Section 17.27. Filing of financial report.

 

(1)   Purpose. This section implements s. 655.27 (3) (b) , (4) (d) and (5) (e) , Stats., for the purpose of setting standards and techniques for accounting, valuing, reserving and reporting of data relating to the financial transactions of the fund.

(2)   Definitions. In this section:

(a) "Amounts in the fund," as used in s. 655.27 (5) (e) , Stats., means the sum of cash and invested assets as reported in a financial report under sub. (3) .

(b) "Fiscal year," as used in s. 655.27 (4) (d) , Stats., means a year commencing July 1 and ending June 30.

(3)   Financial reports. The board shall furnish the commissioner with the financial report required by s. 655.27 (4) (d) , Stats., within 60 days after the close of each fiscal year. In addition, the board shall furnish the commissioner with quarterly financial reports prepared as of September 30, December 31 and March 31 of each year within 60 days after the close of each reporting period. The board shall prescribe the format for preparing financial reports in accordance with statutory accounting principles for fire and casualty companies. Reserves for reported claims and reserves for incurred but not reported claims shall be maintained on a present value basis with the difference from full value being reported as a contra account to the loss reserve liability. Mediation fund fees collected under s. Ins 17.01 shall be indicated in the financial reports but shall not be regarded as assets or liabilities or otherwise taken into consideration in determining assessment levels to pay claims.

(4)   Selection of actuaries. The board shall select one or more actuaries to assist in determining reserves and setting fees under s. 655.27 (3) (b) , Stats. If more than one actuary is selected, the board members named by the Wisconsin medical society and the Wisconsin hospital association shall jointly select the 2nd actuary.

History: Cr. Register, June, 1980, No. 294 , eff. 7-1-80; am. (1), (2) (a) and (b) to (4), cr. (2) (intro.), Register, June, 1990, No. 414 , eff. 7-1-90.