Wisconsin Statutes 601.01 – Purposes

The purposes of chs. 600 to 655 are:

Contract: A legal written agreement that becomes binding when signed.
State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01

(1) To ensure the solidity of all insurers doing business in this state;

(2) To ensure that policyholders, claimants and insurers are treated fairly and equitably;

(3) To ensure that the state has an adequate and healthy insurance market, characterized by competitive conditions and the exercise of initiative;

(4) To provide for an office that is expert in the field of insurance, and able to enforce chs. 600 to 655;

(5) To encourage full cooperation of the office with other regulatory bodies, both of this and other states and of the federal government;

(6) To improve and thereby preserve state regulation of insurance;

(7) To maintain freedom of contract and freedom of enterprise so far as consistent with the other purposes of the law;

(8) To encourage self-regulation of the insurance enterprise;

(9) To encourage loss prevention as an aspect of the operation of the insurance enterprise;

(10) To keep the public informed on insurance matters; and

(11) To achieve the other purposes stated in chs. 600 to 655.