Ins 6.19(3) (3) Reporting and payment of tax for directly placed unauthorized insurance. All premium tax shall be reported and forwarded to the commissioner on or before March 1, for all insurance which applies to exposures located wholly or partially within this state procured, renewed or continued during the preceding calendar year in an unauthorized insurer. The report and the premium taxes owed shall be submitted through an electronic filing system, a link to which may be found on the office’s website.

Ins 6.19(4) (4) Penalty. Any violation of this rule shall subject the person violating the same to s. 601.64, Stats.

Ins 6.19 History History: Cr. Register, December, 1973, No. 216, eff. 1-1-74; CR 22-076: am. (3), r. appendix 2 Register July 2023 No. 811, eff. 8-1-23.

Ins 6.19 Appendix 1

NOTICE OF DIRECTLY PLACED UNAUTHORIZED INSURANCE

To:   Commissioner of Insurance
  State of Wisconsin
  P.O. Box 7873
  Madison, WI 53707-7873

1.   Name of Person or Organization Insured

2.   Address of Insured

3.   Contract Number

4.   Effective Date

5.   Expiration Date

6.   Name and Address of Insurance Company

7.   Description or Type of Coverage

8.   Premium Charged

The undersigned certifies that this report is true and correct according to the best of his or her information, knowledge, and belief.

         

      , 2  

Ins 6.19 Note Note: This report, pursuant to s. 618.42 (2), Stats., must be filed with the Commissioner of Insurance within 60 days after effectuation of any new or renewal insurance contract independently procured from an unauthorized insurer. A separate report is required for each new or renewal insurance contract. A 3% Tax on the premiums charged for such contracts during the calendar year ending December 31 must be paid to the Commissioner on or before March 1 next succeeding.

Ins 6.20 Ins 6.20 Investments of insurance companies.

Ins 6.20(1) (1) Purpose. The purpose of this rule is to implement and interpret ch. 620, Stats., for the purpose of establishing procedures and requirements for investments of insurance companies.

Ins 6.20(2) (2) Scope. This rule shall apply to all insurers subject to ch. 620, Stats.

Ins 6.20(3) (3) Definitions. As used in this rule:

Ins 6.20(3)(am) (am) “Derivative instrument” has the meaning contained in the accounting practices and procedures manual of the national association of insurance commissioners. “Derivative instrument” includes derivatives embedded within an investment.

Ins 6.20(3)(c) (c) “Financial instrument” means a security, currency, or index of a group of securities or currencies.

Ins 6.20(3)(e) (e) “Fixed charges” includes interest on all debt, and amortization of debt discount.

Ins 6.20(3)(ee) (ee) “Foreign country” means any country other than the United States and Canada.

Ins 6.20(3)(em) (em) “Foreign government” means any governmental unit or instrumentality that is not in the United States or Canada.

Ins 6.20(3)(es) (es) “Foreign issuer” means any issuer that is not domiciled in the United States or Canada and is not a foreign government. An issuer domiciled in the United States or Canada shall be deemed a foreign issuer when the issuer is a shell business entity or special purpose vehicle, unless the investment is assumed, accepted, guaranteed, insured or otherwise backed by an entity domiciled in the United States or Canada that is not a shell business entity or special purpose vehicle.

Ins 6.20(3)(f) (f) “Money market mutual fund” means a fund that meets the conditions of 17 Code of Federal Regulations Par. 270.2a-7, under the Investment Company Act of 1940 (15 USC 80a-1 et seq.), as amended or renumbered.

Ins 6.20(3)(g) (g) “Net earnings available for fixed charges” means income after allowance for operating and maintenance expenses, depreciation and depletion, and taxes other than federal and state income taxes, but without allowance for extraordinary nonrecurring items of income or expense appearing in the regular financial statements of the issuing company. If the issuing company has acquired, prior to the date of investment, substantially all the assets of another company by purchase, merger, consolidation or otherwise, the net earnings available for fixed charges of the other company for the portion of the test period that preceded acquisition may be included in accordance with a consolidated earnings statement covering the period.

Ins 6.20(3)(h) (h) “Net earnings available for fixed charges and dividends” shall be determined in the same manner as “net earnings available for fixed charges” but after allowance for federal and state income taxes.