§ 48.94.010. Acting as a reinsurance intermediary-broker or reinsurance intermediary-manager -- Commissioner's powers -- Licenses -- Attorney exemption
(1) No person, firm, association, or corporation may act as a reinsurance intermediary-broker in this state if the person, firm, association, or corporation maintains an office either directly or as a member or employee of a firm or association, or an officer, director, or employee of a corporation:
(a) In this state, unless the person, firm, association, or corporation is a licensed reinsurance intermediary-broker in this state; or
(b) In another state, unless the person, firm, association, or corporation is a licensed reinsurance intermediary-broker in this state or another state having a regulatory scheme substantially similar to this chapter.
(2) No person, firm, association, or corporation may act as a reinsurance intermediary-manager:
(a) For a reinsurer domiciled in this state, unless the person, firm, association, or corporation is a licensed reinsurance intermediary-manager in this state;
(b) In this state, if the person, firm, association, or corporation maintains an office either directly or as a member or employee of a firm or association, or an officer, director, or employee of a corporation in this state, unless the person, firm, association, or corporation is a licensed reinsurance intermediary-manager in this state;
(c) In another state for a nondomestic reinsurer, unless the person, firm, association, or corporation is a licensed reinsurance intermediary-manager in this state or another state having a substantially similar regulatory scheme.
(3) The commissioner may require a reinsurance intermediary-manager subject to subsection (2) of this section to:
(a) File a bond in an amount and from an insurer acceptable to the commissioner for the protection of the reinsurer; and
(b) Maintain an errors and omissions policy in an amount acceptable to the commissioner.
(4)(a) The commissioner may issue a reinsurance intermediary license to a person, firm, association, or corporation who has complied with the requirements of this chapter. Any such license issued to a firm or association authorizes all the members of the firm or association and any designated employees to act as reinsurance intermediaries under the license, and all such persons may be named in the application and any supplements to it. Any such license issued to a corporation authorizes all of the officers, and any designated employees and directors of it, to act as reinsurance intermediaries on behalf of the corporation, and all such persons must be named in the application and any supplements to it.
(b) If the applicant for a reinsurance intermediary license is a nonresident, the applicant, as a condition precedent to receiving or holding a license, shall designate the commissioner as agent for service of process in the manner, and with the same legal effect, provided for by this title for designation of service of process upon unauthorized insurers, and also shall furnish the commissioner with the name and address of a resident of this state upon whom notices or orders of the commissioner or process affecting the nonresident reinsurance intermediary may be served. The licensee shall promptly notify the commissioner in writing of every change in its designated agent for service of process, but the change does not become effective until acknowledged by the commissioner.
(5) The commissioner may refuse to issue a reinsurance intermediary license if, in his or her judgment, the applicant, anyone named on the application, or a member, principal, officer, or director of the applicant, is not trustworthy, or that a controlling person of the applicant is not trustworthy to act as a reinsurance intermediary, or that any of the foregoing has given cause for revocation or suspension of the license, or has failed to comply with a prerequisite for the issuance of such license. Upon written request, the commissioner will furnish a summary of the basis for refusal to issue a license, which document is privileged and not subject to chapter 42.56 RCW.
(6) Licensed attorneys-at-law of this state when acting in their professional capacity as such are exempt from this section.
[2005 c 274 § 317; 1993 c 462 § 24.]
Notes:
Part headings not law -- Effective date -- 2005 c 274: See RCW 42.56.901 and 42.56.902.
Sections: Previous 48.94.005 48.94.010 48.94.015 48.94.020 48.94.025 48.94.030 48.94.035 48.94.040 48.94.045 48.94.050 48.94.055 48.94.900 48.94.901 Next
Last modified: April 7, 2009