623.01 – Applicability.

623.01 Applicability. Except as otherwise provided, this chapter and the rules promulgated under it apply to all insurers authorized to do business in this state. History: 1979 c. 102.

623.02 – Standards for accounting rules.

623.02 Standards for accounting rules. When promulgating accounting rules, the commissioner shall consider recommendations made by the National Association of Insurance Commissioners, generally accepted accounting principles both in the insurance industry and outside it, the requirements of the law and the needs of regulation, including detection of insolvency, and the needs for information of insureds, […]

623.03 – Valuation of assets.

623.03 Valuation of assets. The commissioner shall promulgate rules for the valuation of assets to be reported on the statements submitted under s. 601.42 (1g) (a) as well as for other purposes. The commissioner may specify that certain classes of assets shall be valued at zero or given a nominal value, and when necessary to […]

623.04 – Valuation of liabilities.

623.04 Valuation of liabilities. The commissioner shall promulgate rules specifying the liabilities required to be reported by insurers in the financial statements submitted under s. 601.42 (1g) (a) and the methods of valuing them. In the case of life insurance such methods shall be consistent with s. 623.06. History: 1973 c. 293; 1977 c. 153 […]

623.06 – Standard valuation law.

623.06 Standard valuation law. (1) In this section: (a) “Accident and health insurance contract” means a contract that incorporates morbidity risk and provides protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual. (b) “Appointed actuary” means a qualified actuary who is appointed in accordance […]

623.11 – Amount of compulsory surplus.

623.11 Amount of compulsory surplus. (1) Determination of amount. Except as provided in sub. (3), the commissioner shall, when necessary, determine the amount of compulsory surplus that an insurer is required to have in order not to be financially hazardous under s. 645.41 (4), as an amount that will provide reasonable security against contingencies affecting […]

623.12 – Amount of security surplus.

623.12 Amount of security surplus. The security surplus shall be set by the commissioner between 110 percent and 140 percent of the compulsory surplus. In setting the figure the commissioner may consider such factors as the size of the insurer, its recent experience, the volatility of the lines of insurance in which it engages and […]

623.15 – Fraternal rates and reserves.

623.15 Fraternal rates and reserves. (1) Nonreserve fraternals. (a) In this subsection, “owner” means the owner of a policy or certificate issued by a fraternal in accordance with s. 614.10. (b) A fraternal may be organized for the transaction of business on a plan set forth in the contract which provides for sufficient contributions by […]

623.21 – Adjustment of reserves.

623.21 Adjustment of reserves. The commissioner may order an insurer to adjust its reserves if they do not bear an appropriate relationship to its obligations. History: 1973 c. 293.

623.34 – Accounting for repurchased shares.

623.34 Accounting for repurchased shares. When a corporation acquires its own shares under s. 611.34 or in any other way, the acquired shares shall be accounted for as a deduction from capital and not as assets. History: 1979 c. 102.