Licensing Requirements: Surplus lines brokers are required to be licensed under Wisconsin law. Wis. Stat. §§ 628.04(2); Wis. Admin. Code Ins. § 6.59(4)(ax). To qualify for licensure, a resident applicant
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? No. Is a producer required to
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Insurance producers may charge fees in addition to receiving
An insurance intermediary (insurance agent or broker) who accepts compensation from an insured is also required to make certain disclosures in writing prior to charging a fee to the insured.
What entities are covered? “[A]n entity whose principal place of business is located in [Wisconsin] or an entity that maintains or licenses personal information in [Wisconsin]” and that “knows that