618.40 Definitions.

345 words·~2 min read·/wi/chapter-618/618-40-2

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

618.40 Definitions. In this subchapter, unless the context requires otherwise:

(1)“Affiliated group” means all persons that control, are controlled by, or are under common control with, an insured.

(2)“Authorized insurer” means an insurer that is licensed, or authorized, to transact the business of insurance under the law of the home state.

(3)“Control” means, with respect to a person having control over another person, that the person does any of the following:

(a)Directly or indirectly, or acting through one or more other persons, owns, controls, or has the power to vote 25 percent or more of any class of voting securities of a person.

(b)Controls in any manner the election of a majority of the directors or trustees of a person.

(3m)“Domestic surplus lines insurer” means an insurer that has a certificate to do business as a domestic surplus lines insurer under s. 618.41

(13).

(a)Except as provided in par.

(b), “home state” means, with respect to an insured, one of the following:

1. The state in which the insured maintains its principal place of business or, in the case of an insured who is an individual, the individual’s principal residence.

2. If 100 percent of the insured risk is located outside of the state referred to in subd. 1. , the state to which the greatest percentage of the insured’s taxable premium for that insurance contract is allocated.

(b)If more than one insured from an affiliated group are named insureds on a single surplus lines insurance contract, “home state” means the state, as determined under par.

(a), of the member of the affiliated group that has the largest percentage of premium attributed to it under the insurance contract.

(5)“Premium tax” means, with respect to unauthorized insurance, any tax, fee, assessment, or other charge imposed by this state directly or indirectly based on any payment made as consideration for an insurance contract for such insurance, including premium deposits, assessments, registration fees, and any other compensation given in consideration for a contract of insurance.