628.03 Requirement of license. - Wisconsin Statutes

628.03

SUBCHAPTER II
LICENSING OF INTERMEDIARIES
628.03 Requirement of license.

628.03(1)

(1) General. No natural person may perform, offer to perform or advertise any service as an intermediary in this state, unless the natural person obtains a license under s. 628.04 or 628.09, and no person may utilize the services of another as an intermediary if the person knows or should know that the other does not have a license as required by law.

628.03(1m)

(1m) Risk purchasing groups. No natural person may solicit, negotiate or obtain insurance on behalf of a risk purchasing group which does business in this state unless the natural person obtains a license under s. 628.04 or 628.09. A risk purchasing group may not allow a natural person to solicit, negotiate or obtain insurance on its behalf if the risk purchasing group knows that the natural person is not licensed as required by this subsection.

628.03(2)

(2) Exemptions. The commissioner may by rule exempt certain classes of natural persons from the requirement of obtaining a license:

628.03(2)(a)

(a) If the functions they perform do not require special competence or trustworthiness or the regulatory surveillance made possible by licensing; or

628.03(2)(b)

(b) If other existing safeguards make regulation unnecessary.

628.03(3)

(3) Validity of contract. No insurance contract is invalid as a result of a violation of this section.

628.03 - ANNOT.

History: 1975 c. 371, 421; 1981 c. 38; 1987 a. 247.

628.03 - ANNOT.

Cross Reference: See also chs. Ins 45 and 47 and ss. Ins 6.50 and 6.58, Wis. adm. code.