The following corporations and partnerships in the insurance business in Wisconsin MAY be licensed by this office:
- any corporation or partnership for which or on whose behalf any licensed intermediary solicits, negotiates, places insurance or annuities, or advises on insurance needs and coverages;
- any corporation or partnership that receives, shares, or accepts assignment of commissions or compensation for services performed as an intermediary;
- any insurance agency whose legal form is a corporation.
Corporate and partnership licensing is not mandatory by the Office of the Commissioner of Insurance, and does not provide the entity with the authority to act as an agent. Corporations are not appointed to do business with individual insurers. In addition, commissions can be assigned to a corporation, with or without a license.
Application form OCI 11-050 must be completed and accompanied by:
- a licensing fee of $100;
- Wisconsin-licensed designated representative (resident or nonresident);
- a list of all partners, directors, principal officers, or persons having comparable authority.
Completion of the application certifies that:
- the articles of incorporation or association include the intent to do business as an intermediary;
- the corporation or partnership will transact business in such a way that all acts may only be performed by a licensed intermediary and are performed exclusively by licensed intermediaries;
- out-of-state corporations and partnerships are subject to Wisconsin laws.
For a corporation or firm, the application must be signed by an officer. For a partnership, the application must be signed by a partner.
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Reinsurance intermediary firms are required to be licensed. Individuals are not required to hold a reinsurance intermediary-manager or broker license if they are included under the license of the firm.
- Reinsurance broker. A person is a reinsurance broker if the person solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer.
- Reinsurance manager. A person is a reinsurance manager if the person has authority to bind, or manages all or a portion of the assumed reinsurance business of an insurer.
Detailed information provided in Reinsurance Intermediary Fact Sheet on this Web site.[Back to Top]
Managing general agent firms are required to be licensed. Individuals are also required to hold an individual intermediary license if they are acting as a managing general agent as defined by s. Ins 42.02, Wis. Adm. Code.
Wisconsin law defines a managing general agent as an intermediary who manages a portion of the business of an insurer, produces a significant volume of business, and either pays claims or negotiates reinsurance for the insurer.
Detailed information provided in Managing General Agent Fact Sheet on this Web site.[Back to Top]
The Commissioner's Office must determine the competence and trustworthiness of all intermediaries. For partners, directors, or principal officers who are licensed at the time of application, the standards for individual insurance intermediaries shall apply. For partners, directors, or principal officers not licensed at the time of application, the following criteria will be considered:
- Criminal record. The conviction for crimes which are substantially related to insurance marketing.
- Accuracy of information. Any material misrepresentation in the information submitted on form OCI 11-050.
- Regulatory action. Any regulatory action taken with regard to any license held, such as insurance licenses in other states, real estate licenses, and security licenses.
- Any other criteria which the Commissioner considers evidence of untrustworthiness or incompetence.
A biennial regulation fee of $35.00 for residents and $70.00 for nonresident corporations and partnerships will be billed on even-numbered years.[Back to Top]
Each intermediary corporation or partnership shall notify the Commissioner of Insurance in writing within 30 days of any change in its business mailing address, location of the business records, or a change in the name and address of the designated representative.
Intermediary corporations and partnerships are subject to the recordkeeping requirement for intermediary agents.
For further information contact:
Agent Licensing Section
Office of the Commissioner of Insurance
P. O. Box 7872
Madison, WI 53707-7872