Wisconsin Statutes 618.22 – Exclusive agency and management contracts of nondomestic corporations
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 618.22
- 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) Filing of contract. No nondomestic insurer may be a party to any exclusive agency contract or management contract as defined in ss. 611.66 and 611.67 respectively, unless the contract is filed with the commissioner and not disapproved under this section within 30 days after filing, or such reasonable extended period as the commissioner may specify by notice given within the 30 days.
(2) Disapproval. The commissioner shall disapprove a contract under sub. (1) or s. 611.67 if he or she finds that:
(a) It subjects the insurer to excessive charges; or
(b) The contract extends for an unreasonable period of time; or
(c) The contract does not contain fair and adequate standards of performance; or
(d) The persons empowered under the contract to manage the company are not sufficiently trustworthy, competent, experienced and free from conflict of interest to manage the company with due regard for the interests of its insureds, creditors or the public; or
(e) The contract contains provisions which impair the interests of its insureds, creditors or the public in this state.