612.32 – Territory.
612.32 Territory. No town mutual may insure any risks located outside the territory authorized in its articles, except: (1) Real property outside territory. Town mutuals may insure real property and contents in villages and cities partially located in the specified territory, real property and contents in an immediately adjoining county owned by a member who […]
612.33 – Reinsurance.
612.33 Reinsurance. (1) Permitted and prohibited reinsurance. A town mutual may cede reinsurance only to an insurer authorized to do business in this state under ch. 611 or 618, or under arrangements which are approved in advance by the commissioner and which are subject to the controls the commissioner prescribes. (2) Required reinsurance. (a) Windstorm […]
612.34 – Rates.
612.34 Rates. (1) Regulation of assessments. Town mutuals need not file information under ch. 625 about special assessments unless ordered to do so by rule or order of the commissioner. (2) Classifications. No classification plan for the purpose of determining premiums or assessment shares may be used unless it has been approved by the commissioner. […]
612.35 – Borrowing and repayment.
612.35 Borrowing and repayment. A town mutual may borrow money to pay losses or expenses, but before obtaining a loan which would bring its indebtedness, including debit balances from reinsurance arrangements under s. 612.33 (1) above 50 percent of its assets including assessments levied and collectible which are not overdue, it shall report the amount […]
612.36 – Investments.
612.36 Investments. (1) General. Except as provided in sub. (2), town mutuals are subject to ch. 620 but shall be restricted as provided in s. 620.03 (1) unless individually exempted by the commissioner under s. 620.03 (2). In applying the restrictions of ch. 620 all assets of town mutuals shall be treated as if they […]
612.51 – Contract forms.
612.51 Contract forms. (2) Rules. The commissioner may by rule prescribe forms to be used for policies, applications or for particular clauses. (3) Articles and bylaws. The articles and bylaws shall be attached to or clearly incorporated by reference in every policy issued by a town mutual. They may be incorporated by reference only if […]
612.15 – Supervision of management changes.
612.15 Supervision of management changes. (1) Elections. (a) Report. The name and residence of each person selected as a director or officer of a town mutual, and such pertinent biographical data and financial information as the commissioner may reasonably require by rule, shall be reported to the commissioner immediately after the selection. (b) Disapproval. The […]
612.16 – Exclusive agency and management contracts.
612.16 Exclusive agency and management contracts. Sections 611.66 and 611.67 apply to town mutuals. History: 1973 c. 22.
612.18 – Transactions with affiliates and in which directors and others are interested.
612.18 Transactions with affiliates and in which directors and others are interested. Sections 611.60 and 611.61 apply to town mutuals. History: 1973 c. 22; 1979 c. 102.
612.21 – Merger of town mutuals.
612.21 Merger of town mutuals. (1) Conditions for merger. Two or more town mutuals authorized to operate in all or part of the same or in contiguous territories not exceeding 16 counties altogether may merge into one of the constituent town mutuals, or into a new town mutual, under the procedure provided in this section. […]