About Wisconsin Insurance Laws, Health Insurance and Regulations…
Like other states in the U.S., Wisconsin is home to a burgeoning insurance industry that provides a wide variety of products that are meant to suit the needs of the market. As in other states, the insurance companies that operate within Wisconsin are required to adhere to federal regulations, as well as those established by the state itself. These regulations are enforced by the Wisconsin Insurance Department, which works to ensure that both consumers and insurance companies do not fall victim to malicious practices such as fraud and exploitation.
Auto insurance is required of all drivers in the state, per the Wisconsin Insurance Department. The agency has established a minimum level of coverage that drivers may carry for their vehicles.
This coverage must account for: $25,000 for the injury or death of one person; $50,000 for the injury or death of more than one person; and $10,000 for property damage.
Drivers are not required to carry personal injury protection (PIP) coverage in the state. Drivers that do not have insurance coverage could result in major fines. The average cost of auto insurance in Wisconsin is $620, though rates vary depending on driver history and the vehicle being covered.
Property insurance is not mandated by the Wisconsin Insurance Department. The state does not have any established regulations that require homeowners to purchase insurance coverage for their homes or properties. Despite this, homeowners are often required to purchase appropriate coverage by the financial institution through which they receive their mortgage as a term of their financing plan. Though homeowners insurance is not required by the state, the Wisconsin Insurance Department does encourage homeowners to protect their properties against natural disasters and other incidents that may amount in loss.
Wisconsin is one of the states that has determined that the federal government will build and operate a health insurance exchange within its borders. The announcement was made on November 16, 2012, by Governor Scott Walker, who has been a staunch opponent of the Affordable Care Act, the law that requires states to host exchange programs. The state had received funding to build and exchange and was even investigating the feasibility of such an initiative before the 2012 elections. The federal government will be responsible for the exchange effort going forward, however.
Wisconsin in home to more than 5.5 million people, nearly 9% of which have no health insurance coverage of any kind. A health insurance exchange will be designed by the federal government to provide residents with affordable health care plans that suit their needs. According to state law, however, none of these plans can include coverage for abortions and certain types of contraceptives. This may change if the federal government determines that the state’s laws cannot impact a federally-run exchange system. The health insurance exchange system will be fully active in the beginning of 2014.
Wisconsin Insurance Resources:
Wisconsin Insurance Commissioner: Ted Nickel
Wisconsin Department of Insurance Website: http://oci.wi.gov/
Wisconsin Insurance Agent Licensing Info: http://oci.wi.gov/agentlic.htm
File Insurance Complaint:http://oci.wi.gov/com_form.htm