Wisconsin Statutes 628.32 – Disclosure required
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Terms Used In Wisconsin Statutes 628.32
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- in writing: includes any representation of words, letters, symbols or figures. See Wisconsin Statutes 990.01
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Promulgate: when used in connection with a rule, as defined under…. See Wisconsin Statutes 990.01
(1) An intermediary may not accept compensation from an insured or from both an insured and another source due to the insured’s purchase of insurance or for advice regarding the insured’s insurance needs or coverage unless the intermediary, before the insured incurs an obligation to pay compensation, clearly and conspicuously and in writing discloses to the insured all of the following:
(a) The amount of compensation to be paid by the insured, excluding commissions paid by the insurer to the intermediary.
(b) If compensation will be paid by another source, the fact that the intermediary will also receive compensation from the other source.
(2) The commissioner may promulgate rules prescribing the form for disclosure under sub. (1).