reglab/housing_qa huggingface dataset:
WA Rev Code § 48.12.170 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.170 - Valuation of bonds.

RCW 48.12.170 Valuation of bonds.(1) All bonds or other evidences of debt having a fixed term and rate held by any insurer may, if amply secured and not in default as to principal or interest, be valued as follows:(a) If purchased at par, at the par value.(b) If purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at the earliest date callable at par or maturing at par and so as to yield in the meantime the effective rate of interest at which the purchase was made; or in lieu of such method, according to such accepted method of valuation as is approved by the commissioner.(c) Purchase price shall in no case be taken at a higher figure than the actual market value at the time of purchase.(d) Unless otherwise provided by a valuation established or approved by the National Association of Insurance Commissioners, no such security shall be carried at above call price for the entire issue during any period within which the security may be so called.(2) Such securities not amply secured or in default as to principal or interest shall be carried at market value.(3) The commissioner shall have full discretion in determining the method of calculating values according to the rules set forth in this section, and not inconsistent with any such methods then currently formulated or approved by the National Association of Insurance Commissioners.[1947 c 79 § .12.17; Rem. Supp. 1947 § 45.12.17.]
WA Rev Code § 48.12.180 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.180 - Valuation of stocks.

RCW 48.12.180 Valuation of stocks.(1) Securities, other than those referred to in RCW 48.12.170, held by an insurer shall be valued, in the discretion of the commissioner, at their market value, or at their appraised value, or at prices determined by him or her as representing their fair market value.(2) Preferred or guaranteed stocks or shares while paying full dividends may be carried at a fixed value in lieu of market value, at the discretion of the commissioner and in accordance with such method of computation as he or she may approve.(3) The stock of a subsidiary of an insurer shall be valued on the basis of the greater of (a) the value of only such of the assets of such subsidiary as would constitute lawful investments for the insurer if acquired or held directly by the insurer or (b) such other value determined pursuant to rules and cumulative limitations which shall be promulgated by the commissioner to effectuate the purposes of this chapter.(4) The commissioner has full discretion in determining the method of calculating values according to the rules set forth in this section, and consistent with such methods as then adopted by the National Association of Insurance Commissioners.[ 1993 c 462 § 54; 1973 c 151 § 1; 1947 c 79 § .12.18; Rem. Supp. 1947 § 45.12.18.]NOTES:Severability—Implementation—1993 c 462: See RCW 48.31B.901 and 48.31B.902.
WA Rev Code § 48.12.190 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.190 - Valuation of property.

RCW 48.12.190 Valuation of property.(1) Real property acquired pursuant to a mortgage loan or a contract for a deed, in the absence of a recent appraisal deemed by the commissioner to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of such acquisition, together with any taxes and expenses paid or incurred in connection with such acquisition, and the cost of improvements thereafter made by the insurer and any amounts thereafter paid by the insurer on assessments levied for improvements in connection with the property.(2) Other real property held by an insurer shall not be valued at any amount in excess of fair value, less reasonable depreciation based on the estimated life of the improvements.(3) Personal property acquired pursuant to chattel mortgages made under *RCW 48.13.150 shall not be valued at an amount greater than the unpaid balance of principal on the defaulted loan at date of acquisition together with taxes and expenses incurred in connection with such acquisition, or the fair value of such property, whichever amount is the lesser.(4) The commissioner has full discretion in determining the method of calculating values according to the rules set forth in this section, and consistent with such methods as then adopted by the National Association of Insurance Commissioners.[ 1993 c 462 § 55; 1967 ex.s. c 95 § 10; 1947 c 79 § .12.19; Rem. Supp. 1947 § 45.12.19.]NOTES:*Reviser's note: RCW 48.13.150 was repealed by 2011 c 188 § 22, effective July 1, 2012.Severability—Implementation—1993 c 462: See RCW 48.31B.901 and 48.31B.902.
WA Rev Code § 48.12.200 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.200 - Valuation of purchase money mortgages.

RCW 48.12.200 Valuation of purchase money mortgages.(1) Purchase money mortgages shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or ninety percent of the fair value of such real property, whichever is less.(2) The commissioner has full discretion in determining the method of calculating values according to the rules set forth in this section, and consistent with such methods as then adopted by the National Association of Insurance Commissioners.[ 1993 c 462 § 56; 1947 c 79 § .12.20; Rem. Supp. 1947 § 45.12.20.]NOTES:Severability—Implementation—1993 c 462: See RCW 48.31B.901 and 48.31B.902.
WA Rev Code § 48.12.400 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.400 - Purpose—Intent—Declaration.

