Section 601.53. Insolvency notices.

 

(1)   Insurers doing a surety business. Whenever any authorized insurer doing a surety business is placed in liquidation under ch. 645 or a similar law of another state or jurisdiction, the commissioner shall immediately notify the director of state courts. Upon receipt of the notice, the director of state courts shall notify each register in probate, probate registrar and clerk of circuit court, who shall notify and require every fiduciary that has filed a bond on which the company is surety to file a new bond with a different surety.

(2)   Other. The commissioner as liquidator of an insurer shall send notices as provided in s. 645.47 .

1975 c. 375 , 421 ; 1977 c. 449 s. 497 ; 1989 a. 141 ; 1991 a. 144 . Legislative Council Note, 1975: Sub. (1) continues the substance of s. 204.04 (3). Sub. (2) is new and is a useful cross reference. [Bill 642-S]