Chapter 646 — INSURANCE SECURITY FUND
17 sections in this chapter.
Wis. Stat. § 646.01 Scope and purposes
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646.01 Scope and purposes. (1) SCOPE. (a) General. This chapter applies to: 1. All kinds and lines of direct insurance, except as provided in par. (b). 2. All insurers authorized to do business in this state except: a. Fraternals that are not health maintenance organization insur…
Wis. Stat. § 646.03 Definitions
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646.03 Definitions. In this chapter, unless the context indicates otherwise: (1) “Board” means the board of directors of the insurance security fund created by s. 646.12. (1m) “Direct insurance” does not include a policy or contract of reinsurance, except for the following: (a) R…
Wis. Stat. § 646.11 Organization and administration of fund
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646.11 Organization and administration of fund. (1) ORGANIZATION. There is created an organization to be known as the “insurance security fund.” All insurers subject to this chapter are contributors to the fund as a result of their authority to transact business in this state. Th…
Wis. Stat. § 646.12 Administration of the fund
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646.12 Administration of the fund. (1) COMPOSITION OF BOARD. (a) Members. 1. The fund shall be administered by a board of directors that shall consist of the attorney general, the state treasurer, and the commissioner, each of whom shall have full voting rights, and at least 9 bu…
Wis. Stat. § 646.13 Special duties and powers of the fund related to loss claims
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646.13 Special duties and powers of the fund related to loss claims. (1) DUTIES. The fund shall: (a) Establish procedures and acceptable forms of proof for eligible claims, which shall correspond as closely as practicable with the corresponding rules under ch. 645. (b) Stand in t…
Wis. Stat. § 646.15 Proceedings involving insurers
Wis. Stat. § 646.16 Payment of deposits made for benefit of creditors
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646.16 Payment of deposits made for benefit of creditors. (1) The commissioner shall promptly pay to the fund any deposit held in this state that was paid, as required by law or the commissioner, by the insolvent insurer for the benefit of creditors, including policyholders, and …
Wis. Stat. § 646.21 Custody and investment of assets
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646.21 Custody and investment of assets. (1) CUSTODY. Except as provided in sub. (2), the board controls the as- Updated 23-24 Wis. Stats. 4 sets of the fund. The board shall select regulated financial institutions in this state which receive deposits in which to establish and ma…
Wis. Stat. § 646.31 Eligible claims
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646.31 and the defense of 3rd-party claims against insureds, subject to the limitations of s. 645.43. The fund shall consult and cooperate with the liquidator in carrying out these duties. (2) POWERS. The fund may: (a) Review settlements, releases and judgments to which the insur…
Wis. Stat. § 646.32 Appeal and review
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646.32 Appeal and review. (1) APPEAL. A claimant whose claim is reduced or declared ineligible shall promptly be given notice of the determination and of the right to object under this section. The claimant may appeal to the board within 30 days after the mailing of the notice. T…
Wis. Stat. § 646.325 Recovery of amounts paid to 3rd parties
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646.325 Recovery of amounts paid to 3rd parties. (1) DEFINITION. In this section, “net worth” means the amount of an insured’s total assets less the insured’s total liabilities at the end of the insured’s fiscal year immediately preceding the date the liquidation order was entere…
Wis. Stat. § 646.33 Subrogation and cooperation
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646.33 Subrogation and cooperation. (1) SUBROGATION. (a) Upon payment to any loss claimant the fund is subrogated to the claimant’s full right of recovery against the insurer and, to the same extent the insurer would have been subrogated, against any liquidator and any 3rd person…
Wis. Stat. § 646.35 Continuation of coverage
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646.35 Continuation of coverage. (1) SCOPE. This section applies to the following contracts when subject to this chapter: (a) Annuities. (b) Life insurance and supplementary contracts providing for retained asset accounts. (c) Disability insurance. (3) INSURER IN LIQUIDATION. (am…
Wis. Stat. § 646.41 Tax exemption
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646.41 Tax exemption. The fund is exempt from payment of all fees and taxes levied by this state or any of its subdivisions or instrumentalities, except for fees and taxes levied by virtue of employment under s. 646.12 (2) (d). History: 1979 c. 109.
Wis. Stat. § 646.51 Assessments
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646.51 Assessments. (1c) DEFINITIONS. In this section: (a) “Authorize” means, with respect to assessments, to approve, by the adoption of a resolution by the board, that an assessment from insurers in a specified amount be called immediately or in the future. An assessment is aut…
Wis. Stat. § 646.60 Claims by security funds
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646.60 Claims by security funds. (1) RECOGNITION. (a) Settlements by the fund. The liquidator is bound by determinations and settlements of covered loss claims, and by payments of claims, made by the fund under this chapter. (b) Settlements by comparable funds. The liquidator is …
Wis. Stat. § 646.61 Disposal and transfer of assets
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646.61 Disposal and transfer of assets. (1) After termination of all liquidations under any account of s. 646.11 (2), remaining assets in that account shall be redistributed among those who paid assessments under rules promulgated to ensure treatment that is as equitable to the c…