Wis. Admin. Code Office of the Commissioner of Insurance Ins 55.03

Current through October 28, 2024

Section Ins 55.03 - Written agreements

An insurer may not reduce any liability or establish any asset in any financial statement filed with the office of the commissioner of insurance, based on a reinsurance agreement or amendment to any agreement unless:

(1) The agreement, amendment or a binding letter of intent has been duly executed by all parties no later than the date for which the financial statement is reporting the financial condition of the insurer;

(2) If only a letter of intent has been executed, a reinsurance agreement or an amendment to a reinsurance agreement is to be executed within a reasonable period of time, not exceeding 90 days from the execution date of the letter of intent; and

(3) The reinsurance agreement or amendment provides that:

(a) The agreement or amendment constitutes the entire agreement between the parties with respect to the business being reinsured and that there are no understandings between the parties other than as expressed in the agreement; and

(b) Any change or modification to the agreement or amendment is null and void unless made by amendment and signed by all parties.

Wis. Admin. Code Office of the Commissioner of Insurance Ins 55.03

Cr. Register, July, 1993, No. 451, eff. 8-1-93.