Insurance premium finance companies are licensed under Wis. Stat. s. 138.12. As their name implies, these companies finance insurance premiums.
2023 WI Act 267 & NMLS
Transition
WI
Act 267 was signed by Governor Evers on April 4, 2024, and will
become effective on January 1, 2025. The Act modernizes and clarifies
many of the statutes and rules administered by the Wisconsin Department of
Financial Institutions’ Division of Banking (DOB), including Wis. Stat. s.
138.12, the insurance premium finance company statute.
WI Act 267, in part, requires
insurance premium finance company licensees to transition their licenses to the
Nationwide Multistate Licensing System & Registry (NMLS)
between January 1, 2025 and March 31, 2025.
Information about how to transition a license to NMLS is found here.
Licensees should review the
sections of WI Act 267 that pertain to s. 138.12 and to NMLS to
ensure internal policies and procedures will be compliant when the changes to
the statute go into effect.
Frequent Links
Helpful Information
- Cybersecurity Resources
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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