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SB588,10,53 3. No amounts may be guaranteed or credited under the funding agreement
4except upon reasonable assumptions as to investment income and expenses and on
5a basis equitable to all holders of a given class of the funding agreement.
SB588,10,76 4. The domestic insurer complies with the form filing requirements under s.
7631.20 with respect to the funding agreement.
SB588,10,98 (c) The issuance or delivery of a funding agreement by an insurer in this state
9shall constitute doing an insurance business herein.
SB588,10,1210 (d) A domestic insurer may offer funding agreements directly through the
11domestic insurer and is not required to use licensed intermediaries when marketing
12funding agreements.
SB588,10,1513 (e) Amounts paid to the domestic insurer, and proceeds applied under optional
14modes of settlement, under funding agreements may be allocated to one or more
15separate accounts pursuant to s. 611.24.
SB588,10,1816 (f) Notwithstanding ch. 551, the commissioner has sole authority to regulate
17the issuance and sale of funding agreements, including the persons selling funding
18agreements on behalf of insurers.
SB588,10,2219 (g) Notwithstanding s. 601.465 (1m) and subch. II of ch. 19, any materials
20submitted to the commissioner pursuant to an approval under par. (b) 2. or pursuant
21to a request from the commissioner related to a funding agreement shall be held
22confidential pursuant to s. 601.465 (1n).
SB588,10,2423 (h) The commissioner may promulgate rules as necessary for the
24implementation of this subsection.
SB588,21 25Section 21 . 635.05 (7) of the statutes is repealed.
SB588,22
1Section 22. 635.12 of the statutes is repealed.
SB588,23 2Section 23 . 645.68 (3) of the statutes is amended to read:
SB588,11,113 645.68 (3) Loss claims. All claims under policies for losses incurred, including
43rd-party claims and federal, state, and local government claims, except the first
5$200 of losses otherwise payable to any claimant under this subsection other than
6the federal government. All claims under life insurance and annuity policies,
7whether for death proceeds, annuity proceeds, or investment values, shall be treated
8as loss claims. All amounts payable under funding agreements, as defined in s.
9632.66 (2) (a), whether for principal or interest, shall be treated as loss claims.

10Claims may not be cumulated by assignment to avoid application of the $200
11deductible provision.
SB588,24 12Section 24. 646.01 (1) (b) 21. of the statutes is created to read:
SB588,11,1613 646.01 (1) (b) 21. A policy issued by an insurer to the federal government or an
14agency of the federal government for the purpose of providing health insurance
15coverage to enrollees under the federal employee health benefit plan program under
165 USC 8901 et seq.
SB588,25 17Section 25. 646.01 (1) (b) 22. of the statutes is created to read:
SB588,11,1818 646.01 (1) (b) 22. Funding agreements authorized under s. 632.66.
SB588,26 19Section 26 . 646.13 (2) (g) of the statutes is amended to read:
SB588,11,2520 646.13 (2) (g) Sue and be sued, make contracts, including a contract with an
21insured for administration and payment of claims for which the insured is
22responsible,
and borrow money necessary to carry out its duties, including money
23with which to pay claims under s. 646.31 or to continue coverage under s. 646.35.
24The fund may offer as security for such loans its claims against the liquidator or its
25power to levy assessments under this chapter.
SB588,27
1Section 27. 646.325 (2) (intro.) of the statutes is amended to read:
SB588,12,62 646.325 (2) Recovery from certain insureds and affiliates. (intro.) Except
3as provided in sub. (3), the fund may recover from a person the costs and expenses
4incurred in administering or defending a claim against the person by a 3rd party and
5the amount of any claim paid on behalf of the person to a 3rd party, if all of the
6following conditions are satisfied:
SB588,28 7Section 28 . 646.325 (2) (a) (intro.) of the statutes is amended to read:
SB588,12,98 646.325 (2) (a) (intro.) The person on whose behalf the claim was administered,
9defended, or paid is any of the following:
SB588,29 10Section 29. 646.325 (2) (a) 3. of the statutes is created to read:
SB588,12,1111 646.325 (2) (a) 3. A person excluded under s. 646.01 (1) (b) 18.
