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WISCONSIN STATUTES AND CODES

615.10 Segregated account.

615.10

615.10 Segregated account.

615.10(1)

(1) Required account. Every licensee under s. 615.05 shall maintain a segregated account for its gift annuities. The assets of the account shall at least equal in amount the sum of the reserves on its outstanding annuities, calculated on the basis of actuarial tables and assumptions approved by the commissioner, plus a surplus of 10% of the reserves or $100,000, whichever is greater. The required reserves may be reduced by an appropriate amount to reflect the reinsurance of risks by an insurer authorized to do such business in this state with direct liability of the reinsurer to the annuitant. The required surplus may also be reduced to the extent the commissioner considers appropriate, including to zero, if all risks are fully reinsured with direct liability of the reinsurer to the annuitant by an insurer authorized to issue annuities in this state.

615.10(2)

(2) Identifiable assets. Section 611.24 (3) (b) and (f) applies to segregated accounts under this section.

615.10(3)

(3) Liability. The assets of the segregated account are not liable for any debts of the licensee other than those incurred under this chapter.

615.10(4)

(4) Liability of licensee's general assets. The general assets of the licensee are liable on annuities to the extent that the segregated fund is not adequate. If any provisions of the law prevent such assets from being thus liable or from being executed upon, the commissioner may require the licensee to increase its surplus under sub. (1) to an amount the commissioner considers adequate or may require that the segregated fund be incorporated as a life insurer under ch. 611.

615.10(5)

(5) Investments. Assets of a segregated account under this section shall be invested in accordance with ch. 881.

615.10 - ANNOT.

History: 1975 c. 374, 421; 2009 a. 33.

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