Current as of January 01, 2018 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(1) Restricted transactions. No transaction may be entered into between an insurer authorized to do business in this state and any affiliate unless:
(a) The transaction at the time it is entered into is reasonable and fair to the interests of the insurer;
(b) The books, accounts and records of each party to the transaction are kept in a manner that clearly and accurately discloses the nature and details of the transaction and in accordance with generally accepted accounting principles permits ascertainment of charges relating to the transaction; and
(c) If the transaction is a reinsurance transaction, it is reported to the commissioner immediately if the insurer is a domestic corporation.
(2) Voidability. Transactions entered into by domestic corporations in violation of sub. (1) are voidable by the corporation.
Cite this article: FindLaw.com - Wisconsin Statutes Insurance (Ch. 600 to 655) § 611.61. Transactions of insurers with affiliates - last updated January 01, 2018 | https://codes.findlaw.com/wi/insurance-ch-600-to-655/wi-st-611-61/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.