§ 48.09.270 — Nonassessable policies.

Washington § 48.09.270

• Jurisdiction: Washington
• Title 48: INSURANCE
• Ch. 48.09: MUTUAL INSURERS

Text

(1) A domestic mutual insurer on the cash premium plan, after it has established a surplus not less in amount than the minimum capital funds required of a domestic stock insurer to transact like kinds of insurance, and for so long as it maintains such surplus, may extinguish the contingent liability of its members to assessment and omit provisions imposing contingent liability in all policies currently issued.

(2) Any deposit made with the commissioner as a prerequisite to the insurer's certificate of authority may be included as part of the surplus required in this section.

(3) When the surplus has been so established and the commissioner has so ascertained, he or she shall issue to the insurer, at its request, his or her certificate authorizing the extinguishment of the contingent liability of its members and the issuance of policies free therefrom.

(4) While it maintains surplus funds in amount not less than the minimum capital required of a domestic stock insurer authorized to transact like kinds of insurance, and subject to the requirements of *RCW 48.05.360 as to special surplus, a foreign or alien mutual insurer on the cash premium plan may, if consistent with its charter and the laws of its domicile, issue nonassessable policies covering subjects located, resident, or to be performed in this state.

*Reviser's note: RCW 48.05.360 was repealed by 2005 c 223 s 35 .

Legislative History

[2009 c 549 s 7040;1963 c 195 s 4; 1947 c 79 s .09.27; Rem. Supp. 1947 s 45.09.27.]