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The insurance business was first authorized and regulated in Wisconsin in 1870 (1870 Wisc. Act 56). The original law vested insurance regulation as a power of the Secretary of State of Wisconsin. These powers were transferred to a separate commissioner of insurance by an act of the Wisconsin Legislature in 1878 (1878 Wisc. Act 214).
The first state commissioner of insurance was appointed in New Hampshire in 1851 and the state-based insurance regulatory system grew as quickly as the insurance industry itself. [4] Prior to this period, insurance was primarily regulated by corporate charter, state statutory law and de facto regulation by the courts in judicial decisions.
Each state decides whether to pass each NAIC model law or regulation, and each state may make changes in the enactment process, but the models are widely, albeit somewhat irregularly, adopted. The NAIC also acts at the national level to advance laws and policies supported by state insurance regulators.
The office of an insurance commissioner is established either by the state constitution or by statute. While most insurance commissioners are appointed, in some jurisdictions they are elected. [ 1 ] The office of the insurance commissioner may be part of a larger regulatory agency, or an autonomous department.
MADISON, Wis. (WFRV) – A Wisconsin-based insurance corporation has announced it will be reducing resources at two of its locations, resulting in over 300 employees being laid off. According to a ...
The McCarran–Ferguson Act, 15 U.S.C. §§ 1011-1015, is a United States federal law that exempts the business of insurance from most federal regulation, including federal antitrust laws to a limited extent. The 79th Congress passed the McCarran–Ferguson Act in 1945 after the Supreme Court ruled in United States v.
The Wisconsin Office of Lawyer Regulation (OLR) filed a disciplinary complaint against former Supreme Court Justice Michael Gableman on Tuesday. In 10 counts, the complaint alleges Gableman ...
The Wisconsin Department of Financial Institutions (DFI) is an agency of the Wisconsin state government responsible for state regulation of financial institutions and educating the public about financial issues. [2] [3] The department headquarters are located at the Hill Farms State Office Building on the west side of Madison, Wisconsin. The ...