Revised Code of Washington - RCW Title 48 Insurance - Chapter 48.05 Insurers -- General Requirements

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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, ...

48.05.105 Foreign or alien insurers -- Three years active transacting required -- Exception
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 ...

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 shall issue to it ...

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 ...

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, ...

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) ...

48.05.150 Notice of intention to refuse, revoke, or suspend
The commissioner shall give an insurer notice of his intention to suspend, revoke, or refuse to renew its certificate of authority not less than ten ...

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 shall state in his order ...

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 ...

48.05.180 Notice of refusal, revocation, suspension -- Effect upon 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, ...

48.05.185 Fine in addition or in lieu of suspension, revocation, or refusal
After hearing or with the consent of the insurer and in addition to or in lieu of the suspension, revocation, or refusal to renew any ...

48.05.190 Name of insurer
(1) Every insurer shall conduct its business in its own legal name. (2) No insurer shall assume or use a name deceptively similar to that ...

48.05.200 Commissioner as attorney for service of process -- Exception
(1) Each authorized foreign or alien insurer shall appoint the commissioner as its attorney to receive service of, and upon whom shall be served, all ...

48.05.210 Service of process -- Procedure
(1) Duplicate copies of legal process against an insurer for whom the commissioner is attorney shall be served upon him either by a person competent ...

48.05.215 Unauthorized foreign or alien insurers -- Jurisdiction of state courts -- Service of process -- Procedure
(1) Any foreign or alien insurer not thereunto authorized by the commissioner, whether it be a surplus lines insurer operating under chapter 48.15 RCW or ...

48.05.220 Venue of actions against insurer
Suit upon causes of action arising within this state against an insurer upon an insurance contract shall be brought in the county where the cause ...

48.05.250 Annual statement
(1) Each domestic insurer shall annually, on or before the first day of March, file with the commissioner a true statement of its financial condition, ...

48.05.270 Alien insurer -- Capital funds, determination
(1) The capital funds of an alien insurer shall be deemed to be the amount by which its assets, deposited and otherwise held as provided ...

48.05.280 Records and accounts of insurers
Every insurer shall keep full and adequate accounts and records of its assets, obligations, transactions, and affairs.[1947 c 79 § .05.28; Rem. Supp. 1947 § ...

48.05.290 Withdrawal of insurer -- Reinsurance
(1) No insurer shall withdraw from this state until its direct liability to its policyholders and obligees under all its insurance contracts then in force ...

48.05.310 General agents, managers -- Appointment -- Powers -- Licensing
(1) An insurer appointing any person as its general agent or manager to represent it as such in this state shall file notice of the ...

48.05.320 Reports of fire losses
(1) Each authorized insurer shall promptly report to the chief of the Washington state patrol, through the director of fire protection, upon forms as prescribed ...

48.05.330 Insurers -- Combination of kinds of insurance authorized -- Exceptions
An insurer which otherwise qualifies therefor may be authorized to transact any one kind or combinations of kinds of insurance as defined in chapter 48.11 ...

48.05.340 Capital and surplus requirements
(1) Subject to RCW 48.05.350 to qualify for authority to transact any one kind of insurance as defined in chapter 48.11 RCW or combination of ...

48.05.350 General casualty insurer combining disability, fidelity, insurance
An insurer authorized to transact general casualty insurance shall be authorized to transact disability insurance and fidelity insurance without requiring additional financial qualifications.[1963 c 195 ...

48.05.370 Fiduciary relationship to insurer of officers, directors or corporation holding controlling interest
Officers and directors of an insurer or a corporation holding a controlling interest in an insurer shall be deemed to stand in a fiduciary relation ...

48.05.380 Reports by property and casualty insurers -- Rules
The insurance commissioner shall adopt rules requiring insurers who are authorized to write property and casualty insurance in the state of Washington to record and ...

48.05.383 Statement of actuarial opinion -- Property and casualty insurance
(1) Every property and casualty insurance company doing business in this state, unless otherwise exempted by the domiciliary commissioner, shall annually submit the opinion of ...

48.05.385 Statement of actuarial opinion -- Property and casualty insurance -- Confidentiality
(1) The statement of actuarial opinion shall be provided with the annual statement in accordance with the property and casualty annual statement instructions as adopted ...

