Section Ins 52.07 - Applicability(1) This subchapter applies to determine whether credit may be taken for: (a) Any reinsurance ceded under agreements entered into on or after August 1, 1993; or(b) Any reinsurance ceded if the reinsurance agreement is renewed by agreement on or after August 1, 1993.(2) Section Ins 6.73 continues to apply for the purpose of determining whether credit may be taken for reinsurance which is not subject to this subchapter under sub. (1). Note: Ins 6.73 was repealed eff. 8-1-93.
(3) This subchapter and ch. Ins 55 are in addition to and do not limit the commissioner's authority under s. 618.21(1) (a), 618.23(1) (a), 618.26(1) (a), 623.11, 623.12 or 623.21, or ch. 645, Stats., or s. Ins 51.80. Even if credit for reinsurance is permitted under this chapter and ch. Ins 55, the commissioner may under those provisions require a licensed insurer to exclude the effects of the credit for the purpose of determining compliance with security or compulsory surplus.(4) Nothing in this subchapter or ch. Ins 55 relieves an insurer or an officer or director of an insurer or an accountant or actuary from responsibility under s. 627.23(3), Stats., or fiduciary or professional responsibility, to assess the financial condition of a reinsurer. Accreditation by the commissioner does not create a presumption that a reinsurer is in compliance with this subchapter or that it is in sound financial condition and no reinsurer or officer, employee or agent of a reinsurer may make such a representation.(5) Except to the extent necessary to prevent a conflict with an applicable covered agreement, this subchapter does not limit or change the requirements for town mutual insurers under ss. 612.31 and 612.33, Stats. This subchapter applies to the state life fund.Wis. Admin. Code Office of the Commissioner of Insurance Ins 52.07
Cr. Register, July, 1993, No. 451, eff. 8-1-93; correction in (3) made under s. 13.92(4) (b) 7, Stats., Register February 2013 No. 686.Amended by, CR 21-066: am. (1) (intro.), (2) to (5) Register May 2022 No. 797, eff. 6/1/2022