Source: https://apps.leg.wa.gov/RCW/default.aspx?cite=48.38&full=true
Timestamp: 2020-07-09 20:13:33
Document Index: 445038992

Matched Legal Cases: ['§ 7', '§ 24', '§ 8', '§ 3', '§ 9', '§ 5', '§ 7', '§ 4', '§ 10', '§ 11', '§ 12', '§ 6']

Chapter 48.38 RCW: CHARITABLE GIFT ANNUITY BUSINESS
RCWs > Title 48 > Chapter 48.38
Chapter 48.38 RCW
CHARITABLE GIFT ANNUITY BUSINESS
48.38.010 Certificate of exemption—Qualification for—Application, contents—Minimum unrestricted net assets—"Qualified actuary" defined.
48.38.012 Minimum unrestricted net assets required.
48.38.020 Separate reserve fund—Treatment of assets—Minimum amounts—Purchase of single premium life annuity.
48.38.030 Charitable annuity contract or policy form—Contents.
48.38.040 Certificate holder exempt from certain title provisions—Chapter 48.31 RCW applies.
48.38.042 Certificate holder—Variable annuity business prohibited.
48.38.050 Grounds for denial, revocation, or suspension of certificate of exemption—Fine may be levied.
48.38.060 Hearings and appeals provisions inapplicable.
48.38.070 Enforcement powers and duties.
48.38.075 Rules.
RCW 48.38.012
Minimum unrestricted net assets required.
After June 30, 1998, an insurer or institution which does not have the minimum unrestricted net assets required by RCW 48.38.010(6) may not issue any new charitable gift annuities until the insurer or institution has and maintains the minimum unrestricted net assets required by RCW 48.38.010(6).
[ 1998 c 284 § 7.]
RCW 48.38.030
Charitable annuity contract or policy form—Contents.
Each charitable annuity contract or policy form must include the following information:
(2) The amount of the annuity to be paid to the transferor or the transferor's nominee;
(4) The age of the person during whose life payment is to be made; and
(5) The reasonable value as of the date of the agreement of the benefits created. This value may not exceed by more than fifteen percent the net single premium for the benefits, determined according to the standard of valuation set forth in RCW 48.38.020(3).
[ 2005 c 223 § 24; 1979 c 130 § 8.]
RCW 48.38.040
Certificate holder exempt from certain title provisions—Chapter 48.31 RCW applies.
(1) An insurer or institution holding a certificate of exemption under this chapter shall be exempt from all other provisions of this title except as specifically enumerated in this chapter by reference.
(2) An insurer or institution holding a certificate of exemption under this chapter is subject to chapter 48.31 RCW.
[ 1998 c 284 § 3; 1979 c 130 § 9.]
RCW 48.38.042
Certificate holder—Variable annuity business prohibited.
An insurer or institution holding a certificate of exemption to issue charitable gift annuities under this chapter shall not transact or be authorized to transact a variable annuity business as described in chapter 48.18A RCW.
[ 1998 c 284 § 5.]
RCW 48.38.050
Grounds for denial, revocation, or suspension of certificate of exemption—Fine may be levied.
(1) The insurance commissioner may refuse to grant, or may revoke or suspend, a certificate of exemption if the insurance commissioner finds that the insurer or institution does not meet the requirements of this chapter or if the insurance commissioner finds that the insurer or institution has violated RCW 48.01.030, any provisions of chapter 48.30 RCW, or this chapter, and any applicable provisions of Title 284 WAC, or is found by the insurance commissioner to be in such condition that its further issuance of charitable gift annuities would be hazardous to annuity contract holders and the people of this state.
(2) After hearing or with the consent of the insurer or institution and in addition to or in lieu of the suspension, revocation, or refusal to renew any certificate of exemption, the commissioner may levy a fine upon the insurer or institution in an amount not more than ten thousand dollars. The order levying such a fine shall specify the period within which the fine shall be fully paid and which period shall not be less than fifteen nor more than thirty days from the date of the order. Upon failure to pay such a fine when due the commissioner may revoke the certificate of exemption of the insurer or institution if not already revoked, and the fine shall be recovered in a civil action brought in behalf of the commissioner by the attorney general. Any fine so collected shall be paid by the commissioner to the state treasurer for the account of the general fund.
[ 2012 c 211 § 7; 1998 c 284 § 4; 1979 c 130 § 10.]
RCW 48.38.060
Hearings and appeals provisions inapplicable.
For purposes of this chapter, the provisions of chapter 48.04 RCW are applicable.
[ 1979 c 130 § 11.]
RCW 48.38.070
Enforcement powers and duties.
For the purposes of this chapter, the insurance commissioner has the same powers and duties of enforcement as are provided in RCW 48.02.080.
[ 1979 c 130 § 12.]
RCW 48.38.075
[ 1998 c 284 § 6.]