Ins 2.18(4)(b)(b) A firm licensed as a broker shall certify to the commissioner on its application for initial and renewal licensing that the firm’s designated responsible Wisconsin-licensed individual representative has complied with the training requirements set forth in s. 632.69 (3), Stats.

Ins 2.18(4)(c)(c) Each compliance period for recurring training required under s. 632.69 (3), Stats., shall commence on July first immediately following the preceding compliance period and shall end 24 months later on June 30.

Ins 2.18(4)(d)(d) Recurring training required under s. 632.69 (3) (e), Stats., shall be completed and reported at a rate of not less than 2 hours each 12 months of each compliance period.

Ins 2.18(5)(5) Notification of formal administrative actions, criminal proceedings and lawsuits. A licensed broker or provider shall notify the commissioner in writing of the following within 30 days:

Ins 2.18(5)(a)(a) Except for action taken by the Wisconsin office of the commissioner of insurance, any formal administrative action against the broker or provider taken by any state’s regulatory agency, commission or board or other regulatory agency which licenses the person for any occupational activity. The notification shall include a description of the basis for the administrative action and any action taken as a result of the proceeding, a copy of the notice of hearing and other documents describing the problem, a copy of the order, consent to order, stipulation, final resolution, and other relevant documents.

Ins 2.18(5)(b)(b) Any initial pretrial hearing date related to any criminal prosecution of the broker or provider taken in any jurisdiction, other than a misdemeanor charge related to the use of a motor vehicle or the violation of a fish and game regulation. The notification shall include a copy of the initial criminal complaint filed, the order resulting from the hearing and any other relevant legal documents.

Ins 2.18(5)(c)(c) Any felony conviction or misdemeanor conviction of the licensee in any jurisdiction, other than a misdemeanor conviction related to the use of a motor vehicle or the violation of a fish and game regulation. The notification shall include a copy of the initial criminal complaint or criminal charging document filed, the judgment of conviction, the sentencing document, the broker’s explanation of what happened to cause criminal proceedings, the licensee’s reasons why no action should be taken regarding the life settlement and any other relevant legal documents.

Ins 2.18(5)(d)(d) Any lawsuit filed against the licensee in which there are allegations of misrepresentation, fraud, theft or embezzlement involving the licensee. The notification shall include a copy of the initial suit documents, the licensee’s explanation of what happened to cause the civil proceedings, why no action should be taken regarding the life settlement broker’s license, and any other relevant legal documents.

Ins 2.18(6)(6) Notification to office. A licensee shall notify the office in writing of any of the following within 30 days after the date of the occurrence:

Ins 2.18(6)(a)(a) The cessation of business activities as a broker or provider. A notification under this subsection shall include the name and address of the custodian of the licensee’s business records and the location of the records.

Ins 2.18(6)(c)(c) New or revised information about officers, partners, directors, members, designated employees, or stockholders, except stockholders owning fewer than ten percent of the shares of a provider or broker whose shares are publicly traded.

Ins 2.18(7)(7) Filing and approval of forms. In fulfilling the requirements of s. 632.69 (5), Stats., a licensee shall comply with the provisions of s. 631.20 (1) (a), Stats.

Ins 2.18(8)(a)(a) Purpose. This subsection interprets and implements s. 632.69, Stats., by specifying the content of certain notices required to be given to policyholders, owners and purchasers.

Ins 2.18(8)(b)(b) Notice format. An insurer shall use the forms in Appendices I, II, and III to comply with this subsection. Each notice shall be in no less than 10-point type, and shall include the issuer’s address, toll free telephone number, if available, and telephone number in no less than 12-point type.

Ins 2.18(8)(c)1.1. This par. (c) does not apply to term life insurance.

Ins 2.18(8)(c)2.2. For each life insurance policy issued, life insurers shall provide to individual life insurance policyholders at the time the policy is issued the notice prescribed in Appendix I to this section.

Ins 2.18(8)(c)3.3. In addition, life insurers shall provide a statement informing the policyholder that if the policyholder is considering making changes in the status of a policy, the policyholder should consult with a licensed insurance agent or financial advisor to find an alternative best suited to the policyholder’s needs. The statement shall advise the policyholder that additional information is available from the office of the commissioner of insurance at its website address: http://oci.wi.gov or by telephone at 1-800-236-8517. The statement shall be sent to the policyholder annually, and may be included in notices or mailings otherwise provided to policyholders.

Ins 2.18(8)(c)4.4. The commissioner shall make information concerning policy alternatives available to the public.

Ins 2.18(8)(c)5.5. Compliance by insurers with the requirements of par. (c) shall commence three months after September 1, 2012.

Ins 2.18(8)(d)(d) Disclosure to owner. In accordance with s. 632.69 (8) (a) 2., Stats., at the time disclosures required by s. 632.69 (8) (a) 1., Stats., are provided by the broker or provider with each application for a life settlement, the broker or provider shall provide to the owner a brochure entitled “Wisconsin Guide to Understanding Life Settlements” as prescribed in Appendix II to this section.

Ins 2.18(8)(e)(e) Disclosure to purchaser. In accordance with s. 632.69 (9) (a) 2., Stats., at the time disclosures required by s. 632.69 (9) (a) 1., Stats., are provided by the provider to the purchaser, and prior to the date that a life settlement purchase agreement is signed by all parties, a provider shall provide to the purchaser a brochure entitled “Wisconsin Guide to Purchase of a Life Settlement” as prescribed in Appendix III to this section.