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Wisconsin Statutes Insurance (Ch. 600 to 655) § 612.15. Supervision of management changes

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Elections. (a) Report. The name and residence of each person selected as a director or officer of a town mutual, and such pertinent biographical data and financial information as the commissioner may reasonably require by rule, shall be reported to the commissioner immediately after the selection.

(b) Disapproval. The commissioner, after a hearing called within 30 days after receipt of a report under par. (a), may disapprove any person selected who for any reason is unqualified to serve, who is not trustworthy or who lacks the competence and experience necessary to discharge his or her responsibilities.

(2) Report of removal. Whenever the board or a member's meeting removes a director or officer under s. 612.13(6) or otherwise before the expiration of his or her term, the board shall promptly report to the commissioner the removal and a statement of the reasons therefor.

(3) Removal by commissioner. If the commissioner finds, after a hearing, that a director or officer is for any reason unqualified to serve, is incompetent or untrustworthy, or has willfully violated chs. 600 to 646, a rule promulgated under s. 601.41(3) or an order issued under s. 601.41(4), and that thereby the interests of members or of the public are endangered, the commissioner shall by order remove the director or officer.

(4) Changes of place of office. If the articles designate the residence or business address of a specified corporate officer as the place of the principal office of the town mutual, any change of such address shall be reported promptly to the commissioner.

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Cite this article: FindLaw.com - Wisconsin Statutes Insurance (Ch. 600 to 655) § 612.15. Supervision of management changes - last updated January 01, 2025 | https://codes.findlaw.com/wi/insurance-ch-600-to-655/wi-st-612-15/

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