Wis. Admin. Code Office of the Commissioner of Insurance Ins 40.01 - Definitions

In this chapter, unless the context otherwise requires:

(1) "Acquiring person" means each person by whom or on whose behalf a merger or other acquisition of control is to be effected.

(2) "Affiliate" has the meaning provided under s. 600.03(1), Stats.

(3) "Commissioner" means the commissioner of insurance of this state, the deputy commissioner, or the office of the commissioner of insurance of this state, as appropriate.

(4) "Control" has the meaning provided under s. 600.03(13), Stats.

(4m) "Enterprise risk" has the meaning provided under s. 617.12(1), Stats.

(5) "Executive officer" means chief executive officer, chief operating officer, chief financial officer, treasurer, secretary, controller, and any other individual performing functions corresponding to those performed by one of those positions under whatever title.

(5g) "Group capital calculation instructions" means the group capital calculation instructions as adopted by the NAIC and as amended by the NAIC in accordance with the procedures adopted by the NAIC.

(5m) "Group-wide supervisor" means the regulatory official who is authorized to conduct and coordinate group-wide supervision activities and who is determined or acknowledged by the commissioner to have sufficient significant contacts with the internationally active insurance group.

(6) "Insurance holding company system" means 2 or more persons who are affiliates, one or more of which is an insurer.

(7) "Insurer" has the meaning provided under s. 600.03(27), Stats., except that it does not include agencies, authorities or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.

(7m) "Internationally active insurance group" means an insurance holding company system that includes an insurer registered consistent with s. Ins 40.03 and all the following:

(a) Premiums written in at least three countries.

(b) The percentage of gross premiums written outside the United States is at least 10 percent of the insurance holding company's total gross written premiums.

(c) Based on a 3-year rolling average, either the total assets of the insurance holding company system are at least $50 billion, or the total gross written premiums of the insurance holding company system are at least $10 billion.

(7p) "Lead state" means the state as determined by state insurance regulators pursuant to the procedures within the Financial Analysis Handbook adopted by the NAIC.

(7s) "NAIC" means the national association of insurance commissioners.

(7w) "NAIC liquidity stress test framework" or "framework" means a NAIC publication which includes a history of the NAIC's development of regulatory liquidity stress testing, the scope criteria applicable for a specific data year, and the liquidity stress test instructions and reporting templates for a specific data year, such scope criteria, instructions, and reporting template as adopted by the NAIC and as amended by the NAIC in accordance with the procedures adopted by the NAIC.

(7y) "Person" means an individual, a corporation, a limited liability company, a partnership, an association, a joint stock company, a trust, an unincorporated organization, any similar entity, or any combination of the foregoing acting in concert, but does not include any joint venture partnership exclusively engaged in owning, managing, leasing, or developing real or tangible personal property.

(8) "Policyholder surplus" means capital and surplus.

(8m) "Scope criteria" means the designated exposure bases along with minimum magnitudes thereof for the specified data year that is used to establish a preliminary list of insurers that are considered scoped into the NAIC liquidity stress test framework for that data year, as detailed in the NAIC liquidity stress test framework.

(9) "Security holder" means a person who owns any security of a person, including, but not limited to, common stock, preferred stock, debt obligations or any other security convertible into or evidencing the right to acquire stock or debt obligations.

(10) "State of domicile" means the state where an insurer is domiciled or, for an alien insurer, its port of entry state.

(11) "Subsidiary" of a person means a person which is controlled, directly or indirectly through one or more intermediaries, by the first person.

(12) "Ultimate controlling person" means a person who is not controlled by any other person.

(13) "Voting security" includes, but is not limited to, any security convertible into or evidencing a right to acquire a voting security.

Notes

Wis. Admin. Code Office of the Commissioner of Insurance Ins 40.01

Cr. Register, July, 1993, No. 451, eff. 8-1-93; correction in (12) made under s. 13.93(2m) (b) 12., Stats., Register, June, 1997, No. 498. Amended by, CR 14-071: cr. (4m), am. (7) Register August 2015 No. 716, eff.9/1/2015 Amended by, CR 19-013: cr. (5m), (7m) Register April 2020 No. 772, eff. 5-1-20; correction in (7m) (c) made under s. 35.17, Stats., Register April 2020 No. 772, eff. 5/1/2020 Amended by, CR 21-106: cr. (5g), (7p), (7s), (7w), (7y), (8m) Register July 2022 No. 799, eff. 8/1/2022.