611.75 – Conversion of a domestic stock corporation into a mutual.
611.75 Conversion of a domestic stock corporation into a mutual. A domestic stock corporation may be converted into a domestic mutual as follows: (1) Action by board. The board shall adopt a plan of conversion. Thereafter no additional shares of capital stock shall be issued except that stock options to purchase capital stock may continue […]
611.67 – Management contract services.
611.67 Management contract services. (1) In this section: (a) “Health maintenance organization” has the meaning given under s. 609.01 (2). (b) “Limited service health organization” has the meaning given under s. 609.01 (3). (c) “Management authority” means the authority to exercise any management control of the corporation or of its underwriting, loss adjustment, investment, general […]
611.69 – Dividends and other distributions.
611.69 Dividends and other distributions. (1) Distributions. Subject to the requirements of ss. 617.22 and 617.225, a stock corporation may make distributions under ss. 180.0623, 180.0640 and 180.1708 (2). (2) Unclaimed dividends and distributions. Chapter 177 applies to stock corporations. History: 1971 c. 260; 1989 a. 303.
611.62 – Directors’ and officers’ liability and indemnification.
611.62 Directors’ and officers’ liability and indemnification. (1) Liability. Sections 180.0826 to 180.0828, 180.0832 and 180.0833 apply to stock corporations and ss. 181.0850 to 181.0855, except s. 181.0855 (2) (c), apply to mutuals. (2) Indemnification. Sections 180.0850 to 180.0856, 180.0858 and 180.0859 apply to stock corporations and ss. 181.0871 to 181.0881 and 181.0889 apply to […]
611.63 – Executive compensation.
611.63 Executive compensation. (1) General power. Subject to this section, ss. 180.0302 (11), (12) and (16) and 180.0811 apply to stock corporations and s. 181.0302 (11) to (14) applies to mutuals. (2) Approval of board action by shareholders. Any benefits or payments to any director or officer on account of services rendered to a stock […]
611.66 – Exclusive agency contracts.
611.66 Exclusive agency contracts. (1) General. Except under sub. (2), no corporation may enter into any contract whereby any person is granted or obtains directly or indirectly the exclusive right or privilege of soliciting, producing or receiving a fee or commission on all or substantially all of the insurance business of the corporation or on […]
611.55 – Continuity of management in emergencies.
611.55 Continuity of management in emergencies. (1) Purpose. The legislature declares it to be desirable for the general welfare and in particular for the welfare of insurance beneficiaries, policyholders, claimants and others that the business of domestic insurance corporations be continued even in a national emergency. The specific purpose of this section is to facilitate […]
611.56 – Committees of directors.
611.56 Committees of directors. (1) Appointment. If the articles or bylaws of a corporation so provide, the board by resolution adopted by a majority of the full board may designate one or more committees, each consisting of at least 3 directors serving at the pleasure of the board. The board may designate one or more […]
611.57 – Interlocking directorates and other relationships.
611.57 Interlocking directorates and other relationships. No person may simultaneously be a director or officer in one insurance corporation and a director, officer, employee or agent for another insurer if the effect is to lessen competition substantially or if the 2 insurers have materially adverse interests. History: 1971 c. 260; 1973 c. 128.
611.60 – Transactions in which directors and others are interested.
611.60 Transactions in which directors and others are interested. (1) Voidable transactions. Any material transaction between an insurance corporation and one or more of its directors or officers, or between an insurance corporation and any other person in which one or more of its directors or officers or any person controlling the corporation has a […]