Wisconsin Statutes Insurance (Ch. 600 to 655) § 618.21. Corporation law requirements from chs. 180, 610, 611 and 623 applicable to nondomestic corporations

(a) Financial requirements. The financial requirements of ss. 611.19 and 623.11;

(b) Other requirements. The requirements of s. 180.1506, the requirements of s. 611.41(1) as modified by s. 611.41(3), s. 611.54(1)(a), the reporting requirement of s. 611.54(2) whenever removal is made involuntarily under the law of the domicile, and s. 611.57; and

(c) Requirements applicable to new corporations. For 5 years after the initial issuance of a certificate of authority in its domiciliary jurisdiction, the requirements of s. 611.29(2); and if the corporation has transacted an insurance business for less than 5 years or has not paid in full all organizational and promotional expenses, it must still have initial expendable surplus considered by the commissioner to be adequate, subject to the limits of s. 611.19.

(2) Substantial compliance. (a) General. No nondomestic insurance corporation may be authorized to do business in this state unless it everywhere complies substantially with ss. 611.12(2)(d), 611.24 and 611.25 except that the approval requirement of s. 611.25(1) does not apply, and s. 611.26.

(b) Corporate reorganization or transformation. When any corporate reorganization, transformation or liquidation of a nondomestic insurer is proposed by it or approved by the domiciliary commissioner or by another official act, notice shall be given to the commissioner promptly.