Chapter 623, INSURANCE — ACCOUNTING AND RESERVES
10 sections in this chapter.
Wis. Stat. § 623.01 Applicability
0.2K chars
623.01 Applicability. Except as otherwise provided, this chapter and the rules promulgated under it apply to all insurers authorized to do business in this state. History: 1979 c. 102. Cross-reference: See also s. Ins 3.17, Wis. adm. code.
Wis. Stat. § 623.02 Standards for accounting rules
0.7K chars
623.02 Standards for accounting rules. When promulgating accounting rules, the commissioner shall consider recommendations made by the National Association of Insurance Commissioners, generally accepted accounting principles both in the insurance industry and outside it, the requ…
Wis. Stat. § 623.03 Valuation of assets
0.5K chars
623.03 Valuation of assets. The commissioner shall promulgate rules for the valuation of assets to be reported on the statements submitted under s. 601.42 (1g) (a) as well as for other purposes. The commissioner may specify that certain classes of assets shall be valued at zero o…
Wis. Stat. § 623.04 Valuation of liabilities
0.5K chars
623.04 Valuation of liabilities. The commissioner shall promulgate rules specifying the liabilities required to be reported by insurers in the financial statements submitted under s. 601.42 (1g) (a) and the methods of valuing them. In the case of life insurance such methods shall…
Wis. Stat. § 623.06 Standard valuation law
61.8K chars
623.06 Standard valuation law. (1) In this section: (a) “Accident and health insurance contract” means a contract that incorporates morbidity risk and provides protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the…
Wis. Stat. § 623.11 Amount of compulsory surplus
3.1K chars
623.11 Amount of compulsory surplus. (1) DETERMINATION OF AMOUNT. Except as provided in sub. (3), the commissioner shall, when necessary, determine the amount of compulsory surplus that an insurer is required to have in order not to be financially hazardous under s. 645.41 (4), a…
Wis. Stat. § 623.12 Amount of security surplus
2.3K chars
623.12 Amount of security surplus. The security surplus shall be set by the commissioner between 110 percent and 140 percent of the compulsory surplus. In setting the figure the commissioner may consider such factors as the size of the insurer, its recent experience, the volatili…
Wis. Stat. § 623.15 Fraternal rates and reserves
1.3K chars
623.15 Fraternal rates and reserves. 623.15(1)(1) Nonreserve fraternals. 623.15(1)(a)(a) In this subsection, “owner” means the owner of a policy or certificate issued by a fraternal in accordance with s. 614.10. 623.15(1)(b)(b) A fraternal may be organized for the transaction of …
Wis. Stat. § 623.21 Adjustment of reserves
0.2K chars
623.21 Adjustment of reserves. The commissioner may order an insurer to adjust its reserves if they do not bear an appropriate relationship to its obligations. History: 1973 c. 293.
Wis. Stat. § 623.34 Accounting for repurchased shares
0.2K chars
623.34 Accounting for repurchased shares. When a corporation acquires its own shares under s. 611.34 or in any other way, the acquired shares shall be accounted for as a deduction from capital and not as assets. History: 1979 c. 102.