Section 618.21. Corporation law requirements from chs. 180, 610

  , 611 and 623 applicable to nondomestic corporations.

(1)   Strict compliance. No nondomestic corporation may be authorized to do business in this state unless it complies strictly with the following requirements:

(a) Financial requirements. The financial requirements of ss. 611.19 and 623.11 ;

(b) Other requirements. The requirements of s. 180.1506 , the requirements of s. 611.41 (1) as modified by s. 611.41 (3) , s. 611.54 (1) (a) , the reporting requirement of s. 611.54 (2) whenever removal is made involuntarily under the law of the domicile, and s. 611.57 ; and

(c) Requirements applicable to new corporations. For 5 years after the initial issuance of a certificate of authority in its domiciliary jurisdiction, the requirements of s. 611.29 (2) ; and if the corporation has transacted an insurance business for less than 5 years or has not paid in full all organizational and promotional expenses, it must still have initial expendable surplus considered by the commissioner to be adequate, subject to the limits of s. 611.19 .

(2)   Substantial compliance.

(a) General. No nondomestic insurance corporation may be authorized to do business in this state unless it everywhere complies substantially with ss. 611.12 (2) (d) , 611.24 and 611.25 except that the approval requirement of s. 611.25 (1) does not apply, and s. 611.26 .

(b) Corporate reorganization or transformation. When any corporate reorganization, transformation or liquidation of a nondomestic insurer is proposed by it or approved by the domiciliary commissioner or by another official act, notice shall be given to the commissioner promptly.

(3)   Orders imposing and eliminating restrictions. The commissioner may issue orders under s. 611.03 that are applicable to nondomestic corporations.

(4)   Other requirements. After a hearing, the commissioner may by order apply any provision of ch. 611 to a nondomestic corporation if the commissioner finds that it is necessary for the protection of the interests of its insureds, creditors or the public in this state.

(5)   Fraternals. This section does not apply to fraternals.

1971 c. 260 ; 1973 c. 184 ; 1975 c. 373 ; 1983 a. 192 ; 1989 a. 303 ; 1991 a. 316 ; 1997 a. 79 . Legislative Council Note to sub. (5), 1975: A special section applies to fraternals. See s. 618.26. In contrast, s. 618.22 does not apply to fraternals. [Bill 643-S]