601.46(3)(h)(h) A summary of receipts and expenses, including the information required to be included by s. 601.45 (4); 601.46(3)(i)(i) The kind and amount of insurance carried in all state insurance funds under chs. 604 to 607 together with the amount of premiums collected, the source and nature of any other income, and the disbursements made. The report shall state separately the premiums, losses, the kind and amount of insurance carried on state property, and on other than state property; and 601.46(3)(j)(j) Such other information on the general conduct and condition of insurers doing business in this state as the commissioner or the governor deems necessary or as is prescribed by law. 601.46(4)(4) Public inspection. All records and reports shall be open to public inspection unless specifically otherwise provided by statute or by rule. 601.46(5)(5) Copies of records. The commissioner shall provide to any person on request certified or uncertified copies of any record in the department that is open to public inspection. 601.46(6)(6) Audits. The commissioner shall reimburse the legislative audit bureau for the cost of audits required to be performed under s. 13.94 (1) (de). 601.465601.465 Nondisclosure of information. 601.465(1m)(1m) Types of information. The office may refuse to disclose and may prevent any other person from disclosing any of the following: 601.465(1m)(a)(a) Testimony, reports, records and information that are obtained, produced or created in the course of an inquiry under s. 601.42. 601.465(1m)(b)(b) Except as provided in s. 601.44 (6) to (10), testimony, reports, records and information that are obtained, produced or created in the course of an examination under s. 601.43. 601.465(1m)(c)(c) Testimony, reports, records, communications, and information that are obtained by the office from, or provided by the office to, any of the following, under a pledge of confidentiality or for the purpose of assisting or participating in monitoring activities or in the conduct of an inquiry, investigation, or examination: 601.465(1m)(c)2.2. An agent or employee of the National Association of Insurance Commissioners. 601.465(1m)(c)4.4. An agent or employee of the insurance commissioner of another state. 601.465(1m)(c)5.5. An international, federal, state or local regulatory or law enforcement agency. 601.465(1m)(c)9.9. An agent or employee of the International Association of Insurance Supervisors. 601.465(1m)(c)10.10. A fund or other entity in another state, or an association acting on behalf of the fund or other entity, that is organized for the same purpose as the security fund created under ch. 646. 601.465(1m)(d)(d) Biographical data reported under s. 611.54 (1) relating to directors or principal officers of a corporation. 601.465(1n)(a)(a) Notwithstanding sub. (1m) and subch. II of ch. 19, it is presumed that nonpublic documents and information provided by an insurer to the office under s. 601.42 or 601.43 are proprietary and confidential and that the potential for harm and competitive disadvantage to the insurer if the documents and information are made public by the office outweighs the public interest in the disclosure of the documents and information. 601.465(1n)(b)(b) With notice to the insurer, the presumption under par. (a) may be rebutted by the requesting party presenting clear and convincing evidence to a court of competent jurisdiction that the public interest in the disclosure of the documents and information substantially outweighs the potential for harm or competitive disadvantage to the insurer if the documents and information are disclosed and that the public interest concerns cannot be addressed without the disclosure of the documents and information. If the presumption under par. (a) is successfully rebutted, disclosure of the documents and information shall be made only to the extent necessary to protect the public interest. 601.465(1n)(c)(c) Paragraph (a) does not apply to the commissioner’s discretion to disclose documents and information provided by an insurer to the office under s. 601.42 or 601.43 as a part of an enforcement proceeding the commissioner brings under s. 601.64. 601.465(2m)(2m) Waiver and applicability of the privilege. All of the following apply to the privilege under this section: 601.465(2m)(a)(a) The privilege may be waived only by the affirmative written and specific consent of the commissioner. 601.465(2m)(c)(c) The privilege applies to testimony, reports, records, communications, and information obtained, created, or provided by any official, employee, or agent of the office for the purpose of assisting or participating in monitoring activities or in the conduct of an inquiry, investigation, or examination by, or coordinated through, the National Association of Insurance Commissioners. 