AB 110

This bill allows an insurer that is domiciled in this state to provide surplus lines

insurance in this state if the insurer meets certain requirements. Under current law,

only an unauthorized insurer that is not domiciled in this state may provide surplus

lines insurance in this state, subject to certain requirements and limitations. Under

this bill, an insurer domiciled in this state may apply to the commissioner of

insurance for a certificate allowing the insurer to provide surplus lines insurance in

this state as a domestic surplus lines insurer. In order to receive the certificate, the

insurer must have a resolution to become a domestic surplus lines insurer adopted

by its board of directors; have at least $15,000,000 in capital and surplus; and be

eligible to provide surplus lines insurance in at least one other state. The bill

specifies that an insurance policy issued by a domestic surplus lines insurer is not

protected by the Wisconsin insurance security fund and is subject to the same

taxation under current law as a surplus lines insurance policy. The bill also specifies

that a domestic surplus lines insurer may only offer surplus lines insurance.