Wisconsin

  • 2018 - Wisconsin OCI - Wisconsin Insurance Report - 219p 
    • (p90) - Complaints and inquiries related to life insurance and annuity products ... generally concerned consumer dissatisfaction with, or confusion regarding, universal life insurance policies.
  • 2021 1203 - Wisconsin OCI - Consumer Alert related to Universal Life Insurance - [link] - 2p
    • To: Licensed Intermediaries, Employers, Associations and Interested Parties
    • From: Mark V. Afable, Commissioner of Insurance
    • The insurance industry generally categorizes whole life and universal life insurance as “permanent" life insurance. A “permanent" policy is designed to provide coverage for your entire life if sufficient premiums are paid.
    • The main expense of a universal life policy is the cost of insurance charge.  The cost of insurance charge is the amount you must pay the insurance company to fund the policy's death benefit.  
    • Many consumers set up their policies for level payments when they purchase the policy based on assumptions at the time of sale.
      • `These assumptions include cost of insurance rates and interest rates (or investment returns).
      • If charges increase or interest rates decrease, the cash value may not be sufficient to cover the costs of the contract over time, and additional premiums may be required later to keep the ​contract in force.
    • The Office of the Commissioner of Insurance has seen many cases of consumers who purchased universal life insurance and who made payments for years thinking their premium payment would not change or that their coverage would remain in effect. But many found that their policies had lapsed (were no longer in effect) with little to no value or they were required to pay large additional premium payments to keep their coverage in effect.
    •  
  • Sean Duffy - (R-WI) - US Congress - 2011 to 2019
  • Stanley C. DuRose - Wisconsin Insurance Commissioner - 1969-
    • 1973 / 1974 - GOV (Senate) - The Life Insurance Industry, Senator Hart (D-MI) - 4 Parts --- [BonkNote]
  • Bradford S. Gile
  • Dave Heineck (Wis.) - 1988-2, NAIC Proceedings
  • Spencer Kimball - UW-Law School
  • Susan Mitchell - Wisconsin Insurance Commissioner

    • 1981 - LC - Aetna Life Insurance Co. v. Mitchell, 101 Wis. 2d 90, 303 N.W.2d 639 (1981). 

      • GoogleScholar - [link]
      • 1981 - ACLI Amicus Curiae Brief - Aetna v Mitchell (WI Insurance Commissioner) - 32p 
  • William Proxmire - (D-WI)
    • 1957-1989 - US Senator
  • Richard M. Snell - Insurance Department - Actuary?
    • Northwestern Mutual
  • Richard Wicka
  • [Bonk: Buyer's Guide - Wisconsin used NAIC 1982 copy as a template somehow, which apparently doesn't exist. - email]
  • Wisconsin’s Readability Working Group - 2009-3, NAIC Proceedings
  • One thought about the Moss Report is that requiring that costs for both term and whole life be provided when selling insurance products does not seem right in the American marketplace.
  • If the agent wants to do it voluntarily, that is one thing, but to have it mandated, seems to be against our way of marketing products.

--  William M. Snell, Northwestern Mutual Life and Chairman of the Wisconsin Task Force

1979 - SOA - Cost Disclosure (Moss Report), Society of Actuaries - 18p

  • Any administrative rule requiring dissemination of cost disclosure information that is misleading due to incompleteness is beyond the scope of the insurance commissioner's authority in that it violates sub. (1) (a).

1981 - LC - Aetna Life Insurance Co. v. Mitchell, 101 Wis. 2d 90, 303 N.W.2d 639  ---  [BonkNote]

  • GoogleScholar - [link]
  • 1980 - SOA - The Wisconsin Imbroglio, The Actuary, Society of Actuaries - 3p
    • William M. Snell, Bradley Giles, Ernest J. Moorhead, Paul J. Overberg
  • 1981 - ACLI - Amicus Curiae Brief - Aetna v Mitchell (WI Insurance Commissioner) - 32p 
  • SUBJECT: Wisconsin's Approach to the Regulation of Insurance Company Investments  - ATTACHMENT ONE-A1
    • TO: Prudent Person Model Investment Law Working Group
    • FROM: Wisconsin Office of the Commissioner of Insurance
    • DATE: April 17, 1996
  • The Wisconsin approach to the regulation of insurance company investments, while very different from the pending model and the concept drafts under review by this working group, has been very successful for Wisconsin.
  • No domestic insurer has suffered investment-related insolvency since this approach was adopted in 1971.
  • We appreciate this opportunity to explain the methods Wisconsin has employed to achieve these results and our observations as to why this success was possible. (p564)

1996-1, NAIC Proceedings

WISCONSIN—Appointed, at the Pleasure of the Governor

Commissioner of Insurance Mark Afable 1/22/2019 incumbent
Commissioner of Insurance Ted Nickel 1/5/2011 1/7/2019 8 0
Commissioner of Insurance Sean Dilweg 1/1/2007 1/3/2011 4 0
Commissioner of Insurance Jorge Gomez 2/17/2003 1/1/2007 3 11
Acting Commissioner of Insurance Randy Blumer 1/1/2003 2/17/2003 0 1
Commissioner of Insurance Connie O’Connell 1/4/1999 1/1/2003 4 0
Acting Commissioner of Insurance Randy Blumer 1/6/1998 1/1/1999 1 0
Commissioner of Insurance Josephine W. Musser 3/1/1993 12/19/1997 4 9
Commissioner of Insurance No Record in Proceedings 12/1/1992 3/1/1993 0 3
Commissioner of Insurance Robert D. Haase 3/1/1987 12/1/1992 5 9
Commissioner of Insurance Thomas P. Fox 3/1/1983 3/1/1987 4 0
Commissioner of Insurance Ann J. Haney 7/1/1982 3/1/1983 0 8
Commissioner of Insurance Susan Mitchell 3/1/1979 7/1/1982 3 4

  • Commissioner of Insurance Harold R. Wilde, Jr. 6/1/1975 3/1/1979 3 9  - Naperville Notables: Hal Wilde - [VIDEO-YouTube]

Commissioner of Insurance Stanley C. DuRose 6/1/1969 6/1/1975 6 0
Commissioner of Insurance Robert D. Haase 6/1/1965 6/1/1969 4 0

1906 0517 - Boston Evening Transcript - New Insurance Sensation -  (Boston, Massachusetts) Newspapers.com

1909 0203 - The Daily Tribune - New Insurance Sensation -  (Wisconsin Rapids, Wisconsin) Newspapers.com