601.65 Marketing firm forfeitures.

213 words·~1 min read·/wi/chapter-601/601-65

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)In this section “firm” means a person that markets insurance but does not include an insurer.

(2)A firm is liable for a forfeiture of not more than $1,000 for each violation by an insurance agent of a provision of, a rule promulgated under or an order issued under chs. 600 to 655 if the violation is in connection with an insurance policy or group certificate obtained or to be obtained through or from the firm and if any of the following applies:

(a)The firm regularly utilizes the insurance agent to market insurance policies or group certificates.

(b)The primary insurance marketing activities of the insurance agent are in connection with insurance policies or group certificates obtained or to be obtained through or from the firm.

(c)The insurance agent is employed by or is under contract with the firm to market insurance policies or group certificates.

(3)If a provision of, a rule promulgated under or an order issued under chs. 600 to 655 imposes a duty to submit a periodic or recurring report to the commissioner, each week of delay in submitting the report constitutes a separate violation. Each day of continued violation of an order issued under s. 601.41

(4)constitutes a separate violation.