§ 48.31.330 — Levy of assessment.

Washington § 48.31.330

• Jurisdiction: Washington
• Title 48: INSURANCE
• Ch. 48.31: MERGERS, REHABILITATION, LIQUIDATION, SUPERVISION

Text

(1) Upon the basis of the report provided for in RCW 48.31.320 , including any amendments thereof, the court, ex parte, may levy one or more assessments against all members of such insurer who, as shown by the records of the insurer, were members (if a mutual insurer) or subscribers (if a reciprocal insurer) at any time within one year prior to the date of issuance of the order to show cause under RCW 48.31.190 .

(2) Such assessment or assessments shall cover the excess of the probable liabilities over the reasonable value of the assets, together with the estimated cost of collection and percentage of uncollectibility thereof. The total of all assessments against any member or subscriber with respect to any policy, whether levied pursuant to this chapter or pursuant to any other provisions of this code, shall be for no greater amount than that specified in the policy or policies of the member or subscriber and as limited under this code; except that if the court finds that the policy was issued at a rate of premium below the minimum rate lawfully permitted for the risk insured, the court may determine the upper limit of such assessment upon the basis of such minimum rate.

(3) No assessment shall be levied against any member or subscriber with respect to any nonassessable policy issued in accordance with this code.

Legislative History

[1947 c 79 s .31.33; Rem. Supp. 1947 s 45.31.33.]