Wis. Admin. Code Office of the Commissioner of Insurance § Ins 52.01 - Definitions

Current through March 28, 2022

In this chapter, unless the context otherwise requires:

(1) "Policyholder surplus" means capital and surplus.
(2) "Qualified United States financial institution" means an institution that:
(a) Is organized or, in the case of a United States office of a foreign banking organization, licensed, under the laws of the United States or any state;
(b) Is regulated, supervised and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and
(c) Has been determined by either the commissioner or equivalent official of the ceding insurer's state of domicile, or the securities valuation office of the national association of insurance commissioners, to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner or equivalent official.
(3) "Qualified fiduciary United States financial institution" means an institution that:
(a) Is organized or, in the case of a United States branch or agency office of a foreign banking organization, licensed, under the laws of the United States or any state; and
(b) Is regulated, supervised and examined by United States federal or state authorities having regulatory authority over banks and trust companies.

Notes

Wis. Admin. Code Office of the Commissioner of Insurance § Ins 52.01
Cr. Register, July, 1993, No. 451, eff. 8-1-93.

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