Requirements for doing business

616.54 (1), 15 percent of the provider fees collected from service contract holders for all unexpired service contracts in force in Wisconsin on January 1 of each year. 2. If the provider has appointed an administrator under s. 616.54 (1), 22.5 percent of the provider fees collected from service contract holders for all unexpired service contracts in Wisconsin on January 1 of each year. (d) The security under this subsection shall continue until released by the commissioner pursuant to a finding that it is not necessary for the reasonable protection of Wisconsin consumers. (8) FINANCIAL STATEMENTS. A provider using a deposit or irrevocable letter of credit as specified in sub. (7) to satisfy sub. (5) shall, by each March 31, submit financial statements for the most recent fiscal year to the commissioner that are prepared on an accrual basis in accordance with generally accepted accounting principles and that are audited by an independent certified public accountant. (9) COMMISSIONER LIMITATION. Except for the requirements specified in sub. (5), no other financial security requirements shall be required by the commissioner for providers. (10) PAYMENT OF CLAIMS. A provider shall be subject to and shall pay claims under a service contract in accordance with s. 628.46 (1) and (2). (11) SERVICE CONTRACT SELLERS. A service contract seller is not subject to licensure or registration under this subchapter. History: 2011 a. 226; 2017 a. 365 s. 112; 2019 a. 66.