618.24 Requirements for incorporated alien insurers.

160 words·~1 min read·/wi/chapter-618/618-24

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

(1)Conditions for authorization. No incorporated alien insurer may be authorized to do business in this state unless:

(a)It has operated for 5 years in its domicile or the commissioner finds other grounds for being confident that it will be solid during its formative period;

(b)It supplies and commits itself to maintain in the United States a deposit or bond in an amount the commissioner deems sufficient to protect the interests of insureds, creditors and the public in this state; and

(c)It files with the commissioner such agreement as the commissioner requires with respect to records, reports and submission to examinations, including an undertaking to keep its records, reports and other documents constantly available in full in the English language so far as they are relevant to its United States business, and an undertaking to keep records and make reports on United States business in a form satisfactory to the commissioner.