Section 618.22. Exclusive agency and management contracts of nondomestic corporations.

 

(1)   Filing of contract. No nondomestic insurer may be a party to any exclusive agency contract or management contract as defined in ss. 611.66 and 611.67 respectively, unless the contract is filed with the commissioner and not disapproved under this section within 30 days after filing, or such reasonable extended period as the commissioner may specify by notice given within the 30 days.

(2)   Disapproval. The commissioner shall disapprove a contract under sub. (1) or s. 611.67 if he or she finds that:

(a) It subjects the insurer to excessive charges; or

(b) The contract extends for an unreasonable period of time; or

(c) The contract does not contain fair and adequate standards of performance; or

(d) The persons empowered under the contract to manage the company are not sufficiently trustworthy, competent, experienced and free from conflict of interest to manage the company with due regard for the interests of its insureds, creditors or the public; or

(e) The contract contains provisions which impair the interests of its insureds, creditors or the public in this state.

1971 c. 260 ; 1979 c. 102 s. 236 (5) ; 1985 a. 29 . Cross-reference: See also s. Ins 42.07 , Wis. adm. code.