Chapter 625, INSURANCE — RATE REGULATION
17 sections in this chapter.
Wis. Stat. § 625.01 Construction and purposes
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625.01 Construction and purposes. (1) CONSTRUCTION. This chapter shall be liberally construed to achieve the purposes stated in sub. (2), which shall constitute an aid and guide to interpretation but not an independent source of power. (2) PURPOSES. The purposes of this chapter a…
Wis. Stat. § 625.02 Definitions
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625.02 Definitions. In this chapter, unless contrary to context: (1) “Market segment” means any line or kind of insurance or, if it is described in general terms, any subdivision thereof or any class of risks or combination of classes. (2) “Rate service organization” means any pe…
Wis. Stat. § 625.03 Scope of application
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625.03 Scope of application. (1m) This chapter applies to all kinds and lines of direct insurance written on risks or operations in this state by any insurer authorized to do business in this state, except: (a) Ocean marine insurance; (b) Worker’s compensation insurance; 625.16 6…
Wis. Stat. § 625.04 Exemptions
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625.04 Exemptions. The commissioner may by rule exempt any person or class of persons or any market segment from any or all of the provisions of this chapter, if and to the extent that the commissioner finds their application unnecessary to achieve the purposes of this chapter. H…
Wis. Stat. § 625.11 Rate standards
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625.11 Rate standards. (1) GENERAL. Rates shall not be excessive, inadequate or unfairly discriminatory, nor shall an insurer charge any rate which if continued will have or tend to have the effect of destroying competition or creating a monopoly. (2) EXCESSIVENESS. (a) Competiti…
Wis. Stat. § 625.12 Rating methods
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625.12 Rating methods. In determining whether rates comply with the standards under s. 625.11, the following criteria shall be applied: (1) BASIC FACTORS IN RATES. Due consideration shall be given to all of the following that apply: (a) Past and prospective loss and expense exper…
Wis. Stat. § 625.13 Filing of rates and consent to rate
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625.13 Filing of rates and consent to rate. 625.13(1)(1) Filing procedure. Except as provided in sub. (2), every authorized insurer and every rate service organization licensed under s. 625.31 which has been designated by any insurer for the filing of rates under s. 625.15 (2) sh…
Wis. Stat. § 625.14 Filings open to inspection
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625.14 Filings open to inspection. Each filing and any supporting information filed under this chapter shall, as soon as filed, be open to public inspection at any reasonable time. Copies may be obtained by any person on request and upon payment of a reasonable charge therefor.
Wis. Stat. § 625.15 Delegation of rate making and rate filing obligation
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625.15 Delegation of rate making and rate filing obligation. (1) RATE MAKING. An insurer may itself establish rates and supplementary rate information for one or more market segments based on the factors in s. 625.12 and, if the rates are for motor vehicle liability insurance, su…
Wis. Stat. § 625.16 Loss ratios for certain disability policies
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625.16 Loss ratios for certain disability policies. The commissioner may by rule establish reasonable minimum standards for loss ratios of medicare supplement policies, medicare replacement policies and long-term care insurance policies. The standards shall be based on incurred c…
Wis. Stat. § 625.21 Delaying effect of rates
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625.21 Delaying effect of rates. (1) RULE INSTITUTING DELAYED EFFECT. If the commissioner finds that competition is not an effective regulator of the rates charged or that a substantial number of companies are competing irresponsibly through the rates charged, or that there are w…
Wis. Stat. § 625.22 Disapproval of rates
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625.22 Disapproval of rates. (1) ORDER IN EVENT OF VIOLATION. If the commissioner finds after a hearing that a rate is not in compliance with s. 625.11, the commissioner shall order that its use be discontinued for any policy issued or renewed after a date specified in the order.…
Wis. Stat. § 625.23 Special restrictions on individual insurers
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625.23 Special restrictions on individual insurers. The commissioner may by order require that a particular insurer file any or all of its rates and supplementary rate information 15 days prior to their effective date, if and to the extent that he or she finds, after a hearing, t…
Wis. Stat. § 625.31 Operation and control of rate service organizations
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625.31 Operation and control of rate service organizations. (1) LICENSE REQUIRED. No rate service organization shall provide any service relating to the rates of any insurance subject to this chapter, and no insurer shall utilize the services of such organization for such purpose…
Wis. Stat. § 625.32 Licensing
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625.32 Licensing. (1) APPLICATION. A rate service organization applying for a license as required by s. 625.31 shall include with its application: (a) A copy of its constitution, charter, articles of organization, agreement, association or incorporation, and a copy of its bylaws,…
Wis. Stat. § 625.33 Binding agreements by insurers
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625.33 Binding agreements by insurers. No insurer shall assume any obligation to any person other than a policyholder or other companies under common control to use or adhere to certain rates or rules, and no other person shall impose any penalty or other adverse consequence for …
Wis. Stat. § 625.34 Recording and reporting of experience
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625.34 Recording and reporting of experience. The commissioner shall promulgate or approve reasonable rules, including rules providing statistical plans, for use thereafter by all insurers in the recording and reporting of loss and expense experience, in order that the experience…