611.61 Transactions of insurers with affiliates.
(1) Restricted transactions. No transaction may be entered into between an insurer authorized to do business in this state and any affiliate unless:
(a) The transaction at the time it is entered into is reasonable and fair to the interests of the insurer;
(b) The books, accounts and records of each party to the transaction are kept in a manner that clearly and accurately discloses the nature and details of the transaction and in accordance with generally accepted accounting principles permits ascertainment of charges relating to the transaction; and
(c) If the transaction is a reinsurance transaction, it is reported to the commissioner immediately if the insurer is a domestic corporation.
(2) Voidability. Transactions entered into by domestic corporations in violation of sub. (1) are voidable by the corporation.
History: 1971 c. 260; 1979 c. 102.
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.