601.465(2m)(d)(d) The privilege applies to testimony, reports, records, communications, and information in existence on or after April 9, 2008. 601.465(2m)(f)(f) Privileged information is not subject to subpoena or discovery and is not admissible as evidence in any private civil action. 601.465(2m)(g)(g) The commissioner may not be compelled to testify concerning privileged information in any private civil action. 601.465(2m)(h)(h) No person, while acting under the authority of the commissioner, may testify concerning privileged information in any private civil action. 601.465(2m)(i)(i) The privilege is not waived as a result of the commissioner sharing information as authorized under sub. (1m). 601.465(3)(3) Exceptions. This section does not apply to any of the following: 601.465(3)(a)(a) Own risk and solvency assessment reports and related information provided by an insurer under ch. 622, which are subject only to the confidentiality provisions in ch. 622. 601.465(3)(b)(b) Enterprise risk filing and any related information provided by an insurer under rules promulgated under s. 617.12, which are not subject to subch. II of ch. 19 and are subject only to any confidentiality provisions of rules promulgated under s. 617.12. 601.465(3)(c)(c) Reports of internal control over financial reporting and any related information provided by an insurer under s. Ins 50.17, Wis. Adm. Code, which are not subject to subch. II of ch. 19 and are subject only to the confidentiality provisions of s. Ins 50.17 (6) (b), Wis. Adm. Code. 601.465(3)(e)(e) All information protected under s. 610.80 (4), including the corporate governance annual disclosures and related information, which is subject only to the confidentiality provisions in s. 610.80 (4). 601.465(3)(h)(h) Group capital calculation and liquidity stress test filings and any related information provided by an insurer under rules promulgated under s. 617.13 (1), which are not subject to subch. II of ch. 19 and are subject only to the confidentiality provisions of s. 617.13 (2). 601.465 Cross-referenceCross-reference: See also s. Ins 6.13, Wis. adm. code. 601.47(1)(1) General. The commissioner may prepare books, pamphlets, and other publications relating to insurance and sell them in the manner and at the prices the commissioner determines. The cost of publication and distribution may be paid from the appropriation under s. 20.145 (1) (g) 1. 601.47(2)(2) Annual report. The commissioner shall determine the form for the report required in s. 601.46 (3) and shall have the report published in sufficient quantity to meet all requests for copies. The commissioner shall distribute copies upon request to any person who pays the price determined for the report under sub. (1). 601.47(3)(3) Free distribution. The commissioner may furnish free copies of the publications prepared under subs. (1) and (2) to public officers and libraries in this state and elsewhere. The cost of free distribution shall be charged to the appropriation under s. 20.145 (1) (g) 1. 601.48601.48 Participation in organizations. 601.48(1)(1) National Association of Insurance Commissioners. The commissioner and the office of the commissioner shall maintain close relations with the commissioners of other states and shall participate in the activities and affairs of the National Association of Insurance Commissioners and other organizations so far as it will, in the judgment of the commissioner, enhance the purposes of chs. 600 to 655. The actual and necessary expenses incurred thereby shall be reimbursed out of the appropriation under s. 20.145 (1) (g) 1. 601.48(1m)(a)(a) The office shall maintain accreditation with the National Association of Insurance Commissioners. 601.48(1m)(b)(b) Notwithstanding s. 230.14, the commissioner may adopt minimum education and certification requirements for job classification levels that monitor the financial solvency of insurers as necessary to meet accreditation and best practice standards established by the National Association of Insurance Commissioners. Any minimum education and certification requirement adopted under this paragraph shall apply only to employees placed into the classification level after the requirement is adopted and may not apply to employees who were in that classification level prior to the adoption of the requirement. 601.48(2)(2) Consultation in regulation. The commissioner may exchange information and data and consult with other persons in order to improve and carry out insurance regulation. 601.49601.49 Access to records. The commissioner shall have access to the records of any agency of the state government or of any political subdivision thereof which the commissioner may wish to consult in discharging his or her duties. 601.49 HistoryHistory: 1979 c. 102. 601.51601.51 Provision of certified copies and notices. 