612.52 – Undertaking to pay premiums and assessments.
612.52 Undertaking to pay premiums and assessments. An applicant for insurance shall sign an undertaking agreeing to pay the advance premiums for any insurance on the applicant’s behalf and any assessment which may be levied in accordance with the terms of the policy, the articles, the bylaws, the statutes, and the reasonable expenses of collecting […]
612.53 – Loss adjustment.
612.53 Loss adjustment. The commissioner may promulgate rules for loss adjustment procedures. History: 1973 c. 22; 2015 a. 90.
612.54 – Assessments.
612.54 Assessments. (1) Conditions for levying assessments. (a) Mandatory assessments. The board of a town mutual shall levy an assessment whenever the amount of any loss or expense that is due exceeds the assets or whenever any required surplus is impaired. (b) Optional assessments. The board may at any time levy assessments as provided in […]
612.61 – Licensing of agents.
612.61 Licensing of agents. Persons soliciting insurance for town mutuals shall comply with s. 628.05. History: 1973 c. 22; 1975 c. 371. Legislative Council Note, 1975: Present s. 612.61 is replaced by s. 628.05, which is part of this act. The terms remain the same. It is preserved only as a cross reference to s. […]
612.70 – Waiver of notice and informal action.
612.70 Waiver of notice and informal action. Sections 181.0704, 181.0706, 181.0821 and 181.0823 apply to town mutuals. Section 181.0821 applies to a committee of the board except that references to “board” shall be read as “committee”. History: 1973 c. 22; 1997 a. 79.
612.81 – Register of deeds.
612.81 Register of deeds. No town mutual need file any corporate documents with any register of deeds for corporation law or regulatory purposes. All such documents held by registers of deeds on May 24, 1973, may be disposed of under s. 59.43 (12) (b). History: 1973 c. 22; 1995 a. 201.
612.23 – Conversion of town mutuals into mutual insurance corporations.
612.23 Conversion of town mutuals into mutual insurance corporations. One or more town mutuals may be converted into a single mutual insurance corporation under ch. 611, as follows: (1) Conversion plan. The board of each participating town mutual shall adopt the same plan of conversion by resolution stating: (a) The reasons for and the purposes […]
612.24 – Transfer of business.
612.24 Transfer of business. (1) Approval by members. No action by which a town mutual proposes to transfer to another person or to reinsure any part of its insurance business, other than in the normal and usual course of business, or to sell, lease, exchange, mortgage, pledge or otherwise dispose of all or substantially all […]
612.25 – Voluntary dissolution of town mutuals.
612.25 Voluntary dissolution of town mutuals. A town mutual may be dissolved in the following way: (1) Plan for dissolution. The board shall adopt a plan for dissolution stating: (a) The reasons for the proposed action; (b) The proposed terms, conditions and procedures for and estimated expenses of implementing the dissolution; and (c) The financial […]
612.31 – Authorized business.
612.31 Authorized business. (1) Property insurance. (a) General. Subject to other provisions of this section, a town mutual may insure a member against loss or damage from any cause to any property in which the member has an interest. (b) Extensions. 1. Insurance authorized under par. (a) may include insurance against loss of use of […]