Wisconsin Statutes 617.215 – Supervisory colleges
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Terms Used In Wisconsin Statutes 617.215
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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) Definitions. In this section:
(a) “Insurance holding company system” has the meaning given in s. 622.03 (2).
(b) “Supervisory college” means a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of an insurer that is part of an insurance holding company system with international operations.
(2) Powers of commissioner.
(a) In accordance with par. (b), the commissioner may participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations to determine the insurer’s compliance with this chapter. The powers of the commissioner with respect to supervisory colleges include all of the following:
1. Initiating the establishment of a supervisory college.
2. Clarifying the membership and participation of other supervisors in the supervisory college.
3. Clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor.
4. Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing.
5. Establishing a crisis management plan.
(b) In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management, and governance processes of an insurer specified in par. (a), and as part of an examination of such an insurer under s. 601.43, the commissioner may participate in a supervisory college with other regulators charged with the supervision of the insurer or its affiliates, including other state, federal, and international regulatory agencies.
(c) The commissioner may enter into agreements for keeping information confidential in accordance with s. 601.465, providing the basis for cooperation between the commissioner and the other regulatory agencies and the activities of the supervisory college.
(3) Payment of expenses. All insurers to which this section applies are liable for and shall pay the reasonable expenses related to the commissioner’s participation in supervisory colleges, including reasonable travel expenses. The commissioner may impose a regular assessment on insurers to cover the expenses.
(4) Not delegation of authority. Nothing in this section delegates to a supervisory college the authority of the commissioner to regulate or supervise an insurer or its affiliates within the commissioner’s jurisdiction.