Title 48 — Title 48 INSURANCE
101 chapters · 2,134 sections in this title.
RCW 48.05A.005 Purpose—Application—Findings—Intent.
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(1) The purpose of this chapter is to provide the requirements for maintaining a risk management framework and completing an own risk and solvency assessment and provide guidance and instructions for filing an ORSA summary report with the insurance commissioner of this state.(2) …
RCW 48.05A.010 Definitions.
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The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.(1) "Insurance group" means, for the purposes of conducting an ORSA, those insurers and affiliates included within an insurance holding company system as defined in RCW 48.…
RCW 48.05A.015 Risk management framework required.
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An insurer must maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement is satisfied if the insurance group of which the insurer is a member maintains a risk m…
RCW 48.05A.020 Must conduct an ORSA at least annually.
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Subject to RCW 48.05A.030, an insurer, or the insurance group of which the insurer is a member, must regularly conduct an ORSA consistent with a process comparable to the ORSA guidance manual. The ORSA must be conducted annually but also at any time when there are significant cha…
RCW 48.05A.025 Submission of ORSA summary reports—Frequency—Requirements.
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(1) Upon the commissioner's request, and no more than once each year, an insurer must submit to the commissioner an ORSA summary report or any combination of reports that together contain the information described in the ORSA guidance manual, applicable to the insurer or the insu…
RCW 48.05A.030 Insurer exemptions from chapter—Qualifying conditions—Reports.
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(1) An insurer is exempt from the requirements of this chapter, if:(a) The insurer has annual direct written and unaffiliated assumed premium including international direct and assumed premium, but excluding premium reinsured with the federal crop insurance corporation and federa…
RCW 48.05A.035 ORSA summary report must be consistent with ORSA guidance manual.
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(1) The ORSA summary report shall be prepared consistent with the ORSA guidance manual, subject to the requirements of subsection (2) of this section. Documentation and supporting information must be maintained and made available upon examination or upon the request of the commis…
RCW 48.05A.040 Documents, materials, or other ORSA-related information considered confidential and privileged—Exceptions—Permitted uses.
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(1) Documents, materials, or other information, including the ORSA summary report, in the possession or control of the commissioner that are obtained by, created by, or disclosed to the commissioner or any other person under this chapter, is recognized by this state as being prop…
RCW 48.05A.045 Failure to report—Fines.
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The commissioner must require any insurer failing, without just cause, to file the ORSA summary report as required in this chapter, after notice and hearing, to pay a fine of five hundred dollars for each day's delay, to be recovered by the commissioner and the fine collected mus…
RCW 48.05A.900 Short title.
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This chapter may be known and cited as the risk management and solvency assessment act.[ 2015 c 17 s 14.]
RCW 48.05A.901 Effective dates—2015 c 17.
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Except for section 11 of this act, which takes effect July 1, 2017, this act takes effect January 1, 2016.[ 2015 c 17 s 15.]