Source: https://app.leg.wa.gov/RCW/default.aspx?cite=48.32&full=true
Timestamp: 2020-05-25 15:40:48
Document Index: 717193867

Matched Legal Cases: ['§ 1', '§ 1', '§ 2', '§ 29', '§ 2', '§ 2', '§ 4', '§ 4', '§ 4', '§ 5', '§ 5', '§ 5', '§ 7', '§ 30', '§ 10', '§ 12', '§ 13', '§ 1', '§ 901', '§ 1', '§ 11', '§ 7141', '§ 15', '§ 8', '§ 16', '§ 18', '§ 8', '§ 19', '§ 22']

Chapter 48.32 RCW: WASHINGTON INSURANCE GUARANTY ASSOCIATION ACT
RCWs > Title 48 > Chapter 48.32
Chapter 48.32 RCW
48.32.010 Purpose.
48.32.020 Scope.
48.32.030 Definitions.
48.32.040 Creation of the association—Required accounts.
48.32.050 Board of directors.
48.32.060 Powers and duties of the association.
48.32.070 Plan of operation.
48.32.080 Duties and powers of the commissioner.
48.32.090 Effect of paid claims.
48.32.100 Nonduplication of recovery.
48.32.110 Prevention of insolvencies.
48.32.120 Examination of the association.
48.32.130 Tax exemption.
48.32.145 Credit against premium tax for assessments paid pursuant to RCW 48.32.060(1)(c).
48.32.150 Immunity.
48.32.160 Stay of proceedings—Setting aside judgment.
48.32.170 Termination, distribution of fund.
48.32.900 Short title.
48.32.901 Effective date—2005 c 100.
48.32.910 Construction—1971 ex.s. c 265.
48.32.920 Section headings not part of law.
RCW 48.32.010
The purpose of this chapter is to provide a mechanism for the payment of covered claims to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders under certain policies of insurance covered by the scope of this chapter because of the insolvency of an insurer, to assist in the detection and prevention of insurer insolvencies, and to provide an association to assess the cost of such protection among insurers.
[ 2005 c 100 § 1; 1971 ex.s. c 265 § 1.]
RCW 48.32.020
This chapter applies to all kinds of direct insurance, except life, title, surety, disability, credit, mortgage guaranty, workers' compensation, and ocean marine. Workers' compensation as used in this section does not include longshore and harbor workers' compensation act insurance.
[ 2005 c 100 § 2; 1987 c 185 § 29; 1975-'76 2nd ex.s. c 109 § 2; 1971 ex.s. c 265 § 2.]
RCW 48.32.030
RCW 48.32.040
Creation of the association—Required accounts.
There is hereby created a nonprofit unincorporated legal entity to be known as the Washington insurance guaranty association. All insurers defined as member insurers in RCW 48.32.030 shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under a plan of operation established and approved under RCW 48.32.070 and shall exercise its powers through a board of directors established under RCW 48.32.050. For purposes of administration and assessment, the association shall be divided into three separate accounts: (1) The automobile insurance account; (2) the account for longshore and harbor workers' compensation act insurance; and (3) the account for all other insurance to which this chapter applies.
[ 2005 c 100 § 4; 1975-'76 2nd ex.s. c 109 § 4; 1971 ex.s. c 265 § 4.]
RCW 48.32.050
(1) The board of directors of the association shall consist of not less than five nor more than nine persons serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the commissioner. Vacancies on the board shall be filled for the remaining period of the term by a majority vote of the remaining board members, subject to the approval of the commissioner.
(2) In approving selections to the board, the commissioner shall consider among other things whether all member insurers are fairly represented. In the event of the insolvency of a member insurer who writes longshore and harbor workers' compensation act insurance, at least one member of the board must represent the interests of this class of insurer, and this member shall be added to the board at the next annual meeting following the insolvency.
[ 2005 c 100 § 5; 1975-'76 2nd ex.s. c 109 § 5; 1971 ex.s. c 265 § 5.]
RCW 48.32.100
(1) Any person having a claim against his or her insurer under any provision in his or her insurance policy which is also a covered claim shall be required to exhaust first any right under that policy. Any amount payable on a covered claim under this chapter shall be reduced by the amount of a recovery under the claimant's insurance policy.
(2) Any person having a claim that may be recovered under more than one insurance guaranty association or its equivalent shall seek recovery first from the association of the place of residence of the insured except that if it is a first party claim for damage to property with a permanent location, from the association of the location of the property, and if it is a workers' compensation claim or a longshore and harbor workers' compensation act claim, from the association of the permanent residence of the claimant. Any recovery under this chapter shall be reduced by the amount of the recovery from any other insurance guaranty association or its equivalent.
[ 2005 c 100 § 7; 1987 c 185 § 30; 1971 ex.s. c 265 § 10.]
RCW 48.32.120
The association shall be subject to examination and regulation by the commissioner. The board of directors shall submit, not later than March 30th of each year, a financial report for the preceding calendar year in a form approved by the commissioner.
[ 1971 ex.s. c 265 § 12.]
RCW 48.32.130
[ 1971 ex.s. c 265 § 13.]
RCW 48.32.145
Credit against premium tax for assessments paid pursuant to RCW 48.32.060(1)(c).
Every member insurer that prior to April 1, 1993, or after July 27, 1997, shall have paid one or more assessments levied pursuant to RCW 48.32.060(1)(c) shall be entitled to take a credit against any premium tax falling due under RCW 48.14.020. The amount of the credit shall be one-fifth of the aggregate amount of such aggregate assessments paid during such calendar year for each of the five consecutive calendar years beginning with the calendar year following the calendar year in which such assessments are paid. Whenever the allowable credit is or becomes less than one thousand dollars, the entire amount of the credit may be offset against the premium tax at the next time the premium tax is paid.
[ 1997 c 300 § 1; 1993 sp.s. c 25 § 901; 1977 ex.s. c 183 § 1; 1975-'76 2nd ex.s. c 109 § 11.]
RCW 48.32.150
There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, the association or its agents or employees, the board of directors, or the commissioner or his or her representatives for any action taken by them in the performance of their powers and duties under this chapter.
[ 2009 c 549 § 7141; 1971 ex.s. c 265 § 15.]
RCW 48.32.160
Stay of proceedings—Setting aside judgment.
All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in this state shall be stayed for one hundred eighty days and such additional time thereafter as may be fixed by the court from the date the insolvency is determined to permit proper defense by the association of all pending causes of action. Any judgment under any decision, verdict, or finding based on default of the insolvent insurer or on its failure to defend an insured which is unsatisfied at the date the insolvency is determined shall be set aside on the motion of the association and the association shall be permitted to defend such claim on the merits.
[1975-'76 2nd ex.s. c 109 § 8; 1971 ex.s. c 265 § 16.]
RCW 48.32.900
This chapter shall be known and may be cited as the Washington Insurance Guaranty Association Act.
[ 1971 ex.s. c 265 § 18.]
RCW 48.32.901
Effective date—2005 c 100.
This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately [April 20, 2005].
[ 2005 c 100 § 8.]
RCW 48.32.910
Construction—1971 ex.s. c 265.
This chapter shall be liberally construed to effect the purpose under RCW 48.32.010 which shall constitute an aid and guide to interpretation.
[ 1971 ex.s. c 265 § 19.]
RCW 48.32.920
[ 1971 ex.s. c 265 § 22.]