Wash. Rev. Code § 48.18A.010
Short title—Intent
This chapter shall be known as the "Variable Contract Act" and is intended to authorize the sale of both individual and group variable contracts.
Revised Code of Washington Chapter 48.18A — Variable Contract Act
Washington · statute · Wash. Rev. Code ch. 48.18A · 9 active provisions
Wash. Rev. Code § 48.18A.020
Separate accounts authorized—Allocations—Benefits—Limitations—Valuation—Sale, transfer, or exchange of assets
A domestic life insurer may, by or pursuant to resolution of its board of directors, establish one or more separate accounts, and may allocate thereto amounts (including without limitation proceeds applied under optional modes of settlement or under dividend options) to provide for life insurance or annuities (and othe…
Wash. Rev. Code § 48.18A.030
Statements required in contracts—Payment on death, incidental benefit provision
(1) Every variable contract providing benefits payable in variable amounts delivered or issued for delivery in this state shall contain a statement of the essential features of the procedures to be followed by the insurer in determining the dollar amount of such variable benefits. Any such contract under which the bene…
Wash. Rev. Code § 48.18A.035
Return of policy and refund of premium—Notice required—Effect of return
Every individual variable contract issued shall have printed on its face or attached thereto a notice stating in substance that the policy owner shall be permitted to return the policy within ten days after it is received by the policy owner and to have the market value of the assets purchased by its premium, less taxe…
Wash. Rev. Code § 48.18A.040
Requirements for operation under this chapter—Considerations—Authorization of subsidiary or affiliate—Exceptions
No insurer shall deliver or issue, for delivery within this state, contracts under this chapter unless it is licensed or organized to do a life insurance or annuity business in this state, and unless the commissioner is satisfied that its condition or method of operation in connection with the issuance of such contract…
Wash. Rev. Code § 48.18A.050
Applicability of other code provisions—Contract requirements
The provisions of RCW 48.23.020, 48.23.030, 48.23.080 through 48.23.120, 48.23.140, 48.23.150, 48.23.200 through 48.23.240, 48.23.310, and 48.23.360, and the provisions of chapters 48.24 and 48.76 RCW are inapplicable to variable contracts. Any provision in the code requiring contracts to be participating is not applic…
Wash. Rev. Code § 48.18A.060
Licensing requirement
No person shall be or act as an insurance producer for the solicitation or sale of variable contracts except while duly appointed and licensed under the insurance code as a variable life and variable annuity products insurance producer with respect to the insurer, and while duly licensed as a security salesperson or se…
Wash. Rev. Code § 48.18A.070
Authority of commissioner
Notwithstanding any other provision of law, the commissioner shall have sole and exclusive authority to regulate the issuance and sale of variable contracts; except for the examination, issuance or renewal, suspension or revocation, of a security salesperson's license issued to persons selling variable contracts. To ca…
Wash. Rev. Code § 48.18A.900
Effective date—1969 c 104
This 1969 act shall take effect July 1, 1969.