SB588,30 12Section 30 . 646.51 (3) (ar) (intro.) and 2. of the statutes are consolidated,
13renumbered 646.51 (3) (ar) and amended to read:
SB588,12,2314 646.51 (3) (ar) Disability. Except as provided in par. (c), with respect to
15disability insurance policies, including policies issued by health maintenance
16organization insurers, assessments shall be calculated as follows: 2. For
17assessments authorized by the board on or after November 13, 2015,
as a percentage
18of premium written in this state by each insurer in the classes protected by the
19accounts for the year preceding the year in which the assessment is authorized by
20the board. If the assessment data for the year immediately preceding the year in
21which the assessment is authorized by the board is not available when the
22assessment is called, the fund may use the assessment data for the most recent year
23for which data is available.
SB588,31 24Section 31 . 646.51 (3) (ar) 1. of the statutes is repealed.
SB588,32 25Section 32 . 655.27 (3) (b) 2. of the statutes is amended to read:
SB588,13,6
1655.27 (3) (b) 2. With respect to fees paid by physicians, the commissioner shall
2provide for no fewer than 4 payment classifications, based upon the amount of
3surgery performed and the risk of diagnostic and therapeutic services provided or
4procedures performed, by reference to the applicable Insurance Services Office, Inc.,
5codes for specialties and types of practice that are similar in the degree of exposure
6to loss
.
SB588,33 7Section 33 . 655.27 (3) (bt) of the statutes is amended to read:
SB588,13,238 655.27 (3) (bt) Report to joint committee on finance. Annually, no later than
9April 1, the commissioner shall send to the cochairpersons of the joint committee on
10finance a report detailing the proposed fees and payment classifications set for the
11next fiscal year under par. (b) and under s. 655.61 (1). If, within 14 working days after
12the date that the commissioner submits the report, the cochairpersons of the
13committee notify the commissioner that the committee has scheduled a meeting for
14the purpose of reviewing the proposed fees and payment classifications, the
15commissioner may not impose the fees or payment classifications until the
16committee approves the report. If the cochairpersons of the committee do not notify
17the commissioner, the commissioner may impose the proposed fees and payment
18classifications
. In addition to any other method prescribed by rule for advising
19health care providers of the amount of the fees and payment classifications, the
20commissioner shall post the fees and payment classifications set under par. (b) for
21the next fiscal year on the office's Internet site and the director of state courts shall
22post the fees set under s. 655.61 (1) for the next fiscal year on the mediation fund's
23Internet site.
SB588,34 24Section 34 . 655.275 (2) of the statutes is amended to read:
SB588,14,11
1655.275 (2) Appointment. The board of governors shall appoint the members
2of the council. Section 15.09, except s. 15.09 (4) and (8), does not apply to the council.
3The board of governors shall designate the chairperson, who shall be a physician, the
4vice chairperson, and the secretary of the council and the terms to be served by
5council members. The council shall consist of 5 or 7 persons, not more than 3 of whom
6are physicians who are licensed and in good standing to practice medicine in this
7state and one of whom is a nurse anesthetist who is licensed and in good standing
8to practice nursing in this state. The chairperson or another peer review council
9member designated by the chairperson shall serve as an ex officio nonvoting member
10of the medical examining board and may attend meetings of the medical examining
11board, as appropriate.
SB588,35 12Section 35. Effective dates. This act takes effect on the day after publication,
13except as follows:
SB588,14,1614 (1) Notice of cybersecurity event. The treatment of s. 601.954 (2) (f) (intro.),
151., and 2. takes effect on November 1, 2021, or the day after publication, whichever
16is later.
SB588,14,1717 (End)
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