RCW 48.12.400 Purpose—Intent—Declaration.The purpose of this subchapter is to protect the interest of insureds, claimants, ceding insurers, assuming insurers, and the public generally. The legislature intends to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom they owe obligations. Therefore, the legislature provides a mandate that upon the insolvency of a non-United States insurer or reinsurer that provides security to fund its United States obligations in accordance with this subchapter, the assets representing the security must be maintained in the United States and claims must be filed with and valued by the state insurance commissioner with regulatory oversight, and the assets distributed, in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic United States insurance companies. The legislature declares that the matters contained in this subchapter are fundamental to the business of insurance in accordance with 15 U.S.C. Secs. 1011-1012.[ 2015 c 63 § 1.]
WA Rev Code § 48.12.405 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.405 - Domestic ceding insurer—Asset or reduction from liability—Requirements.

RCW 48.12.405 Domestic ceding insurer—Asset or reduction from liability—Requirements.Credit for reinsurance is allowed a domestic ceding insurer as either an asset or a reduction from liability on account of reinsurance ceded only when the reinsurer meets the requirements of RCW 48.12.410, 48.12.415, 48.12.420, 48.12.425, 48.12.430, 48.12.462, or 48.12.435. Credit is allowed under RCW 48.12.410, 48.12.415, or 48.12.420 only as respects cessions of those kinds or classes of business which the assuming insurer is licensed or otherwise permitted to write or assume in its state of domicile or, in the case of a United States branch of the alien assuming insurer, in the state through which it is entered and licensed to transact insurance or reinsurance. Credit is allowed under RCW 48.12.420 or 48.12.425 only if the applicable requirements of RCW 48.12.440 have been satisfied.[ 2021 c 138 § 1; 2015 c 63 § 2.]
WA Rev Code § 48.12.410 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.410 - Assuming insurer—Licensed.

RCW 48.12.410 Assuming insurer—Licensed.Credit is allowed when the reinsurance is ceded to an assuming insurer that is licensed to transact insurance or reinsurance in this state.[ 2015 c 63 § 3.]
WA Rev Code § 48.12.415 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.415 - Accredited as reinsurer—Assuming insurer—Requirements.

RCW 48.12.415 Accredited as reinsurer—Assuming insurer—Requirements.Credit is allowed when the reinsurance is ceded to an assuming insurer that is accredited by the commissioner as a reinsurer in this state. In order to be eligible for accreditation, a reinsurer must:(1) File with the commissioner evidence of its submission to this state's jurisdiction;(2) Submit to this state's authority to examine its books and records;(3) Be licensed to transact insurance or reinsurance in at least one state, or in the case of a United States branch of an alien assuming insurer, be entered through and licensed to transact insurance or reinsurance in at least one state;(4) File annually with the commissioner a copy of its annual statement filed with the insurance department of its state of domicile and a copy of its most recent audited financial statement; and(5) Demonstrate to the satisfaction of the commissioner that it has adequate financial capacity to meet its reinsurance obligations and is otherwise qualified to assume reinsurance from domestic insurers. An assuming insurer meets this requirement as of the time of its application if it maintains a surplus as regards policyholders in an amount not less than twenty million dollars and its accreditation has not been denied by the commissioner within ninety days after submission of its application.[ 2015 c 63 § 4.]
WA Rev Code § 48.12.420 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.420 - Assuming insurer—Domiciled in this state or state with similar statutes.

RCW 48.12.420 Assuming insurer—Domiciled in this state or state with similar statutes.(1) Credit is allowed when the reinsurance is ceded to an assuming insurer that is domiciled in, or in the case of a United States branch of an alien assuming insurer is entered through, a state that employs standards regarding credit for reinsurance substantially similar to those applicable under this statute and the assuming insurer or United States branch of an alien assuming insurer:(a) Maintains a surplus as regards policyholders in an amount not less than twenty million dollars; and(b) Submits to the authority of this state to examine its books and records.(2) Subsection (1)(a) of this section does not apply to reinsurance ceded and assumed pursuant to pooling arrangements among insurers in the same holding company system.[ 2015 c 63 § 5.]
WA Rev Code § 48.12.435 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.435 - Assuming insurer not meeting certain requirements—Credit restricted.

RCW 48.12.435 Assuming insurer not meeting certain requirements—Credit restricted.Credit is allowed when the reinsurance is ceded to an assuming insurer not meeting the requirements of RCW 48.12.410, 48.12.415, 48.12.420, 48.12.425, 48.12.462, or 48.12.430, but only as to the insurance of risks located in jurisdictions where the reinsurance is required by applicable law or regulation of that jurisdiction.[ 2021 c 138 § 3; 2015 c 63 § 8.]
WA Rev Code § 48.12.440 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.440 - Assuming insurer not licensed, accredited, or certified—No credit—Exceptions.

