Current through October 28, 2024
Section Ins 6.58 - Licensing of insurance intermediary firms as insurance agents(1) PURPOSE. The purpose of this rule is to establish procedures for licensure of insurance intermediary firms as insurance intermediaries, reinsurance intermediaries, travel insurance agents or managing general agents.(1m) DEFINITION. In this section "firm" means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity.(2) LICENSE. Any firm may obtain an insurance intermediary firm license under this section.(3) PROCEDURE. (a) Application for a permanent intermediary license, reinsurance intermediary license, travel insurance agent license or managing general agent license for a corporation or partnership shall be filed in a manner prescribed by the commissioner using the NAIC Uniform Application. The application shall include:1. A licensing fee of $100.00;2. A completed NAIC Uniform Application;3. Certification that the insurance intermediary firm will transact business in such a way that all acts that may only be performed by a licensed intermediary are performed exclusively by natural persons who are licensed under s. 628.04, Stats., and functioning within the scope of the license, and a list of such persons;4. If the insurance intermediary firm is domiciled outside of Wisconsin, an agreement to be subject to the jurisdiction of the commissioner and the courts of this state on any matter related to the insurance intermediary firm's insurance activities in this state, on the basis of service of process under ss. 601.72 and 601.73, Stats.; and5. A list of all partners, directors or principal officers or persons in fact having comparable power.6. In the case of a corporation, the application must be signed or submitted by an officer. In the case of a partnership, the application must be signed or submitted by a partner.7. Any bond, policy, designation or information required under s. Ins 47.02(3) or (5).8. A Designated Responsible Licensed Producer, DRLP, assigned by the intermediary firm.(b) Determination of the acceptance or rejection of a completed application shall be made within 90 days.(4) STANDARDS OF COMPETENCE AND TRUSTWORTHINESS.(a) For partners, directors or principal officers who are licensed at the time of application under sub. (4) as insurance intermediaries, reinsurance intermediaries, travel insurance agents or managing general agents, those standards as set forth in s. Ins 6.59(5) shall apply in lieu of the standards set forth in this section.(b) For partners, directors or principal officers who are not licensed at the time of application under sub. (4) as insurance intermediaries, reinsurance intermediaries, travel insurance agents or managing general agents, the following criteria may be used in assessing trustworthiness and competence:1. `Criminal record.' The conviction for crimes which are substantially related to insurance. "Conviction" includes having been found guilty by judge or jury, having entered a plea of guilty or nolo contendere or no contest, or having been given probation, a suspended sentence, or a fine.2. `Accuracy of information.' Any material misrepresentation in the information submitted in the application.3. `Regulatory action.' Any regulatory action taken with regard to any license held, such as insurance licenses in other states, real estate licenses and security licenses.4. Other criteria which the commissioner considers evidence of untrustworthiness or incompetence.(5) FEES. (a) Biennially, at least 60 days prior to February 15 of each even numbered year, a regulation fee notice of $35.00 for resident and $70.00 for nonresident insurance intermediary firms, reinsurance intermediaries, travel insurance firms, and managing general agents will be issued in a manner prescribed by the commissioner.(b) If payment of the biennial regulation fee is not made prior to February 15 of the year in which it is due, in a payment type prescribed by the commissioner, the license shall terminate.(6) NOTIFICATION OF CHANGES. Each insurance intermediary firm licensed or applying for a license shall, within 30 days, notify the commissioner of insurance in writing of any change in its business mailing address, business address, contact email address, location of the business records, or a change in the name or address of the designated representative.Wis. Admin. Code Office of the Commissioner of Insurance Ins 6.58
Cr. Register, August, 1980, No. 296, eff. 9-1-80; am. (5) (a), Register, September, 1981, No. 309, eff. 10-1-81; cr. (6), Register, September, 1981, No. 309, eff. 1-1-82; r. and recr. (2), r. (3) and (8), renum. (4) to (7) to be (3) to (6), Register, April, 1982, No. 316, eff. 5-1-82; r. form 11-50, Register, October, 1982, No. 322, eff. 11-1-82; am. (3) (a) to (f), Register, December, 1984, No. 348, eff. 1-1-85; correction in (5) made under s. 13.93(am) (b) 7, Stats., Register, December, 1984, No. 348; emerg. am. (1), (3) (intro.), (a) 1. and 2., (4) (a), (b) (intro.) and 1., (5) (a) and (6), cr. (3) (a) 7., eff. 3-12-93; am (1), (3) (intro.), (a) 1. and 2., (4) (a), (b) (intro.) and 1., (5) (a) and (6), cr. (3) (a) 7., Register, July, 1993, No. 451, eff. 8-1-93; emerg. am. (5) (a), eff. 10-9-95; am. (5) (a), Register, February, 1996, No. 482, eff. 3-1-96; cons. and renum. (3) (intro.) and (a) (intro.) to be (3) (a) (intro.) and am., am. (3) (b), Register, January, 1999, No. 517, eff. 2-1-99; CR 01-074: am. (1), (2), (3) (a) 3. and 4., (5) and (6), Register January 2002 No. 553 eff. 2-1-02; CR 05-111: am. (3) (b) and (5) (a) Register October 2006 No. 610, eff. 11-1-06; CR 09-022: am. (5) (a) and (b) Register August 2009 No. 644, eff. 9-1-09.Amended by, CR 19-025: am. (1), (3) (a) (intro.), 2., 6., cr. (3) (a) 8., am. (3) (b), (4) (a), (b) (intro.), 1., 2., (5) (a), (b), r. (5) (c), am. (6) Register August 2020 No. 776, eff. 9/1/2020Intermediary corporations and partnerships are subject to the recordkeeping requirements as set forth in s. Ins 6.61(1).