Title 48 — Title 48 INSURANCE
101 chapters · 2,134 sections in this title.
RCW 48.94.005 Definitions.
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The definitions set forth in this section apply throughout this chapter:(1) "Actuary" means a person who is a member in good standing of the American academy of actuaries.(2) "Controlling person" means a person, firm, association, or corporation who directly or indirectly has the…
RCW 48.94.010 Acting as a reinsurance intermediary-broker or reinsurance intermediary-manager—Commissioner's powers—Licenses—Attorney exemption.
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(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 employ…
RCW 48.94.015 Written authorization required between a reinsurance intermediary-broker and an insurer—Minimum provisions.
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Brokers transactions between a reinsurance intermediary-broker and the insurer it represents in such capacity may be entered into only under a written authorization, specifying the responsibilities of each party. The authorization must, at a minimum, provide that:(1) The insurer …
RCW 48.94.020 Accounts and records maintained by reinsurance intermediary-broker—Access by insurer.
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(1) For at least ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing:(a) The type of contract, limits, underwriting restrictions…
RCW 48.94.025 Restrictions on insurer—Obtaining services—Employees—Financial condition of reinsurance intermediary.
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(1) An insurer may not engage the services of a person, firm, association, or corporation to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by RCW 48.94.010(1).(2) An insurer may not employ an individual who is employed by a reins…
RCW 48.94.030 Contract required between a reinsurance intermediary-manager and a reinsurer—Minimum provisions.
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Transactions between a reinsurance intermediary-manager and the reinsurer it represents in such capacity may be entered into only under a written contract, specifying the responsibilities of each party, which shall be approved by the reinsurer's board of directors. At least thirt…
RCW 48.94.035 Restrictions on reinsurance intermediary-manager—Retrocessions—Syndicates—Licenses—Employees.
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The reinsurance intermediary-manager may not:(1) Cede retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may cede facultative retrocessions under obligatory automatic agreements if the contract with the reinsurer contains reinsurance underw…
RCW 48.94.040 Restrictions on reinsurer—Financial condition of reinsurance intermediary-manager—Loss reserves—Retrocessions—Termination of contract—Board of directors.
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(1) A reinsurer may not engage the services of a person, firm, association, or corporation to act as a reinsurance intermediary-manager on its behalf unless the person is licensed as required by RCW 48.94.010(2).(2) The reinsurer shall annually obtain a copy of statements of the …
RCW 48.94.045 Examination by commissioner.
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(1) A reinsurance intermediary is subject to examination by the commissioner. The commissioner has access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner.(2) A reinsurance intermediary-manager may be examined as if it …
RCW 48.94.050 Violations of chapter—Penalties—Judicial review.
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(1) A reinsurance intermediary, insurer, or reinsurer found by the commissioner, after a hearing conducted in accordance with chapters 48.17 and 34.05 RCW, to be in violation of any provision of this chapter, shall:(a) For each separate violation, pay a penalty in an amount not e…
RCW 48.94.055 Rule making.
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The commissioner may adopt reasonable rules for the implementation and administration of this chapter.[ 1993 c 462 s 33.]
RCW 48.94.900 Short title.
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This chapter may be known and cited as the reinsurance intermediary act.[ 1993 c 462 s 22.]
RCW 48.94.901 Severability—Implementation—1993 c 462.
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See RCW 48.31B.901 and 48.31B.902.