Section 611.20. Certificate of authority.

 

(1)   Application. The corporation may apply for a certificate of authority at any time prior to the expiration of its organization permit. The application shall include a statement by a principal officer of any material changes that have already taken place or are likely to take place in the facts on which the issuance of the organization permit was based, and if any material changes are proposed in the business plan, the additional information about such changes that would be required if an organization permit were then being applied for.

(2)   Issuance.

(a) The commissioner shall issue a certificate of authority, if he or she finds:

1. That cash or property authorized under s. 611.14 (1) (a) has been received sufficient to satisfy the requirements of s. 611.19 ;

2. That there is no basis for revoking the organization permit under s. 611.16 (2) ; and

3. That all other applicable requirements of the law have been met.

(b) The certificate of authority shall specify any limits placed on the insurance business that may be carried on by the corporation and may, within the powers given the commissioner by law, specify limits on its methods of operation.

(3)   Effect. Upon the issuance of the certificate:

(a) The board shall authorize and direct the issuance of shares, bonds or notes subscribed to under the organization permit, and of insurance policies upon qualifying applications made under the organization permit; and

(b) The commissioner shall authorize the release to the corporation of all funds held in escrow under s. 611.15 .

(4)   Alteration of certificate of authority.

(a) Upon application. A corporation may at any time apply to the commissioner for a new or amended certificate of authority, removing, altering or adding limits on its business or methods of operation. The application shall contain or be accompanied by so much of the information in s. 611.13 (2) as the commissioner reasonably requires. The commissioner shall issue the new certificate as requested if he or she finds:

1. That the corporation's capital and surplus are adequate to support the proposed operations under the new certificate; and

2. That the proposed business would not be contrary to the law or to the interests of insureds or the public.

(b) By commissioner. If the commissioner issues a summary order under s. 645.21 against a corporation, he or she may also revoke the corporation's certificate and issue a new one with the limits the commissioner deems necessary.

1971 c. 260 ; 1979 c. 102 ss. 96 , 236 (5) ; 1989 a. 303 .