Wisconsin Statutes 601.935 – Penalties
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 601.935
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Month: means a calendar month unless otherwise expressed. See Wisconsin Statutes 990.01
- Year: means a calendar year, unless otherwise expressed; "year" alone means "year of our Lord". See Wisconsin Statutes 990.01
(1) Late payment. An insurer that fails to make quarterly payments under s. 601.93 (2) of at least 25 percent of either the total fire dues paid for the previous calendar year or 80 percent of the actual fire dues for the current calendar year is liable, in addition to the amount due, for interest of 1.5 percent of the amount due and unpaid for each month or part of a month that the amount due, together with any interest, remains unpaid.
(2) Negligence. An insurer that fails to pay an amount due, or file a statement required, under s. 601.93 (2), unless the insurer shows that the failure is due to reasonable cause and not due to willful neglect, is liable for the greater of the following amounts:
(a) Five hundred dollars.
(b) Five percent of the amount due for each month or fraction of a month during which the failure continues, but not more than 25 percent of the amount due.