648.45 Affiliates of permittee.

329 words·~1 min read·/wi/chapter-648/648-45

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

(1)Information. A permittee and a person attempting to acquire or having control of a permittee, shall report to the commissioner the information concerning the permittee, its affiliates, and the person attempting to acquire control of the permittee that the commissioner requires by rule. The commissioner may promulgate rules prescribing the timing of reports under this subsection, including requiring periodic reporting and the form and procedure for filing reports.

(2)Report for affiliates. The permittee may report on behalf of all affiliated entities if it provides all the information that would be required if each affiliate reported separately.

(3)Consent to jurisdiction. Every permittee shall promptly submit to the commissioner a statement from each of its affiliates that the affiliate agrees to be subject to the jurisdiction of the commissioner and the courts of this state for the purposes of this chapter. A governmental unit is not subject to this requirement. The commissioner may exempt other affiliates from this subsection.

(4)Information order. The commissioner may, by order, require any permittee or any person attempting to acquire or having control of the permittee, to report information under sub.

(1)or other information to the commissioner.

(5)Transactions with affiliates. Neither a permittee nor an affiliate of the permittee may enter into a transaction between the permittee and affiliate unless all of the following apply:

(a)The transaction at the time it is entered into is reasonable and fair to the interests of the permittee.

(b)The books, accounts, and records of each party to the transaction are kept in a manner that clearly and accurately discloses the nature and details of the transaction and, in accordance with generally accepted accounting principles, permits ascertainment of charges relating to the transaction.

(c)The permittee’s financial condition following any dividends or distributions to shareholders or a person having control of the permittee is reasonable in relation to the permittee’s outstanding liabilities and is adequate to its financial needs.