WI AB699

Creates a new segregated account for long-term care insurance within Wisconsin's Insurance Security Fund, increasing the total number of accounts from 5 to 6

Establishes a tax credit for insurers who pay long-term care insurance assessments, allowing them to claim 20% of the assessment amount per year over 5 consecutive taxable years beginning after December 31, 2026

Splits long-term care insurance assessments evenly between life insurers (50%) and disability insurers (50%), with classification based on which premium type exceeds 50% of an insurer's total premiums

Provides refundable credit treatment for disability insurers, meaning if the credit exceeds taxes owed, the excess is paid directly to the insurer by the Department of Administration

Takes effect July 1, 2026, except provisions defining long-term care insurance and creating the new segregated account, which take effect the day after publication