§ 48.30.150. Illegal inducements
No insurer, general agent, agent, broker, solicitor, or other person shall, as an inducement to insurance, or in connection with any insurance transaction, provide in any policy for, or offer, or sell, buy, or offer or promise to buy or give, or promise, or allow to, or on behalf of, the insured or prospective insured in any manner whatsoever:
(1) Any shares of stock or other securities issued or at any time to be issued on any interest therein or rights thereto; or
(2) Any special advisory board contract, or other contract, agreement, or understanding of any kind, offering, providing for, or promising any profits or special returns or special dividends; or
(3) Any prizes, goods, wares, or merchandise of an aggregate value in excess of twenty-five dollars.
This section shall not be deemed to prohibit the sale or purchase of securities as a condition to or in connection with surety insurance insuring the performance of an obligation as part of a plan of financing found by the commissioner to be designed and operated in good faith primarily for the purpose of such financing, nor shall it be deemed to prohibit the sale of redeemable securities of a registered investment company in the same transaction in which life insurance is sold.
[1990 1st ex.s. c 3 § 9; 1975-'76 2nd ex.s. c 119 § 4; 1957 c 193 § 18; 1947 c 79 § .30.15; Rem. Supp. 1947 § 45.30.15.]
RCW 48.30.150
No insurer, insurance producer, title insurance agent, or other person shall, as an inducement to insurance, or in connection with any insurance transaction, provide in any policy for, or offer, or sell, buy, or offer or promise to buy or give, or promise, or allow to, or on behalf of, the insured or prospective insured in any manner whatsoever:
(1) Any shares of stock or other securities issued or at any time to be issued on any interest therein or rights thereto; or
(2) Any special advisory board contract, or other contract, agreement, or understanding of any kind, offering, providing for, or promising any profits or special returns or special dividends; or
(3) Any prizes, goods, wares, or merchandise of an aggregate value in excess of twenty-five dollars.
This section shall not be deemed to prohibit the sale or purchase of securities as a condition to or in connection with surety insurance insuring the performance of an obligation as part of a plan of financing found by the commissioner to be designed and operated in good faith primarily for the purpose of such financing, nor shall it be deemed to prohibit the sale of redeemable securities of a registered investment company in the same transaction in which life insurance is sold.
[2008 c 217 § 36; 1990 1st ex.s. c 3 § 9; 1975-'76 2nd ex.s. c 119 § 4; 1957 c 193 § 18; 1947 c 79 § .30.15; Rem. Supp. 1947 § 45.30.15.]
Notes:
Severability -- Effective date -- 2008 c 217: See notes following RCW 48.03.020.
Sections: Previous 48.30.080 48.30.090 48.30.100 48.30.110 48.30.120 48.30.130 48.30.140 48.30.150 48.30.155 48.30.157 48.30.170 48.30.180 48.30.190 48.30.200 48.30.210 Next
Last modified: April 7, 2009