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615.03 Applicability of chapters 600 to 646 to gift annuities.

615.03

615.03 Applicability of chapters 600 to 646 to gift annuities.

615.03(1)

(1) General requirement of license. No person may issue an annuity to another person unless the issuer is:

615.03(1)(a)

(a) An insurer authorized to do so under ch. 611 or 618;

615.03(1)(b)

(b) A licensee under this chapter; or

615.03(1)(c)

(c) A natural person who issues such an annuity to a relative by blood, marriage or adoption within the 3rd degree of kinship as computed according to s. 990.001 (16).

615.03(2)

(2) General regulatory powers. All licensees under this chapter are subject to ch. 601.

615.03(3)

(3) Delinquency proceedings. A segregated account under s. 615.10 is deemed an insurer within the meaning of s. 645.03 (1) (f), claims of annuitants are discharged under s. 645.68 (4) by purchase of an equivalent life annuity from an insurer authorized to do such business in this state. If claims of annuitants remain undischarged after completion of a liquidation under ch. 645, the liquidator has a claim against the other assets of the corporation for that deficit.

615.03(4)

(4) Guaranty funds. Chapter 646 is not applicable to licensees under this chapter.

615.03(5)

(5) Application of chapters 600 to 646. The commissioner may by rule or order impose on licensees under this chapter any other provisions of chs. 600 to 646 applicable to ch. 611 corporations, if necessary to protect the interests of annuitants or the public.

615.03 - ANNOT.

History: 1975 c. 374; 1979 c. 89; 1981 c. 314 s. 146; 1997 a. 188; 1999 a. 32, 162; 2001 a. 38.