Terms Used In Wisconsin Statutes 645.43

  • Contract: A legal written agreement that becomes binding when signed.
  • Insured: as used in this chapter includes both the principal and obligee of a bond. See Wisconsin Statutes 645.03
  • Insurer: means any person who is doing, has done, purports to do or is licensed to do an insurance business and is or has been subject to the authority of, or to liquidation, rehabilitation, reorganization or conservation by, a commissioner. See Wisconsin Statutes 645.03
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Policy: as used in this chapter includes a bond issued by a surety. See Wisconsin Statutes 645.03
  • Transfer: includes the sale and every other method, direct or indirect, of disposing of or of parting with property or with an interest therein or with the possession thereof or of fixing a lien upon property or upon an interest therein, absolutely or conditionally, voluntarily or involuntarily, by or without judicial proceedings. See Wisconsin Statutes 645.03
   (1)    All insurance policies issued by the insurer shall continue in force:
      (a)    For a period of 15 days from the date of entry of the liquidation order;
      (b)    Until the normal expiration of the policy coverage;
      (c)    Until the insured has replaced the insurance coverage with equivalent insurance in another insurer; or
      (d)    Until the liquidator has effected a transfer of the policy obligation pursuant to s. 645.46 (8); whichever time is less.
   (2)   If the coverage continued under this section is replaced by insurance that is not equivalent, the coverage continued under this section shall be excess coverage over the replacement policy to the extent of the deficiency. Claims arising during the continuation of coverage shall be treated as if they arose immediately before the petition for liquidation. Coverage under this subsection shall not satisfy any legal obligation of the insured to carry insurance protection, whether the obligation is created by law or by contract.