The proposed rule changes are:
SECTION 1. Ins 51.01 (21) is amended to read:
“Risk based capital plan” means a comprehensive financial plan containing the elements specified in s. Ins 50.15 (1)51.15 (1). SECTION 2. Ins 51.80 (3) (a) 1. is amended to read:
1.15% of premiums for individual life and disability insurance, not including variable life insurance;
SECTION 3. Ins 51.80 (3) (a) 2. is amended to read:
2. 10% of premiums for group life and disability insurance, not including variable life insurance;
SECTION 4. Ins 51.80 (3) (a) 3. is amended to read:
3. The greater of 2% of reserves or 7 1⁄2% of premiums for annuities and deposit administration funds, not including variable annuity business;
SECTION 5. Ins 51.80 (3) (a) 3e. is created to read:
3e. 2% of premiums for variable life and variable annuity business;
SECTION 6. Ins 51.80 (3) (a) 3m. is created to read:
3m. 30% of premiums for medical professional liability insurance;
SECTION 7. Ins 51.80 (3) (a) 3s. is created to read:
3s. 7% of premiums for Medicare stand-alone drug coverage insurance;
SECTION 8. 51.80 (6) is amended to read:
(6) Premiums. For purposes of subs. (3) and (4), for all insurers except insurers that file on the national association of insurance commissioners health annual statement blank, premiums are gross premiums and other considerations received for insurance and annuities in the 12-month period ending on or not more than 60 days before the date as of which the calculation is made with the following deductions and exclusions:
SECTION 9. 51.80 (6m) is created to read:
(6m) Heath Insurance Premiums. For purposes of subs. (3) and (4), for insurers that file on the national association of insurance commissioners health annual statement blank, premiums are earned premiums and other considerations for insurance in the 12-month period ending on or not more than 60 days before the date as of which the calculation is made with the deductions and exclusions allowed in sub. (6) (a) and (b).
SECTION 10. EFFECTIVE DATE. The rule takes effect on the first day of the month following publication in the Wisconsin Administrative Register as provide in s. 227.22 (2) (intro.), Stats. Section 1.
Section 2.
Nathan Houdek
Commissioner of Insurance
