Insurance premium finance companies are
licensed under Wis. Stat. s. 138.12. As their name implies, these
companies finance insurance premiums. A license is required to originate
consumer and/or commercial transactions. Exemptions from licensing are
found in Wis. Stat. s. 138.12(2).
Frequent Links
- Application for an Insurance Premium Finance Company (IPFC) License
- IPFCs
are required to apply for and maintain their Wisconsin license on the
Nationwide Multistate Licensing System & Registry (NMLS). Please
refer to the NMLS Checklist Compiler for a detailed list of information that must be provided with the application.
- License Amendment Instructions
- Refer to the applicable Wisconsin NMLS Amendment Checklist for
instructions on how notify the Division of Banking about changes to:
- Direct Owners, Indirect Owners, Affiliates or Subsidiaries
- Executive Officers or other Control Persons
- Addresses
- Legal Names or Trade Names
- Legal Status
- Disclosure Question and Answers
Helpful Information
- Financial Statement Requirements
- The licensed legal entity's fiscal year-end financial statements and a completed
Supplemental Financial Statement Information form, must be uploaded to NMLS within 90 days after
the completion of each fiscal year. - Financial
statements must include a balance sheet & income statement and be
prepared in accordance with generally accepted accounting principles.
- Licensees must maintain tangible net worth of at least $10,000 and positive working capital.
- When
evaluating a licensee's tangible net worth and net working capital, the
division discounts intangibles; receivables from officers,
stockholders, and other related parties; employee advances; receivables
over 120 days past due; and any other assets of questionable value.
Cybersecurity 101 - a
resource developed by the Conference of State Bank Supervisors intended
to be an easily-digestible, non-technical reference guide to help
executives develop a comprehensive, responsive cybersecurity program in
line with best practices.
- Ransomware Self-Assessment Tool
– a resource updated October 15, 2024, and developed by the Conference of State Bank Supervisors in conjunction with state bank examiners, the Bankers Electronic Crimes Taskforce, and the United States Secret Service which contains important controls that all types of companies should use to assess their efforts to mitigate risks associated with ransomware and to identify opportunities for increasing security.
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