618.26 Requirements for nondomestic fraternals.
184 words·~1 min read·
/wi/chapter-618/618-26A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
618.26 Requirements for nondomestic fraternals.
(1)Strict compliance. No nondomestic fraternal may be authorized to do business in this state unless it complies strictly with all of the following requirements:
(a)Financial requirements. The financial requirements of ss. 614.19 and 623.11 .
(b)Other requirements. The requirements of s. 180.1506 , 611.54
(a)as incorporated by s. 614.54 , the reporting requirement of s. 611.54
(2)as incorporated by s. 614.54 whenever removal is made involuntarily under the laws of the domicile, s. 611.57 as incorporated by s. 614.57 , and ss. 614.10 , 614.12
(c), 614.41
(2)and 614.82
(1).
(c)Requirements applicable to new fraternals. For 5 years after the initial issuance of a certificate of authority in its domiciliary jurisdiction, the requirements of s. 614.29
(2); and if the fraternal has transacted an insurance business for less than 5 years or has not paid in full all organizational and promotional expenses, it must still have initial expendable surplus considered by the commissioner to be adequate, subject to the limits of s. 614.19 .
(2)Substantial compliance.