Ins 51.50(1)(1) An insurer shall have the right to a hearing, on a record, at which the insurer may challenge any determination or action by the commissioner under this subchapter upon any of the following: Ins 51.50(1)(a)(a) Notification to an insurer by the commissioner of an adjusted risk based capital report. Ins 51.50(1)(b)(b) Notification to an insurer by the commissioner of all of the following: Ins 51.50(1)(b)1.1. The insurer’s risk based capital plan or revised risk based capital plan is unsatisfactory. Ins 51.50(1)(b)2.2. Such notification constitutes a regulatory action level event with respect to such insurer. Ins 51.50(1)(c)(c) Notification to any insurer by the commissioner that the insurer has failed to adhere to its risk based capital plan or revised risk based capital plan and that such failure has a substantial adverse effect on the ability of the insurer to eliminate the company action level event with respect to the insurer in accordance with its risk based capital plan or revised risk based capital plan. Ins 51.50(1)(d)(d) Notification to an insurer by the commissioner of a corrective order with respect to the insurer under this subchapter. Ins 51.50(2)(2) The procedures established under ss. 601.62, 601.63, and 645.21, Stats., apply to an order, determination or hearing under this chapter. Ins 51.50(3)(3) This section does not apply to an action by the commissioner based on ch. 645, Stats., subch. II or any other provision of the statutes or rules other than this subchapter. An insurer’s right to a hearing, if any, is solely governed by those provisions and not this section. Ins 51.50 HistoryHistory: Cr. Register, December, 1996, No. 492, eff. 1-1-97. Ins 51.55Ins 51.55 Confidentiality; prohibition on announcements, prohibition on use in ratemaking. Ins 51.55(1)(1) Except as permitted under sub. (2) the commissioner shall keep all of the following information confidential and it may not be subject to subpoena: Ins 51.55(1)(a)(a) Risk based capital reports, to the extent the information is not required to be set forth in a publicly available annual statement schedule. Ins 51.55(1)(b)(b) Risk based capital plans, including the results or report of any examination or analysis of an insurer performed under this chapter. Ins 51.55(1)(c)(c) Any corrective order issued by the commissioner pursuant to examination or analysis, with respect to any domestic insurer or foreign insurer, which is issued under s. 645.21, Stats. Ins 51.55(2)(2) The information described under sub. (1) is information that is obtained by the commissioner under ss. 601.465 and 645.24, Stats., and shall be retained as confidential under those statutes. This information is not subject to subpoena. The commissioner may disclose the information only for the purpose of enforcement actions taken by the commissioner under chs. 600 to 655, Stats. Ins 51.55(3)(a)(a) Except as otherwise required under the provisions of this chapter, no insurer, agent, broker or other person engaged in any manner in the insurance business may make, publish, disseminate, circulate or place before the public, or cause, directly or indirectly to be made, published, disseminated, circulated or placed before the public, in a newspaper, magazine or other publication, or in the form of a notice, circular, pamphlet, letter or poster, or over any radio or television station, or in any other way, an advertisement, announcement or statement containing an assertion, representation or statement with regard to the risk based capital levels of any insurer, or of any component derived in the calculation of risk based capital levels. Any such representation is misleading. Ins 51.55(3)(b)(b) If any materially false statement with respect to the comparison regarding an insurer’s total adjusted capital to its risk based capital levels or an inappropriate comparison of any other amount to an insurer’s risk based capital levels is published in any written publication and the insurer is able to demonstrate to the commissioner with substantial proof the falsity of such statement, or the inappropriateness, as the case may be, then the insurer may publish an announcement in a written publication if the sole purpose of the announcement is to rebut the materially false statement. Ins 51.55(4)(4) The commissioner shall principally use risk based capital instructions, risk based capital reports, adjusted risk based capital reports, risk based capital plans and revised risk based capital plans as one method for monitoring the solvency of insurers and to assist in determining the need for corrective action with respect to insurers. The commissioner may not use these instructions, reports or plans for ratemaking nor as evidence in any rate proceeding nor used by the commissioner to calculate or derive any elements of an appropriate premium level or rate of return for any line of insurance which an insurer or any affiliate is authorized to write. The commissioner finds that the comparison of an insurer’s total adjusted capital to any of its risk based capital levels is a regulatory tool which may indicate the need for possible corrective action with respect to the insurer, and is not intended as a means to rank insurers generally. Ins 51.55 HistoryHistory: Cr. Register, December, 1996, No. 492, eff. 1-1-97. Ins 51.60Ins 51.60 Supplemental provisions; exemptions. Ins 51.60(1)(1) The provisions of this subchapter are supplemental to any other provisions of the laws or rules of this state, and do not preclude or limit any other powers or duties of the commissioner under these laws or rules or procedures for applying those laws, including, but not limited to, chs. 620, 623, and 645, Stats., and subch. II. An insurer which is in violation of subch. II is in financially hazardous condition and may be subject to any of the proceedings provided under ch. 645, Stats., regardless of whether the insurer is in compliance with this subchapter or a proceeding is requested or pending under this subchapter and regardless of the insurer’s risk based capital level. Nothing in this subchapter prevents the commissioner from taking, or limits the authority of the commissioner to take, action under any of those provisions when action is not permitted or required under this subchapter. Ins 51.60(2)(2) The commissioner may exempt from the application of this subchapter any domestic property and casualty insurer which complies with all of the following: Ins 51.60(2)(b)(b) The insurer writes direct annual premiums of $10,000,000 or less. Ins 51.60(2)(c)(c) The insurer assumes no reinsurance in excess of five percent of direct premium written. Ins 51.60(3)(3) The commissioner may exempt from the application of this subchapter: