612.71 Organization of reinsurance corporations. - Wisconsin Statutes

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612.71

612.71 Organization of reinsurance corporations.

612.71(1)

(1) Town mutual reinsurance corporations.

612.71(1)(a)

(a) Organization. Fifteen or more town mutuals which together carry fire insurance with face amounts aggregating at least $200 million may, without complying with the requirements of ch. 611, organize a mutual reinsurance corporation under this chapter. The provisions of this chapter relating to town mutuals shall apply to the reinsurance corporation except as otherwise provided or implied by the context.

612.71(1)(b)

(b) Termination. Failure of a corporation organized under this section or already in existence on May 24, 1973 to continue compliance with the requirements of par. (a) is a ground for liquidation under s. 645.41.

612.71(2)

(2) Membership permitted. Any town mutual may apply for membership in any reinsurance corporation organized under this section.

612.71(3)

(3) Authorized business. A town mutual reinsurance corporation organized under sub. (1) or already in existence may not do any business except reinsurance for town mutuals and business incidental thereto. It may only reinsure business required to be reinsured under s. 612.33 (2) (b) if it satisfies the requirements of ch. 611 for a corporation doing such business.

612.71 - ANNOT.

History: 1973 c. 22.

State Codes and Statutes

Statutes > Wisconsin > 612 > 612.71

612.71

612.71 Organization of reinsurance corporations.

612.71(1)

(1) Town mutual reinsurance corporations.

612.71(1)(a)

(a) Organization. Fifteen or more town mutuals which together carry fire insurance with face amounts aggregating at least $200 million may, without complying with the requirements of ch. 611, organize a mutual reinsurance corporation under this chapter. The provisions of this chapter relating to town mutuals shall apply to the reinsurance corporation except as otherwise provided or implied by the context.

612.71(1)(b)

(b) Termination. Failure of a corporation organized under this section or already in existence on May 24, 1973 to continue compliance with the requirements of par. (a) is a ground for liquidation under s. 645.41.

612.71(2)

(2) Membership permitted. Any town mutual may apply for membership in any reinsurance corporation organized under this section.

612.71(3)

(3) Authorized business. A town mutual reinsurance corporation organized under sub. (1) or already in existence may not do any business except reinsurance for town mutuals and business incidental thereto. It may only reinsure business required to be reinsured under s. 612.33 (2) (b) if it satisfies the requirements of ch. 611 for a corporation doing such business.

612.71 - ANNOT.

History: 1973 c. 22.

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State Codes and Statutes

Statutes > Wisconsin > 612 > 612.71

612.71

612.71 Organization of reinsurance corporations.

612.71(1)

(1) Town mutual reinsurance corporations.

612.71(1)(a)

(a) Organization. Fifteen or more town mutuals which together carry fire insurance with face amounts aggregating at least $200 million may, without complying with the requirements of ch. 611, organize a mutual reinsurance corporation under this chapter. The provisions of this chapter relating to town mutuals shall apply to the reinsurance corporation except as otherwise provided or implied by the context.

612.71(1)(b)

(b) Termination. Failure of a corporation organized under this section or already in existence on May 24, 1973 to continue compliance with the requirements of par. (a) is a ground for liquidation under s. 645.41.

612.71(2)

(2) Membership permitted. Any town mutual may apply for membership in any reinsurance corporation organized under this section.

612.71(3)

(3) Authorized business. A town mutual reinsurance corporation organized under sub. (1) or already in existence may not do any business except reinsurance for town mutuals and business incidental thereto. It may only reinsure business required to be reinsured under s. 612.33 (2) (b) if it satisfies the requirements of ch. 611 for a corporation doing such business.

612.71 - ANNOT.

History: 1973 c. 22.