Washington Statutes
§ 48.05.290 — Withdrawal of insurer—Reinsurance.
Washington § 48.05.290
This text of Washington § 48.05.290 (Withdrawal of insurer—Reinsurance.) is published on Counsel Stack Legal Research, covering Washington primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Wash. Rev. Code § 48.05.290 (2026).
Text
(1)No insurer shall withdraw from this state until its direct liability to its policyholders and obligees under all its insurance contracts then in force in this state has been assumed by another authorized insurer under an agreement approved by the commissioner. In the case of a life insurer, its liability pursuant to contracts issued in this state in settlement of proceeds under its policies shall likewise be so assumed.
(2)The commissioner may waive this requirement if he or she finds upon examination that a withdrawing insurer is then fully solvent and that the protection to be given its policyholders in this state will not be impaired by the waiver.
(3)The assuming insurer shall within a reasonable time replace the assumed insurance contracts with its own, or by endorsement there
Free access — add to your briefcase to read the full text and ask questions with AI
Legislative History
[2009 c 549 s 7019; 1947 c 79 s .05.29; Rem. Supp. 1947 s 45.05.29.]
Nearby Sections
15
§ 48.01.010
Short title.§ 48.01.020
Scope of code.§ 48.01.030
Public interest.§ 48.01.035
"Developmental disability" defined.§ 48.01.040
"Insurance" defined.§ 48.01.050
"Insurer" defined.§ 48.01.053
"Issuer" defined.§ 48.01.060
"Insurance transaction" defined.§ 48.01.070
"Person" defined.§ 48.01.080
Penalties.§ 48.01.100
Existing officers.§ 48.01.110
Existing licenses.§ 48.01.120
Existing insurance forms.§ 48.01.130
Existing actions, violations.§ 48.01.140
Headings.Cite This Page — Counsel Stack
Bluebook (online)
Washington § 48.05.290, Counsel Stack Legal Research, https://law.counselstack.com/statute/wa/48.05.290.