601.51(1)(1) Certified copies. On request of any insurer authorized to do a surety business and its payment of the fee under s. 601.31 (1), the commissioner shall mail a certified copy of its certificate of authority to any designated public officer in this state who requires such a certificate before accepting a bond. That public officer shall file it. Whenever a certified copy has been furnished to a public officer it is unnecessary, while the certificate remains effective, to attach a copy of it to any instrument of suretyship filed. 601.51(2)(2) Notice of revocation of certificate. Whenever the commissioner revokes the certificate of authority of any insurer authorized to do a surety business, the commissioner shall immediately give notice thereof to each officer who was sent a certified copy under sub. (1). 601.51 AnnotationLegislative Council Note, 1975: This continues the substance of s. 204.04 (1) and (2). [Bill 642-S]
601.53601.53 Insolvency notices. 601.53(1)(1) Insurers doing a surety business. Whenever any authorized insurer doing a surety business is placed in liquidation under ch. 645 or a similar law of another state or jurisdiction, the commissioner shall immediately notify the director of state courts. Upon receipt of the notice, the director of state courts shall notify each register in probate, probate registrar and clerk of circuit court, who shall notify and require every fiduciary that has filed a bond on which the company is surety to file a new bond with a different surety. 601.53(2)(2) Other. The commissioner as liquidator of an insurer shall send notices as provided in s. 645.47. 601.53 AnnotationLegislative Council Note, 1975: Sub. (1) continues the substance of s. 204.04 (3). Sub. (2) is new and is a useful cross reference. [Bill 642-S]
601.55601.55 Nondomestic insurers; additional requirements. If another state or a foreign country requires domestic insurers doing business in that state or foreign country to deposit security, to pay a fee or tax not included in the computation under s. 76.66, to pay a fine or penalty or to comply with an obligation, prohibition or restriction that is in addition to or greater than requirements imposed by this state on nondomestic insurers doing a similar business in this state, this state may, as a condition for issuing a license to an insurer domiciled in that state or foreign country, impose a similar security requirement, fee, tax, fine, penalty, obligation, prohibition or restriction. 601.55 HistoryHistory: 1989 a. 31. 601.58601.58 Interstate insurance product regulation compact. The interstate insurance product regulation compact is hereby enacted into law and entered into by this state with all other jurisdictions legally joining therein, in substantially the following form: 601.58(1)(1) Article I — Purposes. Through means of joint and cooperative action among the compacting states, the purposes of this compact include all of the following: 601.58(1)(a)(a) To promote and protect the interest of consumers of individual and group annuity, life insurance, disability income, and long-term care insurance products. 601.58(1)(b)(b) To develop uniform standards for insurance products covered under the compact. 601.58(1)(c)(c) To establish a central clearinghouse to receive and provide prompt review of insurance products covered under the compact and, in certain cases, advertisements related thereto, submitted by insurers authorized to do business in one or more compacting states. 601.58(1)(d)(d) To give appropriate regulatory approval to those product filings and advertisements satisfying the applicable uniform standard. 601.58(1)(e)(e) To improve coordination of regulatory resources and expertise between state insurance departments regarding the setting of uniform standards and review of insurance products covered under the compact. 601.58(1)(f)(f) To create the interstate insurance product regulation commission. 601.58(1)(g)(g) To perform these and such other related functions as may be consistent with the state regulation of the business of insurance. 601.58(2)(2) Article II — Definitions. In this compact: 601.58(2)(a)(a) “Advertisement” means any material designed to create public interest in a product or to induce the public to purchase, increase, modify, reinstate, borrow on, surrender, replace, or retain a policy, as more specifically defined in the rules and operating procedures of the commission. 601.58(2)(b)(b) “Bylaws” mean those bylaws established by the commission for its governance, or for directing or controlling the commission’s actions or conduct. 601.58(2)(c)(c) “Commission” means the interstate insurance product regulation commission established by this compact.
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Chs. 600-655, Insurance
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