§ 48.92.050 — Insolvency guaranty fund, participation prohibited—Joint underwriting associations, participation required.

Washington § 48.92.050

• Jurisdiction: Washington
• Title 48: INSURANCE
• Ch. 48.92: LIABILITY RISK RETENTION

Text

(1) No risk retention group shall be permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall any risk retention group, or its insureds or claimants against its insureds, receive any benefit from any such fund for claims arising under the insurance policies issued by a risk retention group.

(2) A risk retention group shall participate in this state's joint underwriting associations and mandatory liability pools or plans required by the commissioners.

(3) When a purchasing group obtains insurance covering its members' risks from an insurer not authorized in this state or a risk retention group, no such risks, wherever resident or located, are covered by an insurance guaranty fund or similar mechanism in this state.

(4) When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in this state are covered by the state guaranty fund established in chapter 48.32 RCW.

Severability — Implementation — 1993 c 462: See RCW 48.31B.901 and 48.31B.902 .

Legislative History

[1993 c 462 s 95;1987 c 306 s 5.]