Wis. Admin. Code Office of the Commissioner of Insurance § Ins 17.29 - Servicing agent

Current through March 28, 2022

(1) PURPOSE. This section implements s. 655.27(2), Stats., relating to contracting for claim services for the fund.
(2) CRITERIA. The board shall establish the criteria for the selection of the servicing agent prior to the expiration of each contract term.
(3) SELECTION. The commissioner, with the approval of the board, shall select a servicing agent through the competitive negotiation process.
(4) CONTRACT TERM. The commissioner, with the approval of the board, shall establish the term of the contract with the servicing agent. The contract shall include a provision for its cancellation if performance or delivery is not made in accordance with its terms and conditions.
(5) The servicing agent shall perform all of the following functions:
(am) Reporting to the claims committee of the board on claim files identified by that committee, at the times and in the manner specified by that committee.
(b) Establishing and revising case reserves.
(c) Contracting for annuity payments as part of structured settlements under guidelines adopted by the board.
(d) Investigating and evaluating claims.
(e) Negotiating to settlement all claims made against the fund except in cases where this responsibility is retained by the claims committee of the board.
(f) Filing with the commissioner and the board the annual report required under s. 655.27(2), Stats., and any other report requested by the commissioner or the board.
(g) Reviewing court orders, verdicts and judgments and making recommendations on appeals.
(h) All other functions specified in the contract.

Notes

Wis. Admin. Code Office of the Commissioner of Insurance § Ins 17.29
Cr. Register, February, 1984, No. 338, eff. 3-1-84; am. (1), (3) and (4), r. and recr. (2), r. (5) (a), renum. (5) (b) to be (5) and am. (5) (intro.), (b) to (g), cr. (5) (am) and (h), Register, June, 1990, No. 414, eff. 7-1-90.

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