Wis. Admin. Code Office of the Commissioner of Insurance Ins 45.01

Current through November 25, 2024

Section Ins 45.01 - Definitions

In this chapter, unless the context otherwise requires:

(1) "Accredited state" means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the national association of insurance commissioners.

(2) "Control" has the meaning provided under s. 600.03(13), Stats.

(3) "Controlled insurer" means a licensed insurer which is controlled, directly or indirectly, by a producer.

(4) "Controlling producer" means a producer who, directly or indirectly, controls an insurer.

(5) "Insurer" means an insurer licensed to transact property or casualty insurance business in this state. "Insurer" does not include, for the purposes of this chapter:

(a) A risk retention group as defined in s. 600.03(41e), Stats.;

(b) A residual market pool or joint underwriting authority or association; or

(c) An insurer owned by another organization and whose exclusive purpose is to insure risks of the parent organization and the parent organization's affiliates or, in the case of groups and associations, an insurer owned by the insureds whose exclusive purpose is to insure risks of member organizations or group members and their affiliates.

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

(7) "Producer" means an insurance broker as defined by s. 628.02(3), Stats., or any other person who, for any compensation, commission or other thing of value, acts or aids in any manner in soliciting, negotiating or procuring the making of any insurance contract on behalf of an insured other than the person.

Wis. Admin. Code Office of the Commissioner of Insurance Ins 45.01

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