Wisconsin Statutes 613.02 – Scope and purposes
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Terms Used In Wisconsin Statutes 613.02
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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) Scope. This chapter applies only to corporations incorporated under the laws of this state. Corporations not incorporated under the laws of this state may not do business in this state under this chapter.
(2) Purposes. The purposes of this chapter are:
(a) To create an effective and flexible legal framework within which insured service benefits may be provided with adequate protection to consumers;
(b) To encourage innovation in insurance organization and marketing and the development of more economical and effective ways of providing services or combinations of indemnity and services;
(c) To meet the special needs of service insurance corporations consistent so far as possible with the general framework of the corporation law of insurance; and
(d) To ease the burden of payment for health care and other essential services by providing a method for creating alternative vehicles for providing them.