Title 48 — Title 48 INSURANCE

(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 "alien" insurer is one formed u…

(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 c…

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 to dome…

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 s 2.]

"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 s .05.05; Rem. Supp. 1947 …

"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 s .05.06; Rem. Supp. 1947 s 45.05.06.]

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 tr…

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 commi…

(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 State…

(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…

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 s .05.10; Rem. Supp. 1947 s 45.…

(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:(a) Any subsidiary of a …

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 of …

(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 shal…

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, i…

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…

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 of intentio…

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 s 7017; 1947 c 79 s .05.16; Rem. Supp. 1947 s 45.05.…

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 s .05.17; Rem. Supp. 1947 s 45…

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 represent it…

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 certificate of authority the commissioner may levy a fine upon the insurer in an amount not less than two hundred fifty dollars and not more than …

(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 of any other authorized insurer.[1947 c 79 s .05.19; Rem. Supp. 1947 s 45.05.19.]

(1) Each authorized foreign or alien insurer must appoint the commissioner as its attorney to receive service of, and upon whom must be served, all legal process issued against it in this state upon causes of action arising within this state. Service upon the commissioner as atto…

(1) Any foreign or alien insurer not authorized by the commissioner, whether it be a surplus lines insurer operating under chapter 48.15 RCW or not, who, by mail or otherwise, solicits insurance business in this state or transacts insurance business in this state as defined by RC…

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 of action arose.[1947 c 79 s .05.22; Rem. Supp. 1947 s 45.05.22.]

(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, transactions, and affairs as of the thirty-first day of December preceding. The statement forms shall be in general form and cont…

(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 in RCW 48.05.090 exceed its liabilities with respect to its business transacted in the United States.(2) Assets of such insurer held in any sta…

Every insurer shall keep full and adequate accounts and records of its assets, obligations, transactions, and affairs.[1947 c 79 s .05.28; Rem. Supp. 1947 s 45.05.28.]

(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 in this state has been assumed by another authorized insurer under an agreement approved by the commissioner. In the case of …

(1) Within 90 days of closing a claim related to a fire loss or damage, or any subsequent non-de minimis adjustment or further investigation related to a fire loss or damage, an authorized insurer shall report to the insurance commissioner, in the manner prescribed by the insuran…

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 RCW, except:(1) A life insurer may grant annuities and may be authorized to transact in addition only disability insurance; e…

(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 kinds of insurance as set forth in this subsection, a foreign or alien insurer, whether stock or mutual, or a domestic insurer must posses…

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 s 8.]

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 to the insurer, and shall discharge the duties of their respective positions in good faith, and with that diligence, care and skill …

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 report their Washington state loss and expense experiences and other data, as required by RCW 48.05.390. These rule…

(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 an appointed actuary entitled "Statement of Actuarial Opinion." This opinion shall be filed in accordanc…

(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 by the national association of insurance commissioners and shall be treated as a public document.(2) Documents,…

(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 physicians and surgeons, hospitals, other health care professions, and other health care facilities individually;(b) Product…

(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 year, file with the National Association of Insurance Commissioners a copy of its annual statement convention blank, along with such a…

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 or other independent health care practitioners in Washington state shall condition each phys…

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 insurance commissioners.(3) "Domestic insurer" means any insurance company domiciled in this state.(4) "Foreign or…

(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 a report of its RBC levels as of the end of the calendar year just ended, in a form and containing that information required by the RBC…

(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 insurer's total adjusted capital is greater than or equal to its regulatory action level RBC, but less than its company action level RBC;(ii) I…

(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 insurer indicating that the insurer's total adjusted capital is greater than or equal to its authorized control level RBC but less than its r…

(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 total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level RBC;(b…

(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 is less than its mandatory control level RBC;(b) Notification by the commissioner to the insurer of an adjusted RBC report th…

(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 with chapters 48.04 and 34.05 RCW, at which the insurer may challenge any determination or action by the commissioner:(a) Of an adjusted R…

(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 plans, including the results or report of any examination or analysis of an insurer and any corrective order issued by the commissioner, w…

(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 limit any other powers or duties of the commissioner under those laws, including, but not limited to, chapter 48.31 RCW.(2) The co…

(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 of the calendar year just ended by the later of:(a) The date an RBC report would be required to be filed by a domestic insurer under RCW 48…