614.19 Initial surplus requirements.
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614.19 Initial surplus requirements.
(1)Minimum permanent surplus. The commissioner may by rule establish the minimum permanent surplus for a fraternal organized under this chapter. In the absence of such a rule, the minimum permanent surplus shall be $2,000,000 or such greater amount as the commissioner specifies by order.
(2)Initial expendable surplus. A corporation organized under this chapter shall have an initial expendable surplus, after payment of all organizational expenses, of at least 50 percent of the minimum permanent surplus specified under sub.
(1), or such other percentage as the commissioner specifies by order.
(3)Maintenance of solvency provision.
(a)In this subsection:
1. “Insured employee” means an employee of a fraternal or of a subsidiary or other affiliate of a fraternal who is provided insurance benefits by the fraternal under s. 614.10
(c)2. but is not a member of the fraternal.
2. “Owner” means the owner of a policy or certificate issued by a fraternal in accordance with s. 614.10 .