646.21 – Custody and investment of assets.
646.21 Custody and investment of assets. (1) Custody. Except as provided in sub. (2), the board controls the assets of the fund. The board shall select regulated financial institutions in this state which receive deposits in which to establish and maintain accounts for assets needed on a current basis. If practicable, the accounts shall earn […]
646.11 – Organization and administration of fund.
646.11 Organization and administration of fund. (1) Organization. There is created an organization to be known as the “insurance security fund.” All insurers subject to this chapter are contributors to the fund as a result of their authority to transact business in this state. The fund shall consist of all of the following: (a) All […]
646.12 – Administration of the fund.
646.12 Administration of the fund. (1) Composition of board. (a) Members. 1. The fund shall be administered by a board of directors that shall consist of the attorney general, the state treasurer, and the commissioner, each of whom shall have full voting rights, and at least 9 but not more than 11 insurer representatives of […]
646.13 – Special duties and powers of the fund related to loss claims.
646.13 Special duties and powers of the fund related to loss claims. (1) Duties. The fund shall: (a) Establish procedures and acceptable forms of proof for eligible claims, which shall correspond as closely as practicable with the corresponding rules under ch. 645. (b) Stand in the position of the insurer in the investigation, compromise, settlement, […]
646.15 – Proceedings involving insurers.
646.15 Proceedings involving insurers. (1) Injunctions and orders. (a) If an insurer is in liquidation, the fund may apply to the circuit court for Dane County for, and the court may grant, restraining orders, temporary and permanent injunctions, and other orders considered necessary and proper to prevent any of the following: 1. Interference with the […]
646.16 – Payment of deposits made for benefit of creditors.
646.16 Payment of deposits made for benefit of creditors. (1) The commissioner shall promptly pay to the fund any deposit held in this state that was paid, as required by law or the commissioner, by the insolvent insurer for the benefit of creditors, including policyholders, and not turned over to the domiciliary liquidator upon the […]
646.01 – Scope and purposes.
646.01 Scope and purposes. (1) Scope. (a) General. This chapter applies to: 1. All kinds and lines of direct insurance, except as provided in par. (b). 2. All insurers authorized to do business in this state except: a. Fraternals that are not health maintenance organization insurers. b. Assessable mutuals, including town mutuals. c. Mutual municipal […]
646.03 – Definitions.
646.03 Definitions. In this chapter, unless the context indicates otherwise: (1) “Board” means the board of directors of the insurance security fund created by s. 646.12. (1m) “Direct insurance” does not include a policy or contract of reinsurance, except for the following: (a) Reinsurance for which the reinsurer has issued assumption certificates under the reinsurance […]