RCW 48.12.440 Assuming insurer not licensed, accredited, or certified—No credit—Exceptions.If the assuming insurer is not licensed, accredited, or certified to transact insurance or reinsurance in this state, the credit permitted by RCW 48.12.420 and 48.12.425 must not be allowed unless the assuming insurer agrees in the reinsurance agreements:(1)(a) That in the event of the failure of the assuming insurer to perform its obligations under the terms of the reinsurance agreement, the assuming insurer, at the request of the ceding insurer, must submit to the jurisdiction of any court of competent jurisdiction in any state of the United States, will comply with all requirements necessary to give the court jurisdiction, and will abide by the final decision of the court or of any appellate court in the event of an appeal; and(b) To designate the commissioner or a designated attorney as its true and lawful attorney upon whom may be served any lawful process in any action, suit, or proceeding instituted by or on behalf of the ceding insurer.(2) This section is not intended to conflict with or override the obligation of the parties to a reinsurance agreement to arbitrate their disputes, if this obligation is created in the agreement.[ 2015 c 63 § 9.]
WA Rev Code § 48.12.445 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.445 - Assuming insurer does not meet certain requirements—Trust agreements—Necessary conditions.

RCW 48.12.445 Assuming insurer does not meet certain requirements—Trust agreements—Necessary conditions.If the assuming insurer does not meet the requirements of RCW 48.12.410, 48.12.415, or 48.12.420, the credit permitted by RCW 48.12.425, 48.12.462, or 48.12.430 must not be allowed unless the assuming insurer agrees in the trust agreements to the following conditions:(1) Notwithstanding any other provisions in the trust instrument, if the trust fund is inadequate because it contains an amount less than the amount required by RCW 48.12.425(3), or if the grantor of the trust has been declared insolvent or placed into receivership, rehabilitation, liquidation, or similar proceedings under the laws of its state or country of domicile, the trustee must comply with an order of the commissioner with regulatory oversight over the trust or with an order of a court of competent jurisdiction directing the trustee to transfer to the commissioner with regulatory oversight all of the assets of the trust fund.(2) The assets must be distributed by and claims must be filed with and valued by the commissioner with regulatory oversight in accordance with the laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic insurance companies.(3) If the commissioner with regulatory oversight determines that the assets of the trust fund or any part thereof are not necessary to satisfy the claims of the United States ceding insurers of the grantor of the trust, the assets or part thereof must be returned by the commissioner with regulatory oversight to the trustee for distribution in accordance with the trust agreement.(4) The grantor must waive any right otherwise available to it under United States law that is inconsistent with this provision.[ 2021 c 138 § 4; 2015 c 63 § 10.]
WA Rev Code § 48.12.450 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.450 - Accredited or certified reinsurer does not meet requirements—Commissioner may suspend or revoke.

RCW 48.12.450 Accredited or certified reinsurer does not meet requirements—Commissioner may suspend or revoke.If an accredited or certified reinsurer ceases to meet the requirements for accreditation or certification, the commissioner may suspend or revoke the reinsurer's accreditation or certification.(1) The commissioner must give the reinsurer notice and opportunity for hearing. The suspension or revocation may not take effect until after the commissioner's order on hearing, unless:(a) The reinsurer waives its right to hearing;(b) The commissioner's order is based on regulatory action by the reinsurer's domiciliary jurisdiction or the voluntary surrender or termination of the reinsurer's eligibility to transact insurance or reinsurance business in its domiciliary jurisdiction or in the primary certifying state of the reinsurer under RCW 48.12.430(6); or(c) The commissioner finds that an emergency requires immediate action and a court of competent jurisdiction has not stayed the commissioner's action.(2) While a reinsurer's accreditation or certification is suspended, no reinsurance contract issued or renewed after the effective date of the suspension qualifies for credit except to the extent that the reinsurer's obligations under the contract are secured in accordance with RCW 48.12.460. If a reinsurer's accreditation or certification is revoked, no credit for reinsurance may be granted after the effective date of the revocation except to the extent that the reinsurer's obligations under the contract are secured in accordance with RCW 48.12.430(5) or 48.12.460.[ 2015 c 63 § 11.]
WA Rev Code § 48.12.455 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.455 - Ceding insurer—Reinsurance program.

