611.77 Conversion of assessable to nonassessable and nonassessable to assessable mutuals.
(1) Assessable to nonassessable. Whenever an assessable mutual accumulates enough surplus to satisfy the financial requirements for the operation of a nonassessable mutual under like conditions, it may apply for a certificate of authority authorizing it to sell nonassessable policies. The commissioner shall issue a certificate of authority designating it a nonassessable mutual if he or she finds that the applicant satisfies the requirements of the law and that the issuance of nonassessable policies will not endanger the interests of its insureds or the public. Policies issued thereafter shall be nonassessable; existing policies shall continue in effect and shall also become nonassessable.
(2) Nonassessable to assessable. A nonassessable mutual may apply to the commissioner for a certificate of authority designating it an assessable mutual. The commissioner shall issue the certificate if the law permits such a corporation to issue assessable policies and if he or she finds that the conversion will not endanger the interests of present or future insureds or of the public. All policies issued after conversion shall be assessable, and all policies in effect on the date of conversion shall be assessable except to the extent that there is a contract right then existing not to be assessed.
History: 1971 c. 260; 1979 c. 102 s. 236 (5).
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.