611.54 Supervision of management changes.
(1) Report of selection.
(a) General. The name of any person selected as a director or principal officer of a corporation, together with such pertinent biographical and other data as the commissioner requires by rule, shall be reported to the commissioner immediately after the selection.
(b) New corporations. For 5 years after the initial issuance of a certificate of authority to a corporation, the commissioner may within 30 days after receipt of a report under par. (a) disapprove any person selected who fails to satisfy the commissioner that the person is trustworthy and has the competence, experience and freedom from conflict of interest necessary to discharge his or her responsibilities.
(2) Report of removal. Whenever a director or principal officer of a corporation is removed under s. 180.0843 (2), 181.0843 (2) or 611.53 (3), the removal shall be reported to the commissioner immediately together with a statement of the reasons for the removal.
(3) Removal by commissioner. If the commissioner finds, after a hearing, that a director or officer has a conflict of interest, is incompetent, untrustworthy or has willfully violated chs. 600 to 646, a rule promulgated under s. 601.41 (3) or an order issued under s. 601.41 (4), and that the conflict of interest, incompetence or the violation endangers the interests of insureds or of the public, the commissioner may order that the director or officer be removed.
History: 1971 c. 260; 1979 c. 89, 102; 1989 a. 303; 1997 a. 79.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 611 - Domestic stock and mutual insurance corporations.
611.03 - Orders imposing and relaxing restrictions.
611.07 - General corporate powers and procedures.
611.10 - Reservation of corporate name.
611.13 - Organization permit and certificate of incorporation.
611.14 - Powers under organization permit.
611.15 - Deposit of proceeds of subscriptions.
611.16 - Termination of organization permit and payment of organization expenses.
611.18 - Incorporators' liability and organization expenses.
611.19 - Initial capital and surplus requirements.
611.20 - Certificate of authority.
611.22 - Accelerated organization procedure.
611.223 - Transfer of an insurer's place of domicile.
611.23 - Municipal insurance mutuals.
611.24 - Segregated accounts in general.
611.25 - Special provisions for separate accounts for variable contracts.
611.28 - Changes in business plan.
611.29 - Amendment of articles.
611.31 - Securities regulation.
611.33 - Authorized securities.
611.34 - Corporate repurchase of shares.
611.36 - Number of shareholders.
611.40 - Shareholders' meetings.
611.41 - Communications to shareholders or policyholders and commissioner's attendance at meetings.
611.42 - Mutual policyholders' voting rights.
611.425 - Mutual policyholders' proxy voting.
611.426 - Remote participation in policyholder meetings.
611.43 - Annual report to mutual policyholders.
611.52 - Election and removal of directors and officers of stock corporations.
611.53 - Selection and removal of directors and officers of mutuals.
611.54 - Supervision of management changes.
611.55 - Continuity of management in emergencies.
611.56 - Committees of directors.
611.57 - Interlocking directorates and other relationships.
611.60 - Transactions in which directors and others are interested.
611.61 - Transactions of insurers with affiliates.
611.62 - Directors' and officers' liability and indemnification.
611.63 - Executive compensation.
611.66 - Exclusive agency contracts.
611.67 - Management contract services.
611.69 - Dividends and other distributions.
611.71 - Acquisition of all of the shares or of a class of shares of an insurance corporation.
611.72 - Merger or other acquisition of control of a stock insurance corporation.
611.74 - Voluntary dissolution of domestic insurance corporations.
611.75 - Conversion of a domestic stock corporation into a mutual.
611.76 - Conversion of a domestic mutual into a stock corporation.
611.77 - Conversion of assessable to nonassessable and nonassessable to assessable mutuals.
611.78 - Transfer of business or assets.
611.79 - Conversion of a domestic mutual life insurance company into a fraternal.