Wis. Admin. Code Office of the Commissioner of Insurance § Ins 52.07 - Applicability

Current through March 28, 2022

(1) This chapter applies to determine whether credit may be taken for:
(a) Any reinsurance ceded under agreements entered into on or after August 1, 1993; or
(b) Any reinsurance ceded if the reinsurance agreement is renewed by agreement on or after August 1, 1993.
(2) Section Ins 6.73 continues to apply for the purpose of determining whether credit may be taken for reinsurance which is not subject to this chapter under sub. (1).

Note: Ins 6.73 was repealed eff. 8-1-93.

(3) This chapter and ch. Ins 55 are in addition to and do not limit the commissioner's authority under s. 618.21(1) (a), 618.23(1) (a), 618.26(1) (a), 623.11, 623.12 or 623.21, or ch. 645, Stats., or s. Ins 51.80. Even if credit for reinsurance is permitted under this chapter and ch. Ins 55, the commissioner may under those provisions require a licensed insurer to exclude the effects of the credit for the purpose of determining compliance with security or compulsory surplus.
(4) Nothing in this chapter or ch. Ins 55 relieves an insurer or an officer or director of an insurer or an accountant or actuary from responsibility under s. 627.23(3), Stats., or fiduciary or professional responsibility, to assess the financial condition of a reinsurer. Accreditation by the commissioner does not create a presumption that a reinsurer is in compliance with this chapter or that it is in sound financial condition and no reinsurer or officer, employe or agent of a reinsurer may make such a representation.
(5) This chapter does not limit or change the requirements for town mutual insurers under ss. 612.31 and 612.33, Stats. This chapter applies to the state life fund.

FORM AR-1

CERTIFICATE OF ASSUMING INSURER

I, __________________, ___________________of __________________________, the assuming insurer under

(name of officer) (title of officer) (name of assuming insurer)

a reinsurance agreement(s) with one or more insurers domiciled in ______________________, hereby certify that

(name of state) _________________________ ("Assuming Insurer"):

(name of assuming insurer)

1. Submits to the jurisdiction of any court of competent jurisdiction in ______________________________

(ceding insurer's state of domicile)

for the adjudication of any issues arising out of the reinsurance agreement(s), agrees to comply with all requirements necessary to give such court jurisdiction, and will abide by the final decision of such court or any appellate court in the event of an appeal. Nothing in this paragraph constitutes or should be understood to constitute a waiver of Assuming Insurer's rights to commence an action in any court of competent jurisdiction in the United States, to remove an action to a United States District Court, or to seek a transfer of a case to another court as permitted by the laws of the United States or of any state in the United States. This paragraph is not intended to conflict with or override the obligation of the parties to the reinsurance agreement(s) to arbitrate their disputes if such an obligation is created in the agreement(s).

2. Designates the Insurance Commissioner of____________________________ as its lawful attorney upon

(ceding insurer's state of domicile)

whom may be served any lawful process in any action, suit or proceeding arising out of the reinsurance agreement(s) instituted by or on behalf of the ceding insurer.

3. Submits to the authority of the Insurance Commissioner of _____________________________to examine

(ceding insurer's state of domicile)

its books and records and agrees to bear the expense of any such examination.

4. Submits with this form a current list of insurers domiciled in _____________________________reinsured

(ceding insurer's state of domicile)

by Assuming Insurer and undertakes to submit additions to or deletions from the list to the Insurance Commissioner at least once per calendar quarter.

Dated: ______________________ _________________________________

(name of assuming insurer)

BY:

__________________________________

(name of officer)

___________________________________

(title of officer)

Notes

Wis. Admin. Code Office of the Commissioner of Insurance § Ins 52.07
Cr. Register, July, 1993, No. 451, eff. 8-1-93; correction in (3) made under s. 13.92(4) (b) 7, Stats., Register February 2013 No. 686.

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