of each fiscal year. In addition, the board shall furnish the commissioner with
quarterly financial reports prepared as of September 30, December 31 and March
31 of each year within 60 days after the close of each reporting period. The
board shall prescribe the format for preparing financial reports in accordance
with statutory accounting principles for fire and casualty companies. Reserves
for reported claims and reserves for incurred but not reported claims shall be
maintained on a present value basis with the difference from full value being
reported as a contra account to the loss reserve liability. Mediation fund fees
collected under s.
shall be indicated in the financial reports but
shall not be regarded as assets or liabilities or otherwise taken into
consideration in determining assessment levels to pay claims.
(4) SELECTION OF ACTUARIES. The board shall
select one or more actuaries to assist in determining reserves and setting fees
(b), Stats. If more than one actuary is
selected, the board members named by the Wisconsin medical society and the
Wisconsin hospital association shall jointly select the 2nd actuary.
Wis. Admin. Code Office of the Commissioner of Insurance § Ins 17.27
Cr. Register, June, 1980,
No. 294, eff. 7-1-80; am. (1), (2) (a) and (b) to (4), cr. (2) (intro.),
Register, June, 1990, No. 414, eff. 7-1-90.