48.05.390 Reports by various insurers -- Contents
(1) The report required by RCW 48.05.380 shall include the types of insurance written by the insurer for policies pertaining to: (a) Medical malpractice for ...

48.05.400 Annual filing and fee to National Association of Insurance Commissioners -- Penalty
(1) Each domestic, foreign, and alien insurer that is authorized to transact insurance in this state shall annually, on or before March 1 of each ...

48.05.410 Health care practitioner risk management training
Effective July 1, 1994, each health care provider, facility, or health maintenance organization that self-insures for liability risks related to medical malpractice and employs physicians ...

48.05.430 Definitions
As used in RCW 48.05.430 through *48.05.490, these terms have the following meanings: (1) "RBC" means risk-based capital. (2) "NAIC" means the national association of ...

48.05.435 Report of RBC levels -- Formula for determining levels -- Inaccurate reports adjusted by commissioner
(1) Every domestic insurer shall, on or prior to the filing date, which is hereby established as March 1, prepare and submit to the commissioner ...

48.05.440 Company action level event -- Definition -- RBC plan -- Commissioner's review
(1) "Company action level event" means any of the following events: (a) The filing of an RBC report by an insurer indicating that: (i) The ...

48.05.445 Regulatory action level event -- Definition -- Commissioner's duties -- Corrective actions
(1) "Regulatory action level event" means, with respect to any insurer, any of the following events: (a) The filing of an RBC report by the ...

48.05.450 Authorized control level event -- Definition -- Commissioner's duties
(1) "Authorized control level event" means any of the following events: (a) The filing of an RBC report by the insurer indicating that the insurer's ...

48.05.455 Mandatory control level event -- Definition -- Commissioner's duties
(1) "Mandatory control level event" means any of the following events: (a) The filing of an RBC report indicating that the insurer's total adjusted capital ...

48.05.460 Insurer's right to a hearing -- Request -- Commissioner sets date
(1) Upon notification to an insurer by the commissioner of any of the following, the insurer shall have the right to a hearing, in accordance ...

48.05.465 Confidentiality of RBC reports and plans -- Use of information for comparative purposes -- Use of information to monitor solvency
(1) All RBC reports, to the extent the information is not required to be set forth in a publicly available annual statement schedule, and RBC ...

48.05.470 Regulation of capital and surplus requirements is supplemental -- Commissioner may grant exemptions
(1) The provisions of RCW 48.05.430 through *48.05.490 are supplemental to any other provisions of the laws of this state, and shall not preclude or ...

48.05.475 RBC report from foreign or alien insurers -- Request of commissioner -- Commissioner's options
(1) Any foreign or alien insurer shall, upon the written request of the commissioner, submit to the commissioner an RBC report as of the end ...

48.05.480 No liability for regulation of capital and surplus requirements
There is no liability on the part of, and no cause of action may arise against, the commissioner or insurance department or its employees or ...

48.05.485 Notices by commissioner -- When effective
All notices by the commissioner to an insurer that may result in regulatory action are effective upon dispatch if transmitted by registered or certified mail, ...

48.05.510 Disclosure of certain material transactions -- Insurer's report -- Information is confidential
(1) Every insurer domiciled in this state shall file a report with the commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, ...

48.05.515 Material acquisitions or dispositions
No acquisitions or dispositions of assets need be reported under RCW 48.05.510 if the acquisitions or dispositions are not material. For purposes of RCW 48.05.510 ...

48.05.520 Asset acquisitions--Asset dispositions
(1) Asset acquisitions subject to RCW 48.05.510 through 48.05.535 include every purchase, lease, exchange, merger, consolidation, succession, or other acquisition other than the construction or ...

48.05.525 Report of a material acquisition or disposition of assets--Information required
(1) The following information is required to be disclosed in any report of a material acquisition or disposition of assets: (a) Date of the transaction; ...

48.05.530 Material nonrenewals, cancellations, or revisions of ceded reinsurance agreements
(1) No nonrenewals, cancellations, or revisions of ceded reinsurance agreements need be reported under RCW 48.05.510 if the nonrenewals, cancellations, or revisions are not material. ...

48.05.535 Report of a material nonrenewal, cancellation, or revision of ceded reinsurance agreements -- Information required
(1) The following is required to be disclosed in any report of a material nonrenewal, cancellation, or revision of ceded reinsurance agreements: (a) The effective ...

48.05.900 Severability -- 1995 c 83
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 ...