Wis. Admin. Code Office of the Commissioner of Insurance § Ins 51.65 - Foreign insurers

Current through March 28, 2022

(1) Any foreign insurer shall, upon the written request of the commissioner, submit to the commissioner a risk based capital report as of the end of the calendar year just ended by the later of the following:
(a) The date a risk based capital report would be required to be filed by a domestic insurer under this chapter.
(b) Fifteen days after the request is received by the foreign insurer.
(2) Any foreign insurer shall, at the written request of the commissioner, promptly submit to the commissioner a copy of any risk based capital plan that is filed with the insurance commissioner of any other state.
(3) If a company action level event, regulatory action level event or authorized control level event with respect to any foreign insurer as determined under the risk based capital statute or rule applicable in the state of domicile of the insurer or, if no risk based capital statute is in force in that state, under the provisions of this subchapter, if the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file a risk based capital plan in the manner specified under that state's risk based capital statute or, if no risk based capital statute is in force in that state, under s. Ins 51.15, the commissioner may require the foreign insurer to file a risk based capital plan with the commissioner. In such event, the failure of the foreign insurer to file a risk based capital plan with the commissioner shall be grounds to order the insurer to cease and desist from writing new insurance business in this state.
(4) If a mandatory control level event with respect to any foreign insurer occurs, if no domiciliary receiver has been appointed with respect to the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the commissioner may make application to the circuit court permitted under the ch. 645, Stats. with respect to the liquidation of property of foreign insurers found in this state, and the occurrence of the mandatory control level event shall be considered adequate grounds for the application.

Notes

Wis. Admin. Code Office of the Commissioner of Insurance § Ins 51.65
Cr. Register, December, 1996, No. 492, eff. 1-1-97.

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