612.01 Purposes, scope, interpretation and definitions.

186 words·~1 min read·/wi/chapter-612/612-01-2

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

(1)Purposes. The purposes of this chapter are:

(a)To preserve and encourage cooperative low-cost insurance;

(b)To establish a framework in which mutuality in its true sense can be preserved, and small mutual corporations can be kept viable;

(c)To preserve and strengthen the interest of the members in and their control of town mutuals;

(d)To enable town mutuals to satisfy as many of the essential insurance needs of their members as is consistent with the other objectives of chs. 600 to 646 ; and

(e)To provide financial guaranties sufficient to ensure the solidity of town mutuals, and to encourage them to maintain adequate surpluses.

(2)Scope. Except as otherwise provided, this chapter applies to all corporations organized under this chapter.

(3)Interpretation. Whenever a section of ch. 611 is applied to town mutuals by this chapter, the portion to be applied is that portion applicable to a mutual under ch. 611 .

(4)Applicable definitions. The definitions in ss. 181.0103

(3)and

(18), 600.03 and 610.01

(1),

(2)and

(4)apply to town mutuals.