Wisconsin Statutes Insurance (Ch. 600 to 655) § 614.24. Segregated accounts, variable benefits and subsidiaries

(1m) Variable benefits. (a) Exemption to obtain federal approval. The commissioner shall issue a waiver exempting a policy, certificate of insurance or contract issued by a fraternal from ss. 614.19(3) and 632.93(2), as provided in par. (b), if all of the following conditions are satisfied:

(b) Extent of exemption. A waiver issued under par. (a) shall exempt a policy, certificate of insurance or contract from ss. 614.19(3) and 632.93(2) only to the extent necessary to obtain the federal security exchange commission's approval of the policy, certificate of insurance or contract.

(2) Special affiliates. (a) Local lodges. A local lodge may incorporate under ch. 181 or the corresponding law of the state where it is located, to carry out the noninsurance activities of the local lodge.

(b) Institutions for carrying out fraternal activities. Corporations may be formed under ch. 181 to implement s. 614.82(2).