646.03 Definitions. In this chapter, unless the context indicates otherwise:
(1) “Board" means the board of directors of the insurance security fund created by s. 646.12.
(1m) “Direct insurance" does not include a policy or contract of reinsurance, except for the following:
(a) Reinsurance for which the reinsurer has issued assumption certificates under the reinsurance policy or contract.
(b) Reinsurance ceded by an assessable town mutual company.
(2) “Fund" means the insurance security fund created by s. 646.11.
(2m) “Health maintenance organization" has the meaning given under s. 609.01 (2).
(2p) “Insolvent insurer" means an insurer subject to this chapter that is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency.
(2r) “Limited service health organization" has the meaning given in s. 609.01 (3).
(3) “Liquidator" includes receiver or conservator.
(4) With respect to a life or disability insurance policy or an annuity contract, “owner" or “policyholder" means the person who is identified as the legal owner under the terms of the policy or contract or who is otherwise vested with legal title to the policy or contract through a valid assignment completed in accordance with the terms of the policy or contract and properly recorded as the owner on the books of the insurer. “Owner" or “policyholder" does not include a person with only a beneficial interest in a policy or contract.
(4m) “Retained asset account" means any mechanism in which the settlement of proceeds payable under a life insurance policy is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account with check or draft writing privileges, where those proceeds are retained by the insurer, under a written supplementary contract not involving annuity benefits.
(5) “Unallocated annuity contract" means an annuity contract or group annuity certificate that is not issued to and owned by an individual, except to the extent of any annuity benefits guaranteed to an individual by an insurer under the contract or certificate.
History: 1979 c. 109, 110, 355; 1985 a. 29; 1995 a. 236; 2003 a. 261; 2009 a. 342; 2011 a. 224.
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