Ins 51.60(2)(a)(a) The insurer writes direct business only in this state.
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:
Ins 51.60(3)(a)(a) Any domestic health maintenance organization insurer writing $2,000,000 or less direct annual premium that writes only direct business in this state and assumes no reinsurance in excess of 5% of direct premium.
Ins 51.60(3)(b)(b) Any domestic insurer writing only limited service health organization business covering less than 2,000 lives that writes only direct business in this state and assumes no reinsurance in excess of 5% of direct premium written.
Ins 51.60(3)(c)(c) Any domestic fraternal insurer writing $2,000,000 or less in direct annual premium and that assumes no reinsurance in excess of 5% of direct premium.
Ins 51.60 HistoryHistory: Cr. Register, December, 1996, No. 492, eff. 1-1-97; cr. (3), Register, May, 1999, No. 521, eff. 6-1-99; CR 10-077: cr. (3) (c) Register December 2010 No. 660, eff. 1-1-11.
Ins 51.65Ins 51.65Foreign insurers.
Ins 51.65(1)(1)Any foreign insurer shall, upon the written request of the commissioner, submit to the commissioner a risk based capital report as of the end of the calendar year just ended by the later of the following:
Ins 51.65(1)(a)(a) The date a risk based capital report would be required to be filed by a domestic insurer under this chapter.
Ins 51.65(1)(b)(b) Fifteen days after the request is received by the foreign insurer.
Ins 51.65(2)(2)Any foreign insurer shall, at the written request of the commissioner, promptly submit to the commissioner a copy of any risk based capital plan that is filed with the insurance commissioner of any other state.
Ins 51.65(3)(3)If a company action level event, regulatory action level event or authorized control level event with respect to any foreign insurer as determined under the risk based capital statute or rule applicable in the state of domicile of the insurer or, if no risk based capital statute is in force in that state, under the provisions of this subchapter, if the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file a risk based capital plan in the manner specified under that state’s risk based capital statute or, if no risk based capital statute is in force in that state, under s. Ins 51.15, the commissioner may require the foreign insurer to file a risk based capital plan with the commissioner. In such event, the failure of the foreign insurer to file a risk based capital plan with the commissioner shall be grounds to order the insurer to cease and desist from writing new insurance business in this state.
Ins 51.65(4)(4)If a mandatory control level event with respect to any foreign insurer occurs, if no domiciliary receiver has been appointed with respect to the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the commissioner may make application to the circuit court permitted under the ch. 645, Stats. with respect to the liquidation of property of foreign insurers found in this state, and the occurrence of the mandatory control level event shall be considered adequate grounds for the application.
Ins 51.65 HistoryHistory: Cr. Register, December, 1996, No. 492, eff. 1-1-97.
subch. II of ch. Ins 51Subchapter II — Permanent Capital, Compulsory Surplus and Security Surplus
Ins 51.75Ins 51.75Applicability. This subchapter applies to insurers on, before and after January 1, 1997 except s. Ins 51.80 applies to service insurance corporations organized under ch. 613, Stats., only after December 31, 1996, and first requires filing of reports or plans by a service insurance corporation for year end calendar year 1996 or for after that date.
Ins 51.75 HistoryHistory: Cr. Register, December, 1996, No. 492, eff. 1-1-97.
Ins 51.80Ins 51.80Capital, compulsory and security surplus.
Ins 51.80(1)(1)Purpose. This section implements and interprets ss. 600.03 (45), 618.21 (1) (a), 623.11 and 623.12, Stats., for the purpose of establishing the amount of capital and compulsory surplus an insurer is required to maintain to provide reasonable security against contingencies affecting its financial position that are not fully covered by reserves or by reinsurance, and the amount of security surplus that an insurer should maintain in order to provide an ample margin of safety and clearly assure a sound operation.
Ins 51.80(2)(2)Scope. This section applies to all lines of insurance except title insurance and mortgage guarantee insurance as defined in s. Ins 6.75 (2) (h) and (i), and to each insurer subject to ss. 623.11 and 645.41, Stats., except insurers licensed under chs. 612 or 616, Stats., insurers subject to s. Ins 9.04 and life insurers domiciled in foreign countries.
Ins 51.80(3)(3)Compulsory surplus. Except for the adjustments to the circumstances of individual insurers provided in s. 623.11 (1) (b), Stats., and sub. (6), the amount of compulsory surplus of an insurer shall be the greater of:
Ins 51.80(3)(a)(a) The sum of:
Ins 51.80(3)(a)1.1. 15% of premiums for individual life and disability insurance, not including variable life insurance;
Ins 51.80(3)(a)2.2. 10% of premiums for group life and disability insurance, not including variable life insurance;
Ins 51.80(3)(a)3.3. The greater of 2% of reserves or 7 1⁄2% of premiums for annuities and deposit administration funds, not including variable annuity business;
Ins 51.80(3)(a)3e.3e. 2% of premiums for variable life and variable annuity business;
Ins 51.80(3)(a)3m.3m. 30% of premiums for medical professional liability insurance;