Section Ins 50.02 - ApplicabilityUnless otherwise ordered by the commissioner, this subchapter applies to all insurers except:
(1) An insurer is not subject to this subchapter for a calendar year in which the insurer has:(a) Direct premiums written in this state of less than $100,000 and less than 1,000 policyholders or certificate holders of directly written policies in the state at the end of the calendar year; and(b) Assumed premiums nationwide of less than $1,000,000 under reinsurance contracts or treaties and direct premiums written nationwide of less than $1,000,000.(2) A foreign or alien insurer is exempt from this chapter except for s. Ins 50.03 if: (a) It complies with another state's requirement to submit audited financial reports and the other state's requirement is found by the commissioner to be substantially similar to the requirements of this chapter; and(b) It files audited financial reports with that state's commissioner of insurance or equivalent agency.(3) An insurer licensed under ch. 612, Stats., if the insurer meets all of the following requirements: (a) Has direct total written premium for the calendar year, including premiums on nonproperty coverage, of less than $500,000;(b) Has a net of reinsurance premium to policyholder surplus ratio of less than 3 to 1 as of the December 31 of the year for which an audited financial report is otherwise required.(c) Is not authorized under its articles of incorporation to do business in more than 8 counties.(d) Does not engage in the writing of nonproperty coverage unless the nonproperty coverage is 90% reinsured.Wis. Admin. Code Office of the Commissioner of Insurance Ins 50.02
Cr. Register, July, 1993, No. 451, eff. 8-1-93; am. (1) (b), Register, December, 1995, No. 480, eff. 1-1-96; am. (3) (intro.) and (a) to (d) and r. (3) (e) and (f), Register, June, 2001, No. 546, eff. 1-1-02; CR 08-053: am. (2) (a) Register December 2008 No. 636, eff. 1-1-09.