Surplus lines insurance policies issued by domestic insurers. (FE)

What it does

Summary by the Legislative Reference Bureau, the Legislature's nonpartisan drafting office. It's their wording, not ours.

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.

Who's behind it

5 senators are its authors⁠. 3 are Republicans and 2 are Democrats.

14 more lawmakers signed on in support⁠.

What it would cost

State agencies filed a cost estimate. Each opens as a PDF from the Legislature.

• Fiscal Estimate From OCI

Versions and amendments

Every text the Legislature printed for this bill, including proposed changes. Each opens on the Legislature's site.

• Amendment Histories
• LC Amendment Memo