Coordinate and compel, through the authority of the regulatory officials of the jurisdictions where members of the internationally active insurance group are domiciled, the development and implementation of reasonable measures designed to ensure that the internationally active insurance group is able to timely recognize and mitigate enterprise risks to members of such internationally active insurance group that are engaged in the business of insurance.
Communicate with other state, federal and international regulatory agencies for members within the internationally active insurance group and share relevant information subject to the confidentiality provisions in s. Ins 40.05
, and through supervisory colleges under s. 617.215
Enter into agreements with, or obtain documentation from, any insurer registered under s. Ins 40.03
, any member of the internationally active insurance group, and any other state, federal and international regulatory agencies for members of the internationally active insurance group, providing the basis for or otherwise clarifying the commissioner's role as group-wide supervisor, including provisions for resolving disputes with other regulatory officials. Such agreements or documentation shall not serve as evidence in any proceeding that any insurer or person within an insurance holding company system not domiciled or incorporated in Wisconsin is doing business in Wisconsin or is otherwise subject to the jurisdiction of Wisconsin.
Other group-wide supervision activities, consistent with the authorities and purposes enumerated above, as considered necessary by the commissioner.
If the commissioner acknowledges that another regulatory official from a jurisdiction that is not accredited by the NAIC is the group-wide supervisor, the commissioner is authorized to reasonably cooperate, including through supervisory colleges, with group-wide supervision undertaken by the group-wide supervisor, when the following provisions are met:
The commissioner's cooperation is in compliance with the laws of Wisconsin.
The regulatory official acknowledged as the group-wide supervisor also recognizes and cooperates with the commissioner's activities as a group-wide supervisor for other internationally active insurance groups where applicable. Where such recognition and cooperation is not reasonably reciprocal, the commissioner is authorized to refuse recognition and cooperation.
The commissioner is authorized to enter into agreements with, or obtain documentation from, any insurer registered as required by s. Ins 40.03
, any affiliate of the insurer, and other state, federal and international regulatory agencies for members of the internationally active insurance group that provide the basis for or otherwise clarify a regulatory official's role as group-wide supervisor.
Ins 40.08 History
History: CR 19-013: cr., Register April 2020 No. 772, eff. 5-1-20. Ins 40.09
Ins 40.09 Insurer's duty to pay reasonable expenses.
An insurer registered under s. Ins 40.03
that is also subject to ss. Ins 40.07
shall pay, pursuant to s. Ins 16.01 (6) (d)
, the reasonable expenses of the commissioner's participation in the administration of the internationally active group, including any of the following:
The commissioner's expenses from the engagement of attorneys, actuaries and any other professionals.
The commissioner's reasonable travel expenses.
Ins 40.09 History
History: CR 19-013: cr. Register April 2020 No. 772, eff. 5-1-20; renum. (1) to Ins 40.09 (intro.) under s. 13.92 (4) (b) 1., Stats., and s. 35.17 correction in (intro.) made under s. 35.17, Stats., Register April 2020 No. 772. Ins 40.11(1)(1)
Forms A, B, C, D, E, and F contained in the appendix to this chapter are intended to be guides in the preparation of the statements required by subch. I
of this chapter. They are not intended to be blank forms which are to be filled in. The statements filed shall contain the numbers and captions of all items, but the text of the items may be omitted provided the answers are prepared in such a manner as to indicate clearly the scope and coverage of the items. All instructions, whether appearing under the items of the form or elsewhere therein, are to be omitted. Unless expressly provided otherwise, if any item is inapplicable or the answer is in the negative, an appropriate statement to that effect shall be made.
One complete copy of each statement, including exhibits and all other papers and documents filed as a part of the statement, shall be filed with the commissioner. At least one of the copies shall be manually signed in the manner prescribed on the form. Unsigned copies shall be conformed. If the signature of any person is affixed pursuant to a power of attorney or other similar authority, a copy of the power of attorney or other authority shall also be filed with the statement.
Statements shall be prepared on paper 8 1/2x 11 in size and preferably bound at the top or the top left-hand corner. Exhibits and financial statements, unless specifically prepared for the filing, may be submitted in their original size. All copies of any statement, financial statements or exhibits shall be clear, easily readable and suitable for photocopying. Debits in credit categories and credits in debit categories shall be designated so as to be clearly distinguishable as such on photocopies. Statements shall be in the English language and monetary values shall be stated in United States currency. If any exhibit or other paper or document filed with the statement is in a foreign language, it shall be accompanied by a translation into the English language and any monetary value shown in a foreign currency shall be converted into United States currency.
Ins 40.11 History
Cr. Register, July, 1993, No. 451
, eff. 8-1-93; CR 14-071
: am. (1), (2) (a) Register August 2015 No. 716
, eff. 9-1-15.
Forms—incorporation by reference, summaries and omissions. Ins 40.12(1)(1)
Incorporation by reference.
Information required by any item of form A, form B, form D, form E, or form F may be incorporated by reference in answer or partial answer to any other item. Information contained in any financial statement, annual report, proxy statement, statement filed with a governmental authority, or any other document may be incorporated by reference in answer or partial answer to any item of form A, form B, form D, Form E, or form F provided the document or paper is filed as an exhibit to the statement. Excerpts of documents may be filed as exhibits if the documents are extensive. Documents currently on file with the commissioner which were filed within 3 years need not be attached as exhibits. References to information contained in exhibits or in documents already on file shall clearly identify the material and shall specifically indicate that the material is to be incorporated by reference in answer to the item. Matter shall not be incorporated by reference in any case where the incorporation would render the statement incomplete, unclear, or confusing.
Where an item requires a summary or outline of the provisions of any document, only a brief statement shall be made as to the pertinent provisions of the document. In addition to the statement, the summary or outline may incorporate by reference particular parts of any exhibit or document currently on file with the commissioner which was filed within 3 years and may be incorporated in its entirety by the reference. In any case where 2 or more documents required to be filed as exhibits are substantially identical in all material respects except as to the parties to the documents, the dates of execution, or other details, a copy of only one of the documents need be filed with a schedule identifying the omitted documents and setting forth the material details in which such documents differ from the documents, a copy of which is filed.
Ins 40.12 History
Cr. Register, July, 1993, No. 451
, eff. 8-1-93; CR 14-071
: am. (1) Register August 2015 No. 716
, eff. 9-1-15.
Forms—extension of time to furnish. Ins 40.13(1)(1)
If it is impractical to furnish any required information, document or report at the time it is required to be filed, the person required to file shall file with the commissioner a separate document:
Identifying the information, document or report in question;