Section 50.02. Applicability.

  Unless otherwise ordered by the commissioner, this subchapter applies to all insurers except:

(1)  An insurer is not subject to this subchapter for a calendar year in which the insurer has:

(a) Direct premiums written in this state of less than $100,000 and less than 1,000 policyholders or certificate holders of directly written policies in the state at the end of the calendar year; and

(b) Assumed premiums nationwide of less than $1,000,000 under reinsurance contracts or treaties and direct premiums written nationwide of less than $1,000,000.

(2)  A foreign or alien insurer is exempt from this chapter except for s. Ins 50.03 if:

(a) It complies with another state's requirement to submit audited financial reports and the other state's requirement is found by the commissioner to be substantially similar to the requirements of this chapter; and

(b) It files audited financial reports with that state's commissioner of insurance or equivalent agency.

(3)  An insurer licensed under ch. 612 , Stats. , if the insurer meets all of the following requirements:

(a) Has direct total written premium for the calendar year, including premiums on nonproperty coverage, of less than $500,000;

(b) Has a net of reinsurance premium to policyholder surplus ratio of less than 3 to 1 as of the December 31 of the year for which an audited financial report is otherwise required.

(c) Is not authorized under its articles of incorporation to do business in more than 8 counties.

(d) Does not engage in the writing of nonproperty coverage unless the nonproperty coverage is 90% reinsured.

History: Cr. Register, July, 1993, No. 451 , eff. 8-1-93; am. (1) (b), Register, December, 1995, No. 480 , eff. 1-1-96; am. (3) (intro.) and (a) to (d) and r. (3) (e) and (f), Register, June, 2001, No. 546 , eff. 1-1-02; CR 08-053 : am. (2) (a) Register December 2008 No. 636 , eff. 1-1-09.