648.75 Insolvency funding.
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/wi/chapter-648/648-75A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
648.75 Insolvency funding.
(1)Deposit required. A permittee shall deposit an amount established by the contract with the department, and not less than $250,000, using the procedures under s. 601.13 .
(2)Release of deposit. A deposit under this section may be released only with the approval of the commissioner, after consulting with the department, by the procedures under s. 601.13
(10)and only in one of the following circumstances:
(a)To pay an assessment under sub.
(3).
(b)To pay creditors of the permittee according to the priority determined by the department if the permittee is insolvent, dissolves, or is subject to an insolvency proceeding, including a bankruptcy proceeding.
(3)Assessment. The department may assess an amount from each permittee’s deposit for the purpose of funding arrangements for, or to pay expenses related to, services for enrollees of an insolvent or financially hazardous permittee. The department’s assessment shall be allocated to each permittee’s deposit in an amount that reflects the permittee’s proportionate share of projected enrollment in the department’s annual contracting period. The commissioner may authorize release, and the department of administration shall pay to the department the assessed amount for the purposes of this subsection.