RCW 48.12.455 Ceding insurer—Reinsurance program.(1) A ceding insurer must take steps to manage its reinsurance recoverable proportionate to its own book of business. A domestic ceding insurer must notify the commissioner within thirty days after reinsurance recoverables from any single assuming insurer, or group of affiliated assuming insurers, exceeds fifty percent of the domestic ceding insurer's last reported surplus to policyholders, or after it is determined that reinsurance recoverables from any single assuming insurer, or group of affiliated assuming insurers, is likely to exceed this limit. The notification must demonstrate that the exposure is safely managed by the domestic ceding insurer.(2) A ceding insurer must take steps to diversify its reinsurance program. A domestic ceding insurer must notify the commissioner within thirty days after ceding to any single assuming insurer, or group of affiliated assuming insurers, more than twenty percent of the ceding insurer's gross written premium in the prior calendar year, or after it has determined that the reinsurance ceded to any single assuming insurer, or group of affiliated assuming insurers, is likely to exceed this limit. The notification must demonstrate that the exposure is safely managed by the domestic ceding insurer.[ 2015 c 63 § 12.]
WA Rev Code § 48.12.460 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.460 - Reinsurance ceded by domestic insurer to assuming insurer not meeting requirements—When asset or reduction from liability allowed.

RCW 48.12.460 Reinsurance ceded by domestic insurer to assuming insurer not meeting requirements—When asset or reduction from liability allowed.An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of RCW 48.12.405 through 48.12.455 must be allowed in an amount not exceeding the liabilities carried by the ceding insurer. The reduction must be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer, under a reinsurance contract with the assuming insurer as security for the payment of obligations thereunder, if the security is held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer; or, in the case of a trust, held in a qualified United States financial institution, as defined in RCW 48.12.465(2). This security may be in the form of:(1) Cash;(2) Securities listed by the securities valuation office of the national association of insurance commissioners, including those deemed exempt from filing as defined by the purposes and procedures manual of the securities valuation office, and qualifying as admitted assets;(3)(a) Clean, irrevocable, unconditional letters of credit, issued or confirmed by a qualified United States financial institution, as defined in RCW 48.12.465(1), effective no later than December 31st of the year for which the filing is being made, and in the possession of, or in trust for, the ceding insurer on or before the filing date of its annual statement;(b) Letters of credit meeting applicable standards of issuer acceptability as of the dates of their issuance (or confirmation) must, notwithstanding the issuing (or confirming) institution's subsequent failure to meet applicable standards of issuer acceptability, continue to be acceptable as security until their expiration, extension, renewal, modification, or amendment, whichever first occurs; or(4) Any other form of security acceptable to the commissioner.[ 2015 c 63 § 13.]
WA Rev Code § 48.12.464 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.464 - Reinsurance agreements—Commissioner may adopt rules.

RCW 48.12.464 Reinsurance agreements—Commissioner may adopt rules.(1) The commissioner may adopt rules applicable to reinsurance agreements as provided in this section.(2) A rule adopted under this section may only apply to reinsurance relating to:(a) Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits;(b) Universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period;(c) Variable annuities with guaranteed death or living benefits;(d) Long-term care insurance policies; or(e) Such other life and health insurance and annuity products as to which the national association of insurance commissioners adopts model regulatory requirements with respect to credit for reinsurance.(3) A rule adopted under subsection (2)(a) or (b) of this section may apply to any treaty containing:(a) Policies issued on or after January 1, 2015; and(b) Policies issued before January 1, 2015, if risk pertaining to these policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015.(4) A rule adopted under this section may require the ceding insurer, in calculating the amounts or forms of security required to be held under rule, to use the valuation manual adopted by the national association of insurance commissioners under RCW 48.74.100(2)(a), including all amendments adopted by the national association of insurance commissioners and in effect on the date as of which the calculation is made, to the extent applicable.(5) A rule adopted under this section shall not apply to cessions to an assuming insurer that:(a) Meets the conditions set forth in RCW 48.12.462;(b) Is certified under RCW 48.12.430 in this state; or(c) Maintains at least two hundred fifty million dollars in capital and surplus when determined in accordance with the national association of insurance commissioners' accounting practices and procedures manual, including all amendments adopted by the national association of insurance commissioners as of July 25, 2021, excluding the impact of any permitted or prescribed practices, and:(i) Is licensed in at least twenty-six states; or(ii) Is either licensed or accredited in a total of at least thirty-five states and maintains licensure in at least ten states under this subsection (5)(c)(ii).(6) The authority to adopt rules under this section does not limit the commissioner's general authority to adopt rules under RCW 48.12.480.[ 2021 c 138 § 5.]