Section 100.25. Mandatory insurance.

 

(1)   Exceptions. The purpose of this section is to implement and administer the provisions of subch. VI of ch. 344 , Stats., relating to mandatory insurance requirements and exceptions to the requirement of having automobile insurance in Wisconsin.

(2)   Deposits in lieu of mandatory insurance. A person making a deposit with the department under s. 344.63 , Stats., shall file a complete application with the department containing all required information. In addition, the person shall provide the additional materials or information and deposit in the form required in subs. (3) to (5) .

(3)   Cash deposits.

(a) For purposes of s. 344.63 (1) (d) , Stats., any of the following shall be considered a deposit of cash with the department:

1. United States currency.

2. A cashier's check or draft.

3. A money order.

4. A financial institution check or draft.

5. A certified personal or business check or draft.

6. An attorney trust account check or draft.

(b) Any person attempting to file cash in lieu of maintaining automobile liability insurance with the department pursuant to s. 344.63 (1) (d) , Stats., shall file, with the deposit, a certification from the clerk of courts in the county where the depositor resides dated no later than 15 calendar days prior to the date the deposit is received by the department, that indicates the clerk has searched the official records of the county and that no records of unsatisfied judgments of any character against the depositor exist in that county.

(4)   Bond.

(a) Surety bonds . Any person attempting to file a surety company bond in lieu of maintaining automobile liability insurance with the department pursuant to s. 344.63 (1) (a) , Stats., shall file a bond of a surety company duly authorized to transact business within this state that is conditioned for the payment of the amounts specified in s. 344.01 (2) (d) , Stats. The bond may not be cancelable except after 10 days written notice to the secretary. The bond shall be in the form specified by the department.

(b) Judicial bonds . Any person attempting to file a judicially authorized bond in lieu of maintaining automobile liability insurance with the department pursuant to s. 344.63 (1) (a) , Stats., shall file a bond with at least 2 individual sureties each owning real estate within this state and together having equities equal in value to at least twice the amount of the bond, which real estate shall be scheduled in the bond approved by a judge of a Wisconsin circuit or appellate court. The bond must be conditioned for the payment of the amounts specified in s. 344.01 (2) (d) , Stats., and may not be cancelable except after 10 days written notice to the secretary.

(5)   Securities.

(a) Securities filed with the department pursuant to s. 344.63 (1) (d) , Stats., shall be of a type sold on the New York Stock Exchange, NASDAQ or NYSE Amex Equities exchange. The stock must have a minimum capitalization of $1,000,000,000. The stock must be liquid to the extent that over the 3-month period preceding filing with the department an average of at least 100,000 shares of the stock must have been traded on a daily basis on the exchange.

(b) Any person attempting to file securities with the department pursuant to s. 344.63 (1) (d) , Stats., shall file all of the following:

1. A certification from the clerk of courts in the county where the depositor resides dated no later than 15 calendar days prior to the date the deposit is received by the department, that indicates the clerk has searched the official records of the county and that no records of unsatisfied judgments of any character against the depositor exist in that county.

2. An opinion of counsel, for the benefit of the department and persons intended to be protected by the filing described in s. 344.37 (2) , Stats., that the securities to be filed by the depositor are securities that may legally be purchased by savings banks or for trust funds in this state and that the securities meet the requirements of par. (a) . The opinion shall identify the state or federal statute or regulation permitting the purchase of each deposited security.

3. An affidavit that the securities have a fair market value in excess of $60,000 and meet the requirements of par. (a) .

4. A pledge of the securities to the department in the form required by the department pledging the securities for the payment of damages resulting from the ownership, maintenance, use or operation of a motor vehicle after such deposit was made, including damages for care and for loss of services because of bodily injury to or death of any person and damages because of injury to or destruction of property and the consequent loss of use thereof. The pledge shall assign all rights to sell or redeem the securities or any coupons associated with the securities to the department in trust for the purposes set forth in this subdivision. The pledge shall exempt the department from any liability for selling or not selling the securities at any time, and shall specify that the depositor relinquishes all rights to sell the securities or to demand their sale by the department. The pledge shall remain effective until the earlier of the return of the deposit pursuant to s. 344.63 (3) , Stats., or of the sale of the securities, whether made so that the proceeds of sale can be applied to the payment of judgments and assignments relating to motor vehicle accidents, following the procedure described in s. 344.20 (2) , Stats., or made for any other reason.

5. The share certificates, bonds, including all bond coupons, if any, or other certificate.

EmR1017 : emerg. cr. eff. 6-1-10; CR 10-070 : cr. Register November 2010 No. 659 , eff. 12-1-10.

Note

See ss. 344.63 (1) (d) and 344.37 (1) , Stats. Microsoft Windows NT 6.1.7601 Service Pack 1 Sections 344.63 (1) (a) and 344.36 (1) , Stats. Microsoft Windows NT 6.1.7601 Service Pack 1 See s. 344.63 (1) (d) and 344.37 (1) , Stats. Microsoft Windows NT 6.1.7601 Service Pack 1