611.55 Continuity of management in emergencies.
(1) Purpose. The legislature declares it to be desirable for the general welfare and in particular for the welfare of insurance beneficiaries, policyholders, claimants and others that the business of domestic insurance corporations be continued even in a national emergency. The specific purpose of this section is to facilitate the continued operation of such corporations if a national emergency is caused by an attack on the United States or by a nuclear, atomic or other disaster which makes it impossible or impracticable for a corporation to conduct its business in strict accord with applicable provisions of law, its articles, bylaws or its charter.
(2) Emergency bylaws. The board of any corporation may at any time adopt emergency bylaws, subject to repeal or change by action of those having power to adopt regular bylaws, which shall be operative during such a national emergency and which may, notwithstanding any different provisions of the regular bylaws, or of the applicable statutes or of the corporation's articles or charter, make any provision that may be reasonably necessary for operation during the emergency.
(3) Emergency authorizations. If the board of a corporation has not adopted emergency bylaws, the following provisions shall become effective upon the occurrence of a national emergency:
(a) Three directors shall constitute a quorum for the transaction of business at all meetings of the board.
(b) Any vacancy on the board may be filled by a majority of the remaining directors, though less than a quorum, or by a sole remaining director.
(c) If there are no surviving directors, but at least 3 officers of the corporation survive, the 3 officers with the longest term of service shall be the directors and shall possess all of the powers of the previous board and such powers as are granted herein or by subsequently enacted legislation. By majority vote such emergency board may elect other directors. If there are not at least 3 surviving officers, the commissioner shall appoint 3 persons as directors who shall possess all of the powers of the previous board and such powers as are granted herein or by subsequently enacted legislation, and these persons by majority vote may elect other directors.
(4) Succession list. At any time the board of a corporation may, by resolution, provide that in the event of such a national emergency and in the event of the death or incapacity of specified officers of the corporation, such officers shall be succeeded by the persons named or described in a succession list adopted by the board. The list may be on the basis of named persons or position titles, shall establish the order of priority and may prescribe the conditions under which the powers of the office shall be exercised.
(5) Home office. At any time the board of a corporation may, by resolution, provide that in the event of such a national emergency the home office or principal place of business shall be at a location named or described in the resolution. The resolution may provide for alternate locations and establish an order of preference.
History: 1971 c. 260.
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.