Wis. Admin. Code Office of the Commissioner of Insurance § Ins 50.18 - Exemptions and effective dates
Current through March 28, 2022
(1) The
commissioner may grant an exemption from compliance with this subchapter if the
commissioner finds that compliance would constitute a financial or
organizational hardship upon the insurer, except as provided in ss.
Ins
50.08(2), (9) (a) and
50.15(9).
(2) An exemption may be
granted at any time and from time to time for a specified period.
(3) Subject to subs. (6) and (7), this
subchapter shall apply to domestic insurers retaining a certified public
accountant on the effective date of this subsection who qualifies as
independent, for the year ending December 31, 2008, and each year
thereafter.
(4) Section
Ins
50.08(3) to (9) shall apply to
domestic insurers not retaining a certified public accountant on the effective
date of this subsection who qualifies as independent, for the year ending
December 31, 2009, and each year thereafter.
(5) Sections
Ins
50.08(3) to (9), 50.11(5), 50.12(2)
and 50.16 shall apply to foreign and alien insurers otherwise subject to this
subchapter for the year ending December 31, 2010, and each year
thereafter.
(6) The requirements of
s.
Ins
50.15 are effective January 1, 2010. An insurer or
group of insurers that is not required to have independent audit committee
members or only a majority of independent audit committee members, as opposed
to a supermajority, because the total written and assumed premium is below the
threshold, and subsequently becomes subject to one of the independence
requirements due to changes in premium shall have one year following the year
the threshold is exceeded, but not earlier than January 1, 2010, to comply with
the independence requirements. An insurer that becomes subject to one of the
independence requirements as a result of a business combination shall have one
calendar year following the date of acquisition or combination to comply with
the independence requirements.
(7)
The requirements of s.
Ins
50.17 are effective beginning with the reporting
period ending December 31, 2010, and each year thereafter. An insurer or group
of insurers that is not required to file a report because the total written and
assumed premium is below the threshold and subsequently becomes subject to the
reporting requirements shall have 2 years following the year the threshold is
exceeded, but not earlier than December 31, 2010, to file a report. An insurer
acquired in a business combination shall have 2 calendar years following the
date of acquisition or combination to comply with the reporting
requirements.
(8) The requirements
of s. Ins 50.155 first apply on January 1, 2018. If an insurer or group of
insurers that was exempt under s. Ins 50.155(1) no longer qualifies for such
exemption, it shall have one year following the year the threshold is exceeded
to comply with the internal audit requirements.
Notes
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