Wisconsin Statutes 622.09 – Own risk and solvency assessment summary report
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 622.09
- 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.
- Oversight: Committee review of the activities of a Federal agency or program.
- 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
- United States: includes the District of Columbia, the states, the commonwealth of Puerto Rico and the territories organized by congress. 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) Filing with the commissioner. An insurer must file with the commissioner a summary report or any combination of reports that together contain the information described in the guidance manual applicable to the insurer and, if applicable, the insurance holding company system of which the insurer is a member as follows:
(a) Within 45 days after the date on which the final summary report is provided to the insurer’s board of directors or the appropriate committee of that board, but no more than once each year if either of the following applies:
1. The insurer is domiciled in Wisconsin and is not a member of an insurance holding company system.
2. The insurer is a member of an insurance holding company system and the commissioner is the lead state commissioner.
(b) Within 45 days after the date on which the final summary report is filed with the commissioner of the insurer’s lead state if all of the following apply:
1. The insurer is domiciled in Wisconsin.
2. The insurer is a member of an insurance holding company system for which the commissioner is not the lead state commissioner.
(2) Attestation. The summary report shall include the signature of the insurer’s, or insurance holding company system’s, chief risk officer or other executive having responsibility for the oversight of the insurer’s enterprise risk management process attesting to the best of his or her belief and knowledge that the insurer applies the enterprise risk management process described in the summary report and that a copy of the summary report has been provided to the insurer’s board of directors or the appropriate committee of that board.
(3) Alternate filing. An insurer may satisfy sub. (1) by providing the most recent summary report provided by the insurer or another member of the insurance holding company system of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a jurisdiction not located in the United States or any of its territories, if that summary report provides information that is substantially comparable to the information described in the guidance manual. Any such summary report in a language other than English must be accompanied by a translation of that summary report into English.