RCW 48.31B.005 Definitions. The definitions in this section apply throughout this chapter unless the context clearly requires otherwise. (1) “Affiliate” means an affiliate of, or person affiliated with, a specific person, and includes a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, […]
RCW 48.31B.010 Domestic insurer may acquire subsidiaries—Authorized investments—Insurer ceases to control subsidiary—Disposal of investment. (1) A domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries. The subsidiaries may conduct any kind of business or businesses and their authority to do so is not […]
RCW 48.31B.015 Control of insurer—Acquisition, merger, or exchange—Preacquisition notification—Divestment of controlling interest—Jurisdiction of courts. (1)(a) No person other than the issuer may make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities of, seek to acquire, or acquire, in the open market or otherwise, […]
RCW 48.31B.020 Acquisition of insurer—Change in control—Definitions—Exemptions—Competition—Preacquisition notification—Violations—Penalties. (1) The following definitions apply for the purposes of this section only: (a) “Acquisition” means any agreement, arrangement, or activity the consummation of which results in a person acquiring directly or indirectly the control of another person, and includes but is not limited to the acquisition of […]
RCW 48.31B.025 Registration with commissioner—Information required—Rule making—Disclaimer of affiliation—Annual enterprise risk report—Failure to file. (1) Every insurer that is authorized to do business in this state and is a member of an insurance holding company system shall register with the commissioner, except a foreign insurer subject to registration requirements and standards adopted by statute or […]
RCW 48.31B.030 Insurer subject to registration—Standards for transactions within a holding company system—Extraordinary dividends or distributions—Insurer’s surplus—Officers and directors. (1)(a) Transactions within an insurance holding company system to which an insurer subject to registration is a party are subject to the following standards: (i) The terms must be fair and reasonable; (ii) Agreements for cost-sharing […]
RCW 48.31B.035 Examination of insurers—Commissioner may order production of information—Failure to comply—Costs of examination. (1) Subject to the limitation contained in this section and in addition to the powers that the commissioner has under chapter 48.03 RCW relating to the examination of insurers, the commissioner has the power to examine any insurer registered under RCW […]
RCW 48.31B.036 Internationally active insurance groups—Group-wide supervision—Commissioner’s authority and duties—Costs. (1) The commissioner is authorized to act as the group-wide supervisor for any internationally active insurance group under this section. However, the commissioner may otherwise acknowledge another regulatory official as the group-wide supervisor where the internationally active insurance group: (a) Does not have substantial insurance […]
RCW 48.31B.037 Commissioner may participate in a supervisory college—Purposes—Costs. (1) With respect to any insurer registered under RCW 48.31B.025, and in accordance with subsection (3) of this section, the commissioner has the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations […]
RCW 48.31B.038 Confidentiality of certain documents, materials, or other information—Permitted uses. (1) Documents, materials, or other information in the possession or control of the commissioner that are obtained by or disclosed to the commissioner or any other person in the course of an examination or investigation made pursuant to RCW 48.31B.035 and all information reported […]
RCW 48.31B.040 Rule making. The commissioner may, in accordance with the administrative procedure act, chapter 34.05 RCW, adopt rules interpreting and implementing this chapter. [ 2015 c 122 § 10; 1993 c 462 § 9.] NOTES: Effective dates—2015 c 122: See note following RCW 48.31B.005.
RCW 48.31B.045 Violations of chapter—Commissioner may seek superior court order. (1) Whenever it appears to the commissioner that an insurer or a director, officer, employee, or agent of the insurer has committed or is about to commit a violation of this chapter or any rule or order of the commissioner under this chapter, the commissioner […]
RCW 48.31B.050 Violations of chapter—Fines—Civil forfeitures—Orders—Referral to prosecuting attorney—Imprisonment—Orders of supervision. (1) The commissioner shall require, after notice and hearing, an insurer failing, without just cause, to file a registration statement as required in this chapter, to pay a fine of not more than ten thousand dollars per day. The maximum fine under this section […]
RCW 48.31B.055 Violations of chapter—Impairment of financial condition—Commissioner may take possession. Whenever it appears to the commissioner that a person has committed a violation of this chapter that so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, […]
RCW 48.31B.060 Order for liquidation or rehabilitation—Recovery of distributions or payments—Personal liability—Maximum amount recoverable. (1) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order may recover on behalf of the insurer: (a) From a parent corporation or holding company or person or affiliate who […]
RCW 48.31B.065 Violations of chapter—Contrary to interests of policyholders or the public—Suspension, revocation, or nonrenewal of license. Whenever it appears to the commissioner that a person has committed a violation of this chapter that makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner may, after giving […]
RCW 48.31B.070 Person aggrieved by actions of commissioner. (1) A person aggrieved by an act, determination, rule, order, or any other action of the commissioner under this chapter may proceed in accordance with the administrative procedure act, chapter 34.05 RCW. (2) A person aggrieved by a failure of the commissioner to act or make a […]
RCW 48.31B.900 Short title. This chapter may be known and cited as the Insurer Holding Company Act. [ 1993 c 462 § 1.]
RCW 48.31B.901 Severability—1993 c 462. If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected. [ 1993 c 462 § 112.]
RCW 48.31B.902 Implementation—1993 c 462. The insurance commissioner may take such steps as are necessary to ensure that this act is implemented on July 25, 1993. [ 1993 c 462 § 106.]
