Wis. Admin. Code Office of the Commissioner of Insurance § Ins 50.02 - Applicability

Current through March 28, 2022

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.

Notes

Wis. Admin. Code Office of the Commissioner of Insurance § Ins 50.02
Cr. Register, July, 1993, No. 451, eff. 8-1-93; am. (1) (b), Register, December, 1995, No. 480, eff. 1-1-96; am. (3) (intro.) and (a) to (d) and r. (3) (e) and (f), Register, June, 2001, No. 546, eff. 1-1-02; CR 08-053: am. (2) (a) Register December 2008 No. 636, eff. 1-1-09.

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