(1)    Existing organizations under s. 616.06.

         1.    Except as provided in subd. 2., plans authorized under s. 616.06 are not subject to chs. 600 to 646.

         2.    Plans authorized under s. 616.06 are subject to s. 610.21, 1977 stats., s. 610.55, 1977 stats., s. 610.57, 1977 stats., and ss. 628.34 to 628.39, 1977 stats., to chs. 600, 601, 620, 625, 627 and 645, to ss. 632.72, 632.755, 632.861, and 632.87, and to this subchapter except s. 616.08.

      (b)    Plans authorized under s. 616.06 are subject to rules issued under s. 620.03 (3) which are applicable to life insurers.

      (c)   

         1.    Plans authorized under s. 616.06 are subject to ch. 185 or 193, as applicable, except that ss. 185.03 (5) and (6), 185.05 (1) (c), 185.55, 185.61, 185.62, 185.63, 185.64, 185.71 to 185.76, 185.81, 193.215 (2) (a) 2., 193.225, 193.301 (9), 193.801, 193.805, 193.905 to 193.971, and those provisions applicable to cooperatives or unincorporated cooperative associations with stock do not apply.

         2.    In all actions commenced after May 11, 1980, in those provisions of ch. 185 which apply under subd. 1. to plans authorized under s. 616.06, “department” shall be deemed to read “department of financial institutions and commissioner”, except in s. 185.48, where “department” shall be deemed to read “commissioner”.

      (d)    Each plan authorized under s. 616.06 shall:

         1.    File with the commissioner for approval its rules and regulations and schedules of the benefits contemplated, together with the forms of agreement entered into with students, parents, guardians or others;

         2.    File with the commissioner its constitution and bylaws; and

         3.    Maintain sufficient reserves to discharge its obligations and for any prepayment of dues or fees collected.

   (2)   Corporations organized under s. 616.08.

      (b)    Corporations organized under s. 616.08 may elect to be subject to one or more of the following sections in place of corresponding provisions of ch. 611: s. 185.11, 185.12, 185.13, 185.14, 185.15, 185.38 or 185.45.