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 […]
646.31 – Eligible claims.
646.31 Eligible claims. (1) Conditions of eligibility. A claim is not eligible for payment from the fund unless it is an unpaid claim for a loss insured under the policy or annuity, or an unpaid claim under a supplementary contract providing for a retained asset account, and all of the following conditions are met: (a) […]
646.32 – Appeal and review.
646.32 Appeal and review. (1) Appeal. A claimant whose claim is reduced or declared ineligible shall promptly be given notice of the determination and of the right to object under this section. The claimant may appeal to the board within 30 days after the mailing of the notice. The board may appoint a committee of […]
646.325 – Recovery of amounts paid to 3rd parties.
646.325 Recovery of amounts paid to 3rd parties. (1) Definition. In this section, “net worth” means the amount of an insured’s total assets less the insured’s total liabilities at the end of the insured’s fiscal year immediately preceding the date the liquidation order was entered, as shown on the insured’s audited financial statement or other […]
646.33 – Subrogation and cooperation.
646.33 Subrogation and cooperation. (1) Subrogation. (a) Upon payment to any loss claimant the fund is subrogated to the claimant’s full right of recovery against the insurer and, to the same extent the insurer would have been subrogated, against any liquidator and any 3rd person. A person receiving benefits under this chapter thereby assigns to […]
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 […]