Washington · statute · Wash. Rev. Code ch. 48.94 · 13 active provisions
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 power to direct or cause to be directed…
(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 employee of a corporation:(a) In this state, u…
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 may terminate the reinsurance intermedia…
(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, classes, or risks and territory;(b) Pe…
(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 reinsurance intermediary-broker with which it…
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 thirty days before the reinsurer assumes or c…
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 underwriting guidelines for the retrocessions.…
(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 financial condition of each reinsurance…
(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 were the reinsurer.
(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 exceeding five thousand dollars;(b) Be su…
The commissioner may adopt reasonable rules for the implementation and administration of this chapter.
This chapter may be known and cited as the reinsurance intermediary act.
See RCW 48.31B.901 and 48.31B.902.