Chapter 424

CHAPTER 424

CONSUMER TRANSACTIONS — INSURANCE

SUBCHAPTER I

GENERAL PROVISIONS

424.101   Short title.

424.102   Scope.

424.103   Application of general definitions.

SUBCHAPTER II

CONSUMER CREDIT INSURANCE

424.201   Definition “consumer credit insurance”.

424.202   Charge for insurance.

424.203   Conditions applying to insurance to be provided by creditor.

424.204   Maximum charge by creditor for insurance.

424.205   Refund or credit required.

424.206   Deferral, refinancing and consolidation agreements.

424.207   Term of insurance.

424.208   Amount of insurance.

424.209   Filing and approval of rates and forms.

SUBCHAPTER III

PROPERTY INSURANCE

424.301   Restrictions on property insurance.

424.302   Insurance on creditor’s interest only.

424.303   Cancellation by creditor.

424.304   Cancellation by customer.

SUBCHAPTER IV

OTHER INSURANCE PRODUCTS

424.401   Cancellation by customer.

424.402   Insurance cancellation credit or payment.

SUBCHAPTER V

INSURANCE PRACTICES

424.501   False, misleading or deceptive insurance solicitation.

424.502   Insurance commissions; limitations.

SUBCHAPTER VI

ADMINISTRATION

424.601   Cooperation between administrator and commissioner of insurance.

424.602   Administrative action of commissioner of insurance.

Ch. 424 Cross-reference Cross-reference: See definitions in s. 421.301.

subch. I of ch. 424 SUBCHAPTER I

GENERAL PROVISIONS

424.101 424.101 Short title. This chapter shall be known and may be cited as Wisconsin consumer act—insurance.

424.101 History History: 1971 c. 239.

424.102 424.102 Scope. This chapter applies to agreements between a creditor and a debtor under which insurance is provided or is to be provided in relation to consumer credit transactions.

424.102 History History: 1971 c. 239; 1973 c. 3.

424.103 424.103 Application of general definitions. The definitions in s. 421.301 shall apply to this chapter.

424.103 History History: 1973 c. 3; 1981 c. 390 s. 252.

subch. II of ch. 424 SUBCHAPTER II

CONSUMER CREDIT INSURANCE

424.201 424.201 Definition “consumer credit insurance”. “Consumer credit insurance” means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include:

424.201(1) (1) Insurance issued as an isolated transaction on the part of the insurer not related to an agreement or plan for insuring customers of the creditor;

424.201(2) (2) Insurance indemnifying the creditor against loss due to the customer’s default; or

424.201(3) (3) A guaranteed asset protection waiver, as defined in s. 218.0148 (1) (e).

424.201 History History: 1971 c. 239; 1973 c. 3; 1985 a. 256; 1995 a. 329; 2017 a. 161.

424.202 424.202 Charge for insurance.

424.202(1) (1) Except as otherwise provided in this chapter and subject to the provisions on additional charges (s. 422.202), and maximum charges (s. 422.201) a creditor may agree to provide insurance, and may contract for and receive a charge for insurance separate from and in addition to other charges. A creditor need not make a separate charge for insurance provided or required by the creditor.

424.202(2) (2) This chapter does not authorize the issuance of any insurance prohibited under any statute, or rule thereunder, governing the business of insurance.

424.202 History History: 1971 c. 239; 1991 a. 316.

424.203 424.203 Conditions applying to insurance to be provided by creditor.

424.203(1) (1) When the parties agree that consumer credit insurance shall be provided, at the time the indebtedness is incurred there shall be delivered to the customer the individual policy, a group certificate of insurance, a copy of the application for such insurance or a notice of proposed insurance.