13. Place where comments are to be submitted and deadline for submission:
Persons wishing to testify or provide oral or written comments regarding the proposed administrative rule may appear during the hearing. Additionally, the rule may be reviewed and comments made at https://docs.legis.wisconsin.gov/code or sent to the following: The deadline for submitting comments is 4:00 p.m. on Friday, December 9, 2022.
Written comments can be mailed or hand-delivered to:
Legal Unit - OCI Rule Comment for Rule Ins 50.01 and 50.155
Office of the Commissioner of Insurance
125 South Webster St – 2nd Floor
Madison WI 53703-3474
Rule Text:
SECTION 1. Ins 50.01 (9) is amended to read:
(9) “Work papers” means records kept by the independent certified public accountant of the procedures followed, the tests performed, the information obtained, and the conclusions reached pertinent to the independent certified public accountant’s examination of the financial statements of an insurer. “Work papers” include, but are not limited to, audit planning documentation;, audit guides;, work programs;, analyses;, memoranda;, letters of confirmation and representation;, abstracts of company documents;, financial compilations, even if not produced during a full audit; and schedules or commentaries prepared or obtained by the independent certified public accountant in the course of examination of the financial statements of an insurer or which support the opinion of the independent certified public accountant regarding the financial statements.
SECTION 2. Ins 50.155 (1) is amended to read:
(1) An insurer is exempt from the requirements of this section if both of the following conditions are true:
(a) The insurer has total annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, less than $500,000,000; and.
(b) The If the insurer is a member of a group of insurers, and the group has total annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, less than $1,000,000,000.
SECTION 3. EFFECTIVE DATE. The rule takes effect on the first day of the month following publication in the Wisconsin Administrative Register, as provided in s. 227.22 (2) (intro.), Stats. Section 1.
Section 2.
Rachel Cissne Carabell
Deputy Commissioner of Insurance
