Source: http://lawfilesext.leg.wa.gov/law/wsr/2009/24/09-24-102.htm
Timestamp: 2020-08-11 01:12:15
Document Index: 621710513

Matched Legal Cases: ['§ 33', '§ 284', '§ 33', '§ 284', '§ 33', '§ 284', '§ 33', '§ 284']

WSR 09-24-102
[ Insurance Commissioner Matter No. R 2009-11 -- Filed December 2, 2009, 7:06 a.m. , effective January 2, 2010 ]
Purpose: Licensed reinsurance intermediary brokers and managers do not always promptly inform the commissioner of changes in the information that was contained in their original application for licensing and are unclear on what changes must be reported. This rule will provide clarity as to the information that must be submitted and when it must be submitted to the commissioner. This rule also amends the session law citations contained in the original rule to the current RCW citations.
Citation of Existing Rules Affected by this Order: Amending WAC 284-13-700, 284-13-720, 284-13-730, and 284-13-740.
Statutory Authority for Adoption: RCW 48.02.060 and 48.94.055.
Other Authority: RCW 48.94.010.
Adopted under notice filed as WSR 09-20-067 on October 5, 2009.
Date Adopted: November 18, 2009.
OTS-2428.1
AMENDATORY SECTION(Amending Order R 93-15, filed 9/1/93, effective 10/2/93)
WAC 284-13-700 Definitions. (1) Terms used in this regulation (WAC 284-13-700 through ((284-13-740)) 284-13-760) that are defined in the Reinsurance Intermediary Act ((())chapter ((48.--)) 48.94 RCW((, sections 22 through 33, chapter 462, Laws of 1993))) ("the act") have the meaning stated there.
(2) Whether a person is an "employee" of the reinsurer for purposes of ((section 23 (7)(a), chapter 462, Laws of 1993,)) RCW 48.94.005 (7)(a) depends on the facts and is not controlled by a mere ((labelling)) labeling of the person as an employee in an agreement.
(3) A reinsurer is "licensed in this state" for purposes of ((section 23(8), chapter 462, Laws of 1993,)) RCW 48.94.005(8) when it holds a certificate of authority to transact the relevant line of insurance.
[Statutory Authority: RCW 48.02.060 and 1993 c 462 § 33. 93-19-011 (Order R 93-15), § 284-13-700, filed 9/1/93, effective 10/2/93.]
WAC 284-13-715 Changes to information contained in an application for license. A licensed reinsurance intermediary must notify the commissioner within fifteen business days after occurrence of material changes to the information that was included in the application. For example this includes, but is not limited to, a change to:
(1) The reinsurance intermediary's legal name;
(2) The reinsurance intermediary's formation documents if it is a business entity;
(3) The reinsurance intermediary's registered address;
(4) Individuals authorized to act under the license; and
(5) The reinsurance intermediary's designation to receive service of process.
WAC 284-13-720 Financial statement of reinsurance intermediary-manager. A reinsurer shall obtain from each reinsurance intermediary-manager, and a reinsurance intermediary-manager shall give to the reinsurer, annual statements of financial condition prepared by an independent certified public accountant. The form of the statements shall be such that the statements clearly show the results of operations, and the assets, liabilities, and equity of the reinsurance intermediary-manager. Nothing in the act or this regulation (WAC 284-13-700 through ((284-13-740)) 284-13-760) prevents a reinsurer from requiring additional information, more detail, or a specified format so long as that specified format at least meets the requirements of this section.
[Statutory Authority: RCW 48.02.060 and 1993 c 462 § 33. 93-19-011 (Order R 93-15), § 284-13-720, filed 9/1/93, effective 10/2/93.]
WAC 284-13-730 Submission and approval of contracts between reinsurers and reinsurance intermediary -- Managers. Contracts filed for approval under ((section 28, chapter 462, Laws of 1993,)) RCW 48.94.030 must include the provisions required by that section. If those provisions are not in the order given in that section, or if any other provisions precede or separate any of those required provisions, then the submitted contract shall be accompanied by a statement showing where in the contract each required provision is.
[Statutory Authority: RCW 48.02.060 and 1993 c 462 § 33. 93-19-011 (Order R 93-15), § 284-13-730, filed 9/1/93, effective 10/2/93.]
WAC 284-13-740 Reporting of claims. The reporting threshold under ((section 28 (9)(b)(v), chapter 462, Laws of 1993,)) RCW 48.94.030 (9)(b)(v) is the lesser of fifty thousand dollars or an amount set by the reinsurer.
[Statutory Authority: RCW 48.02.060 and 1993 c 462 § 33. 93-19-011 (Order R 93-15), § 284-13-740, filed 9/1/93, effective 10/2/93.]
WAC 284-13-750 Reporting of discipline in another jurisdiction. A reinsurance intermediary, or a pending applicant, must notify the commissioner within fifteen business days of a disciplinary action taken against it by another governmental jurisdiction.
WAC 284-13-760 Reporting of a felony conviction. A person holding a reinsurance intermediary license, or a pending applicant, convicted of any felony involving dishonesty or a breach of trust, or convicted of an offense under the Violent Crime Control and Law Enforcement Act of 1994 (108 Stat. 2115; 18 U.S.C. Sec. 1033) must notify the commissioner of the conviction within fifteen business days after the conviction.