Wis. Admin. Code Office of the Commissioner of Insurance § Ins 51.60 - Supplemental provisions; exemptions

Current through March 28, 2022

(1) The provisions of this subchapter are supplemental to any other provisions of the laws or rules of this state, and do not preclude or limit any other powers or duties of the commissioner under these laws or rules or procedures for applying those laws, including, but not limited to, chs. 620, 623, and 645, Stats., and subch. II. An insurer which is in violation of subch. II is in financially hazardous condition and may be subject to any of the proceedings provided under ch. 645, Stats., regardless of whether the insurer is in compliance with this subchapter or a proceeding is requested or pending under this subchapter and regardless of the insurer's risk based capital level. Nothing in this subchapter prevents the commissioner from taking, or limits the authority of the commissioner to take, action under any of those provisions when action is not permitted or required under this subchapter.

(2) The commissioner may exempt from the application of this subchapter any domestic property and casualty insurer which complies with all of the following:

(a) The insurer writes direct business only in this state.

(b) The insurer writes direct annual premiums of $10,000,000 or less.

(c) The insurer assumes no reinsurance in excess of five percent of direct premium written.

(3) The commissioner may exempt from the application of this subchapter:

(a) Any domestic health maintenance organization insurer writing $2,000,000 or less direct annual premium that writes only direct business in this state and assumes no reinsurance in excess of 5% of direct premium.

(b) Any domestic insurer writing only limited service health organization business covering less than 2,000 lives that writes only direct business in this state and assumes no reinsurance in excess of 5% of direct premium written.

(c) Any domestic fraternal insurer writing $2,000,000 or less in direct annual premium and that assumes no reinsurance in excess of 5% of direct premium.

Notes

Wis. Admin. Code Office of the Commissioner of Insurance § Ins 51.60

Cr. Register, December, 1996, No. 492, eff. 1-1-97; cr. (3), Register, May, 1999, No. 521, eff. 6-1-99; CR 10-077: cr. (3) (c) Register December 2010 No. 660, eff. 1-1-11.