Wis. Admin. Code Office of the Commissioner of Insurance Ins 47.01

Current through October 28, 2024

Section Ins 47.01 - Definitions

In this chapter:

(1) "Actuary"" means a person who is a member in good standing of the American academy of actuaries.

(2) "Controlling person" means any person who directly or indirectly has the power to direct or cause to be directed, the management, control or activities of the reinsurance intermediary.

(3) "Insurer" means an insurer as defined under s. 600.03(27), Stats., which has a certificate of authority under ch. 611, 612, 613, 614 or 618, Stats.

(4) "Policyholder surplus" means capital and surplus.

(5) "Reinsurer" means an insurer licensed in this state with the authority to assume reinsurance under ch. 627, Stats.

(6) "Reinsurance intermediary" means a reinsurance intermediary-broker or a reinsurance intermediary-manager.

(7) "Reinsurance intermediary-broker" means any person, other than an officer or employe of the ceding insurer, who solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer.

(8)

(a) "Reinsurance intermediary-manager" means any person not excluded under par. (b) who:

1. Has authority to bind, manages a separate division, department or underwriting office with responsibility for, or manages all or part of, assumed reinsurance business of a reinsurer; and

2. Acts as an agent for the reinsurer.

(b) "Reinsurance intermediary-manager" does not include:

1. An employe of the reinsurer;

2. A United States manager of the United States branch of an alien reinsurer;

3. An underwriting manager which, pursuant to contract, manages all or part of the reinsurance operations of the reinsurer, is under common control with the reinsurer, is subject to ch. 617, Stats., and ch. Ins 40, or the laws and rules of another state which are substantially similar to ch. 617, Stats., and ch. Ins 40, and whose compensation is not based on the volume of premiums written.

4. The manager of a group, association, pool or organization of insurers which engage in joint underwriting or joint reinsurance and who are subject to examination by the insurance commissioner of the state in which the manager's principal business office is located.

(9) "Qualified United States financial institution" means a financial institution that:

(a) Is organized or, in the case of a United States office of a foreign banking organization, licensed, under the laws of the United States or any state;

(b) Is regulated, supervised and examined by federal or state authorities having regulatory authority over financial institutions; and

(c) Has been determined by either the commissioner, or the securities valuation office of the national association of insurance commissioners, to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner.

Wis. Admin. Code Office of the Commissioner of Insurance Ins 47.01

Cr. Register, July, 1993, No. 451, eff. 8-1-93.