Title 48 — Title 48 INSURANCE
101 chapters · 2,134 sections in this title.
RCW 48.16.010 Deposits of insurers—In general.
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The commissioner shall accept deposits of securities or funds by insurers as follows:(1) Deposits in amount as required to be made as prerequisite to a certificate of authority to transact insurance in this state.(2) Deposits of domestic or alien insurers in amount as required to…
RCW 48.16.020 Deposits to be held in trust.
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Each such deposit shall be held by the commissioner in trust for the protection of all policyholders in the United States of the insurer making it; except that deposits of alien insurers shall be so held for the security of such insurer's obligations arising out of its insurance …
RCW 48.16.030 Securities eligible for deposit.
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All such deposits shall consist of cash funds or public obligations as specified in *RCW 48.13.040; except, that with respect to deposits held on account of registered policies heretofore issued, the commissioner may accept deposit of such other kinds of securities as are express…
RCW 48.16.050 Commissioner's receipt—Records.
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(1) The commissioner shall deliver to the insurer a receipt for all funds and securities so deposited by it.(2) The commissioner or the designated depositary shall keep a record in permanent form of all funds and securities so deposited.[ 1955 c 86 s 6; 1947 c 79 s .16.05; Rem. S…
RCW 48.16.060 Transfer of securities.
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(1) No transfer of any funds or security so held on deposit, whether voluntary or by operation of law, shall be valid unless approved in writing by the commissioner.(2) A statement of each such transfer shall be entered on the records of the commissioner or designated depositary,…
RCW 48.16.070 Depositaries—Designation.
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The commissioner may designate any solvent trust company or other solvent financial institution having trust powers as the commissioner's depositary to receive and hold any deposit of securities. Any deposit so held shall be at the expense of the insurer. Any solvent financial in…
RCW 48.16.080 Liability for safekeeping.
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The state of Washington shall be responsible for the safekeeping and return of all funds and securities deposited pursuant to this chapter with the commissioner or in any such depositary so designated by him or her.[ 2009 c 549 s 7061; 1955 c 86 s 9; 1947 c 79 s .16.08; Rem. Supp…
RCW 48.16.090 Dividends and substitutions.
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While solvent and complying with this code an insurer shall be entitled:(1) To collect and receive interest and dividends accruing on the securities so held on deposit for its account, and(2) From time to time exchange and substitute for any of such securities, other securities e…
RCW 48.16.100 Release of deposits—Generally.
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(1) Any such required deposit shall be released in these instances only:(a) Upon extinguishment of all liabilities of the insurer for the security of which the deposit is held, by reinsurance contract or otherwise.(b) If any such deposit or portion thereof is no longer required u…
RCW 48.16.110 Release of existing deposits.
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Any part of any deposit of an insurer held by the commissioner which is in amount in excess of the deposit required or permitted to be made by such insurer under this code, shall, upon written order of the commissioner, be released; except, that no deposit held on account of any …
RCW 48.16.120 Voluntary excess deposits.
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An insurer may deposit and maintain on deposit with the commissioner funds and eligible securities in amount exceeding its required deposit under this code by not more than one hundred thousand dollars, for the purpose of absorbing fluctuations in the value of securities held in …
RCW 48.16.130 Immunity from levy.
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No judgment creditor or other claimant of an insurer shall levy upon any deposit held pursuant to this chapter, or upon any part thereof.[1947 c 79 s .16.13; Rem. Supp. 1947 s 45.16.13.]