RCW 48.05.010 “Domestic,” “foreign,” “alien” insurers defined. (1) A “domestic” insurer is one formed under the laws of this state. (2) A “foreign” insurer is one formed under the laws of the United States, of a state or territory of the United States other than this state, or of the District of Columbia. (3) An […]
RCW 48.05.030 Certificate of authority required. (1) No person shall act as an insurer and no insurer shall transact insurance in this state other than as authorized by a certificate of authority issued to it by the commissioner and then in force; except, as to such transactions as are expressly otherwise provided for in this […]
RCW 48.05.040 Certificate of authority—Qualifications. To qualify for and hold a certificate of authority an insurer must: (1) Be a stock, mutual, or reciprocal insurer of the same general type as may be formed as a domestic insurer under the provisions of chapter 48.06 RCW of this code, but this requirement shall not apply as […]
RCW 48.05.045 Certificate of authority not to be issued to governmentally owned insurer. No certificate of authority shall be issued to or exist with respect to any insurer which is owned and controlled, in whole or in substantial part, by any government or governmental agency. [ 1957 c 193 § 2.]
RCW 48.05.050 “Charter” defined. “Charter” means articles of incorporation, articles of agreement, articles of association of a corporation, or other basic constituent document of a corporation, or subscribers’ agreement and attorney-in-fact agreement of a reciprocal insurer. [1947 c 79 § .05.05; Rem. Supp. 1947 § 45.05.05.]
RCW 48.05.060 “Capital funds” defined. “Capital funds” means the excess of the assets of an insurer over its liabilities. Capital stock, if any, shall not be deemed to be a liability for the purposes of this section. [1947 c 79 § .05.06; Rem. Supp. 1947 § 45.05.06.]
RCW 48.05.070 Application for certificate of authority. To apply for an original certificate of authority an insurer shall: (1) File with the commissioner its request therefor showing: (a) Its name, home office location, type of insurer, organization date, and state or country of its domicile. (b) The kinds of insurance it proposes to transact. (c) […]
RCW 48.05.073 Filing of financial statements. Every insurer holding a certificate of authority from the commissioner shall file its financial statements as required by this code and by the commissioner in accordance with the accounting practices and procedures manuals as adopted by the national association of insurance commissioners, unless otherwise provided by law. [ 1999 […]
RCW 48.05.080 Foreign insurers—Deposit. (1) Prior to the issuance of a certificate of authority to a foreign insurer, it shall make a deposit of assets with the commissioner for the protection of all its policyholders, or of all of its policyholders and obligees or its policyholders and obligees within the United States, in amount and […]
RCW 48.05.090 Alien insurers—Assets required—Trust deposit. (1) An alien insurer shall not be authorized to transact insurance in this state unless it maintains within the United States assets in amount not less than its outstanding liabilities arising out of its insurance transactions in the United States, nor unless it maintains a trust deposit in an […]
RCW 48.05.100 Alien insurers—Deposit resolution. An alien insurer shall file with the commissioner a certified copy of the resolution of its governing board by which the trust deposit was established, together with a certified copy of any trust agreement under which the deposit is held. [1947 c 79 § .05.10; Rem. Supp. 1947 § 45.05.10.]
RCW 48.05.105 Foreign or alien insurers—Three years active transacting required—Exception. (1) No certificate of authority shall be granted to a foreign or alien applicant that has not actively transacted for three years the classes of insurance for which it seeks to be admitted. (2) Subsection (1) of this section does not apply to the following: […]
RCW 48.05.110 Issuance of certificate of authority. If the commissioner finds that an insurer has met the requirements for and is fully entitled thereto under this code, he or she shall issue to it a proper certificate of authority. If the commissioner does not so find, the authority shall be refused within a reasonable length […]
RCW 48.05.120 Certificate of authority—Duration, renewal, amendment. (1) All certificates of authority shall continue in force until suspended, revoked, or not renewed. A certificate shall be subject to renewal annually on the first day of July upon application of the insurer and payment of the fee therefor. If not so renewed, the certificate shall expire […]
RCW 48.05.130 Certificate of authority—Mandatory refusal, revocation, suspension. The commissioner shall refuse to renew or shall revoke or suspend an insurer’s certificate of authority, in addition to other grounds therefor in this code, if the insurer: (1) Is a foreign or alien insurer and no longer qualifies or meets the requirements for the authority; or, […]
RCW 48.05.140 Certificate of authority—Discretionary refusal, revocation, suspension. The commissioner may refuse, suspend, or revoke an insurer’s certificate of authority, in addition to other grounds therefor in this code, if the insurer: (1) Fails to comply with any provision of this code other than those for violation of which refusal, suspension, or revocation is mandatory, […]
RCW 48.05.150 Notice of intention to refuse, revoke, or suspend. The commissioner shall give an insurer notice of his or her intention to suspend, revoke, or refuse to renew its certificate of authority not less than ten days before the order of suspension, revocation or refusal is to become effective; except that no advance notice […]
RCW 48.05.160 Period of suspension. The commissioner shall not suspend an insurer’s certificate of authority for a period in excess of one year, and he or she shall state in his or her order of suspension the period during which it shall be effective. [ 2009 c 549 § 7017; 1947 c 79 § .05.16; […]
RCW 48.05.170 Reauthorization, limitation upon. No insurer whose certificate of authority has been suspended, revoked, or refused shall subsequently be authorized unless the grounds for such suspension, revocation, or refusal no longer exist and the insurer is otherwise fully qualified. [1947 c 79 § .05.17; Rem. Supp. 1947 § 45.05.17.]
RCW 48.05.180 Notice of refusal, revocation, suspension—Effect upon insurance producers’ or title insurance agents’ authority. Upon the suspension, revocation or refusal of an insurer’s certificate of authority, the commissioner shall give notice thereof to the insurer and shall likewise suspend, revoke or refuse the authority of its appointed insurance producers or title insurance agents to […]
