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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.
The State Life Insurance Fund is a state-sponsored life insurance program for the benefit of Wisconsin residents. It was established with the passage of a law on June 7, 1911. [ 8 ] The applicant must be a state resident at the time of application for coverage through the Fund.
State of Wisconsin 1997-1998 Blue Book. Madison: Wisconsin Legislature Joint Committee on Legislative Organization, 1997, pp. 99-172. Donoghue, James R. "Local Government in Wisconsin". In Wisconsin Legislative Reference Bureau. The State of Wisconsin 1979-1980 Blue Book. Madison: Wisconsin Department of Administration, 1979, pp. 95-310.
In 1820, there were 17 stock life insurance companies in the state of New York, many of which would subsequently fail. Between 1870 and 1872, 33 US life insurance companies failed, in part fueled by bad practices and incidents such as the Great Chicago Fire of 1871. 3,800 property-liability and 2,270 life insurance companies were operating in ...
The attorney general is the chief law officer of the state of Wisconsin, and amongst other duties has charge and conduct for the state of all suits instituted for and against the government thereof, certifies all bonds issued by the state, protects the School Trust Funds managed by the Wisconsin Board of Commissioners of Public Lands, and provides written opinions on questions of law to either ...
Wisconsin has a number of firearm-related laws in effect that limit access for children and individuals with a history of violence, even restricting individuals under 18 from possessing guns ...
State Insurance Departments are accredited by the National Association of Insurance Commissioners (NAIC)—which states, "State law should set forth a receivership scheme for the administration, by the insurance commissioner, of insurance companies found to be insolvent as set forth in the NAIC's Insurer Receivership Model Act."