Section 601.04. Certificate of authority; fee.

 

(1)   Scope. This section applies to all insurers incorporated or organized under any law of this state except chs. 611 , 612 , 613 and 614 .

(2)   Requirement of license. No insurer or plan subject to this section may transact insurance business in this state without having in effect a certificate of authority.

(3)   Licensing. The commissioner shall issue to any insurer or plan subject to this section a certificate of authority authorizing it to transact the business of insurance in this state if the commissioner is satisfied that it has met all requirements of law and that its methods and practices and the character and value of its assets will adequately safeguard the interests of its insureds and the public in this state. Each certificate shall be issued for a period of no longer than one year and shall expire on May 1. It may be renewed from year to year.

(4)   Fees. Every insurer or plan obtaining or renewing its certificate shall pay the fee required by s. 601.31 (1) (b) or (c) .

1971 c. 260 ; 1973 c. 22 ; 1975 c. 223 , 373 ; 1977 c. 339 s. 6m ; Stats. 1977 s. 601.04; 1979 c. 102 ss. 236 (6) , 237 ; 1981 c. 41 . Cross-reference: See also s. Ins 15.01 , Wis. adm. code.