Section 47.02. Licensure.

 

(1)  Except as provided by sub. (2) :

(a) No person may act as a reinsurance intermediary-broker in this state if the reinsurance intermediary-broker maintains an office either directly or as a member or employe of a firm or association, or an officer, director or employe of a corporation:

1. In this state, unless the reinsurance intermediary-broker is a licensed reinsurance intermediary-broker in this state;

2. In another state, unless the reinsurance intermediary-broker is a licensed reinsurance intermediary-broker in this state or for that function in another state having a law or rule substantially similar to this chapter.

(b) Except as provided by sub. (2) , no person may act as a reinsurance intermediary-manager:

1. For a reinsurer domiciled in this state, unless the person is a licensed reinsurance intermediary-manager in this state;

2. In this state, if the person maintains an office either directly or as a member or employe of a firm or association, or an officer, director or employe of a corporation in this state, unless the person is a licensed reinsurance intermediary-manager in this state; or

3. In another state for a nondomestic insurer, unless the person is a licensed reinsurance intermediary-manager in this state or for that function in another state having a law substantially similar to this chapter.

(2)  This section does not apply to a natural person if:

(a) The natural person is named in the application or supplement to an application for a reinsurance intermediary license and the license designates the natural person as authorized to act under the license; and

(b) The natural person is a member or employe of a firm or association licensed as a reinsurance intermediary or is an officer, director or employe of a corporation licensed as an intermediary.

(3)  The commissioner may require a reinsurance intermediary-manager required to be licensed under sub. (1) to:

(a) File a bond in an amount and from an insurer acceptable to the commissioner for the protection of the reinsurer; and

(b) Maintain an errors and omissions policy in an amount acceptable to the commissioner.

(4)  The commissioner may issue a reinsurance intermediary license to any person who complies with the requirements of this chapter and s. Ins 6.58 or 6.59 .

(5)  If the applicant for a reinsurance intermediary license is a nonresident, the applicant, as a condition precedent to receiving or holding a license, shall:

(a) Designate the commissioner as agent for service of process in the manner, and with the same legal effect, provided for by this chapter for designation of service of process upon unauthorized insurers; and

(b) Furnish the commissioner with the name and address of a resident of this state upon whom notices or orders of the commissioner or process affecting the nonresident reinsurance intermediary may be served.

(6)  A nonresident reinsurance intermediary licensee shall promptly notify the commissioner in writing of every change in its designated agent for service of process, and the change is not effective until acknowledged by the commissioner.

(7)  The commissioner may refuse to issue or revoke, suspend or summarily suspend, a reinsurance intermediary license if the applicant, anyone named on the application or supplement to the application, or any member, principal, officer or director of the applicant, is not trustworthy, or any controlling person is not trustworthy or any of them has given cause for revocation or suspension of a license, or has failed to comply with any prerequisite for the issuance of a reinsurance intermediary license.

(8)  The commissioner may refuse to issue, suspend, summarily suspend or revoke the license of a reinsurance intermediary for violation of chs. 600 to 645 , Stats., a rule adopted under chs. 600 to 645 , Stats., or on any grounds described in s. 628.10 , Stats.

(9)  Licensed attorneys at law who act solely in their professional capacity as attorneys are exempt from this section.

History: Cr. Register, July, 1993, No. 451 , eff. 8-1-93.