8. Changes the procedures for providing notice of the revocation of an insurer’s authority to do business in this state.

9. Increases the forfeiture amount, from $1,000 to $5,000 per violation, for a violation of an insurance statute or rule that involves or constitutes fraud.

10. Requires a health maintenance organization that participates in the Family Care Program to make a monetary deposit, in an amount determined by the Department of Health Services, to pay for services on behalf of an insolvent or financially hazardous care management organization. The Family Care Program provides community-based long-term care services to eligible individuals. Current law requires a care management organization that provides services under the Family Care Program to make the deposit.

11. Allows a domestic stock or mutual insurance corporation to include certain forum selection provisions in its articles of incorporation or bylaws.

12. Changes a standard under which the commissioner may revoke, suspend, or limit the license of an insurance marketing intermediary or individual navigator from finding that the licensee “is not of good character” to finding that the licensee “is not competent or trustworthy.” Under current law, proof of competence and trustworthiness are required for the initial issuance of a license.

13. Eliminates the financial responsibility requirement under current law that applies to navigators.

14. Reduces the number of segregated accounts that compose the insurance security fund, from six to five, by merging the life insurance and annuities accounts. The bill retains the current law requirement that the board of directors of the fund, when it authorizes assessments of insurers that have been ordered liquidated, must continue to estimate the amounts necessary to make payments from the fund and must authorize assessments separately for life insurance policies and for annuity contracts in the merged life insurance and annuities account.

15. Changes the manner in which the board calculates assessment amounts for the merged life insurance and annuities account. Under current law, the amount is calculated as a percentage of average annual premiums received in this state by an insurer for life insurance policies and for annuity contracts for the three most recent years. Under the bill, the amount is calculated as a percentage of premiums for the year immediately preceding the year in which the board authorizes the assessment or, if that data is not available, for the most recent year for which that data is available.

16. Adds to the powers of the insurance security fund the authority to negotiate and contract with other guaranty associations to provide and receive administrative, claims, and other services that are usual to guaranty associations.

SB432,,6615.165 (3) (b) 9. The commissioner of insurance or an experienced actuary in the office of the commissioner designated by the commissioner the commissioner’s designee under s. 601.415 (3).

SB432,,9949.45 (12) (b) If the commissioner of insurance promulgates rules under s. 601.57 (2), 2021 stats., establishing a health insurance identification card system and its computerized support system, the department shall develop a plan to coordinate a system of machine-readable identification cards for medical assistance recipients with the systems established by the commissioner and shall submit the plan to the governor, and to the legislature under s. 13.172 (2), before issuing a request for proposals under par. (c).

SB432,,1313601.41 (13) Interstate regulatory reviews; consultant contracts. Notwithstanding ss. 16.70 to 16.78, the commissioner may enter into a contract for the services of a consultant if all of the following apply:

SB432,,1414(a) The office and the insurance department of another state are coordinating a review on a regulatory matter.

SB432,,1717601.415 (3) Wisconsin retirement board. The commissioner or an experienced actuary the deputy commissioner, chief legal counsel, or chief financial regulator in the office designated by the commissioner shall serve as a member of the Wisconsin retirement board under s. 15.165 (3) (b).