Ins 51.20(2)(c) (c) If the insurer challenges a revised risk based capital plan pursuant to s. Ins 51.50 and the challenge is not frivolous in the judgment of the commissioner, within 45 days after the notification to the insurer that the commissioner has, after a hearing, rejected the insurer’s challenge.

Ins 51.20(3) (3) The commissioner may retain actuaries and investment experts and other consultants as may be necessary in the judgment of the commissioner to review the insurer’s risk based capital plan or revised risk based capital plan, examine or analyze the assets, liabilities and operations of the insurer and formulate a corrective order with respect to the insurer. The fees, costs and expenses relating to consultants shall be borne by the affected insurer or such other party as directed by the commissioner.

Ins 51.20 History History: Cr. Register, December, 1996, No. 492, eff. 1-1-97.

Ins 51.30 Ins 51.30 Authorized control level event. If an authorized control level event occurs with respect to an insurer, the commissioner shall:

Ins 51.30(1) (1) Take such actions as are required under s. Ins 51.20 regarding an insurer with respect to which a regulatory action level event has occurred; or

Ins 51.30(2) (2) If the commissioner deems it to be in the best interests of the policyholders and creditors of the insurer and of the public, take such actions as are necessary to cause the insurer to be placed under regulatory control under ch. 645, Stats. If the commissioner takes such actions, the authorized control level event shall be deemed sufficient grounds for the commissioner to take action under ch. 645, Stats., and the commissioner shall have the rights, powers and duties with respect to the insurer as are set forth in ch. 645, Stats.

Ins 51.30 History History: Cr. Register, December, 1996, No. 492, eff. 1-1-97.

Ins 51.40 Ins 51.40 Mandatory control level. If there is a mandatory control level event:

Ins 51.40(1) (1) With respect to a life or health insurer, the commissioner shall take such actions as are necessary to place the insurer under regulatory control under ch. 645, Stats. The mandatory control level event shall be deemed sufficient grounds for the commissioner to take action under ch. 645, Stats., and the commissioner shall have the rights, powers and duties with respect to the insurer as are set forth in ch. 645, Stats. Notwithstanding any of the foregoing, the commissioner may forego action for up to ninety days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the 90 day period.

Ins 51.40(2) (2) With respect to a property and casualty insurer, the commissioner shall take such actions as are necessary to place the insurer under regulatory control under ch. 645, Stats., or, in the case of an insurer which is writing no business and which is running-off its existing business, may allow the insurer to continue its run-off under the supervision of the commissioner. In either event, the mandatory control level event shall be deemed sufficient grounds for the commissioner to take action under ch. 645, Stats., and the commissioner shall have the rights, powers and duties with respect to the insurer as are set forth in ch. 645, Stats. Notwithstanding any of the foregoing, the commissioner may forego action for up to 90 days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the 90 day period.

Ins 51.40 History History: Cr. Register, December, 1996, No. 492, eff. 1-1-97.

Ins 51.50 Ins 51.50 Hearings.

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 History History: Cr. Register, December, 1996, No. 492, eff. 1-1-97.

Ins 51.55 Ins 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) (3)