Washington · statute · Wash. Rev. Code ch. 48.06 · 19 active provisions
An insurer formed in this state shall be either(1) An incorporated stock insurer, or(2) An incorporated mutual insurer, or(3) An incorporated specific risks mutual property insurer, or(4) An incorporated mutual assessment property insurer only, or(5) An incorporated farm mutual assessment property insurer only, or(6) A…
No insurer shall be formed or be authorized in this state to issue contracts of insurance the performance of which is contingent upon the payment of assessments, assessment premiums, or calls made upon its members. Mutual assessment property insurers and farm mutual assessment property insurers shall be the only except…
(1) No person forming or proposing to form in this state an insurer, or insurance holding corporation, or stock corporation to finance an insurer or insurance production therefor, or corporation to manage an insurer, or corporation to be attorney-in-fact for a reciprocal insurer, or a syndicate for any of such purposes…
To apply for a solicitation permit the person shall:(1) File with the commissioner a request showing:(a) Name, type, and purpose of insurer, corporation, or syndicate proposed to be formed;(b) Biographical reports on forms prescribed by the national association of insurance commissioners evidencing the general trustwor…
The commissioner shall expeditiously examine the application for a solicitation permit and make any investigation relative thereto deemed necessary. If the commissioner finds that(1) the application is complete; and(2) the documents therewith filed are equitable in terms and proper in form; and(3) the management of the…
Upon the filing of the bond required by RCW 48.06.110 after notice by the commissioner, the commissioner shall:(1) File the articles of incorporation of the proposed incorporated insurer or other corporation; and(2) Issue to the applicant a solicitation permit.
Every solicitation permit issued by the commissioner shall:(1) Be for a period of not over two years, subject to the right of the commissioner to grant a reasonable extension for good cause.(2) State the securities for which subscriptions are to be solicited, the number, classes, par value, and selling price thereof, o…
The granting of a solicitation permit is permissive only and shall not constitute an endorsement by the commissioner of any person or thing related to the proposed insurer, corporation, or syndicate and the existence of the permit shall not be advertised or used as an inducement in any solicitation. The substance of th…
Solicitation for sale of securities to members of the public under a solicitation permit shall be made only by individuals licensed therefor pursuant to the provisions of the securities act.
(1) The commissioner may, for cause, modify a solicitation permit, or may, after a hearing, revoke any solicitation permit for violation of any provision of this code, or of the terms of the permit, or of any proper order of the commissioner, or for misrepresentation.(2) The commissioner shall revoke a solicitation per…
(1) The commissioner shall not issue a solicitation permit until the person applying therefor files with him or her a corporate surety bond in the penalty of fifty thousand dollars, in favor of the state and for the use and benefit of the state and of subscribers and creditors of the proposed organization.The bond shal…
(1) All funds received pursuant to a solicitation permit shall be deposited and held in escrow in a bank or trust company under an agreement approved by the commissioner. No part of any such deposit shall be withdrawn, except:(a) For the payment of promotion and organization expenses as authorized by the solicitation p…
(1) The incorporators of any insurer or other corporation, or the persons proposing to form a reciprocal insurer, or a syndicate, shall be jointly and severally liable for its debts or liabilities until it has secured a certificate of authority, if an insurer, or has completed its organization if a corporation other th…
(1) No such proposed stock insurer, corporation, or syndicate shall issue any share of stock or participation agreement except for payment in cash or in securities eligible for investment of funds of insurers. No such shares or agreement shall be issued until all subscriptions received under the solicitation permit hav…
All applications for insurance obtained in forming a mutual or reciprocal insurer shall provide that:(1) Issuance of the policy is contingent upon completion of organization of the insurer and issuance to it of a certificate of authority; and(2) the prepaid premium or deposit will be refunded in full to the applicant i…
The commissioner shall withdraw all funds held in escrow and refund to subscribers or applicants all sums paid in on stock or syndicate subscriptions, less that part of such sums paid in on subscriptions as has been allowed and used for promotion and organization expenses, and all sums paid in on insurance applications…
(1) No domestic insurer, or insurance holding corporation, or stock corporation for financing operations of a mutual insurer, or attorney-in-fact corporation of a reciprocal insurer, after(a) it has received a certificate of authority, if an insurer, or(b) it has completed its initial organization and financing if a co…
Every person who, with intent to deceive, knowingly exhibits any false account, or document, or advertisement, relative to the affairs of any insurer, or of any corporation or syndicate of the kind enumerated in RCW 48.06.030, formed or proposed to be formed, is guilty of a class B felony punishable according to chapte…
(1) This section applies to insurers incorporated in this state, but no insurer heretofore lawfully incorporated in this state is required to reincorporate or change its articles of incorporation by reason of any provisions of this section.(2) The incorporators shall be individuals who are United States citizens, of wh…