reglab/housing_qa huggingface dataset:
WA Rev Code § 48.08.080 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.08 - Domestic Stock Insurers.|48.08.080 - Mutualization of stock insurers.

RCW 48.08.080 Mutualization of stock insurers.(1) Any domestic stock insurer may become a domestic mutual insurer pursuant to such plan and procedure as are approved by the commissioner in advance of such mutualization.(2) The commissioner shall not approve any such plan, procedure, or mutualization unless:(a) It is equitable to both shareholders and policyholders.(b) It is approved by vote of the holders of not less than three-fourths of the insurer's capital stock having voting rights, and by vote of not less than two-thirds of the insurer's policyholders who vote on such plan, pursuant to such notice and procedure as may be approved by the commissioner. Such vote may be registered in person, by proxy, or by mail.(c) If a life insurer, the right to vote thereon is limited to those policyholders whose policies have face amounts of not less than one thousand dollars and have been in force one year or more.(d) Mutualization will result in retirement of shares of the insurer's capital stock at a price not in excess of the fair value thereof as determined by competent disinterested appraisers.(e) The plan provides for appraisal and purchase of the shares of any nonconsenting stockholder in accordance with the laws of this state relating to the sale or exchange of all the assets of a private corporation.(f) The plan provides for definite conditions to be fulfilled by a designated early date upon which such mutualization will be deemed effective.(g) The mutualization leaves the insurer with surplus funds reasonably adequate to preserve the security of its policyholders and its ability to continue successfully in business in the states in which it is then authorized, and in the kinds of insurance it is then authorized to transact.[1947 c 79 § .08.08; Rem. Supp. 1947 § 45.08.08.]
WA Rev Code § 48.08.100 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.08 - Domestic Stock Insurers.|48.08.100 - Equity security—Defined.

RCW 48.08.100 Equity security—Defined.The term "equity security" when used in RCW 48.08.100 through 48.08.160 means any stock or similar security; or any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right; or any other security which the commissioner shall deem to be of similar nature and consider necessary or appropriate, by such rules and regulations as he or she may prescribe in the public interest or for the protection of investors, to treat as an equity security.[ 2009 c 549 § 7030; 1965 ex.s. c 70 § 11.]
WA Rev Code § 48.08.110 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.08 - Domestic Stock Insurers.|48.08.110 - Equity security—Duty to file statement of ownership.

RCW 48.08.110 Equity security—Duty to file statement of ownership.Every person who is directly or indirectly the beneficial owner of more than ten percent of any class of any equity security of a domestic stock insurer, or who is a director or an officer of such insurer, shall file with the commissioner on or before the 30th day of September, 1965, or within ten days after he or she becomes such beneficial owner, director or officer, a statement, in such form as the commissioner may prescribe, of the amount of all equity securities of such insurer of which he or she is the beneficial owner, and within ten days after the close of each calendar month thereafter, if there has been a change in such ownership during such month, shall file with the commissioner a statement, in such form as the commissioner may prescribe, indicating his or her ownership at the close of the calendar month and such changes in his or her ownership as have occurred during such calendar month.[ 2009 c 549 § 7031; 1965 ex.s. c 70 § 6.]
WA Rev Code § 48.08.120 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.08 - Domestic Stock Insurers.|48.08.120 - Equity security—Profits from short term transactions—Remedies—Limitation of actions.

RCW 48.08.120 Equity security—Profits from short term transactions—Remedies—Limitation of actions.For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director or officer by reason of his or her relationship to such insurer, any profit realized by him from any purchase and sale, or any sale and purchase, of any equity security of such insurer within any period of less than six months, unless such security was acquired in good faith in connection with a debt previously contracted, shall inure to and be recoverable by the insurer, irrespective of any intention on the part of such beneficial owner, director or officer in entering into such transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding six months. Suit to recover such profit may be instituted at law or in equity in any court of competent jurisdiction by the insurer, or by the owner of any security of the insurer in the name and in behalf of the insurer if the insurer shall fail or refuse to bring such suit within sixty days after request or shall fail diligently to prosecute the same thereafter: PROVIDED, That no such suit shall be brought more than two years after the date such profit was realized. This section shall not be construed to cover any transaction where such beneficial owner was not such both at the time of the purchase and sale, or the sale and purchase, of the security involved, or any transaction or transactions which the commissioner by rules and regulations may exempt as not comprehended within the purpose of this section.[ 2009 c 549 § 7032; 1965 ex.s. c 70 § 7.]NOTES:Exemption from federal registration: 15 U.S.C. § 78 l(g)(2)(G).
WA Rev Code § 48.08.130 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.08 - Domestic Stock Insurers.|48.08.130 - Equity security—Sales, unlawful practices.

RCW 48.08.130 Equity security—Sales, unlawful practices.It shall be unlawful for any such beneficial owner, director or officer, directly or indirectly, to sell any equity security of such insurer if the person selling the security or his or her principal (1) does not own the security sold, or (2) if owning the security, does not deliver it against such sale within twenty days thereafter, or does not within five days after such sale deposit it in the mails or other usual channels of transportation: PROVIDED, That no person shall be deemed to have violated this section if he or she proves that notwithstanding the exercise of good faith he or she was unable to make such delivery or deposit within such time, or that to do so would cause undue inconvenience or expense.[ 2010 c 8 § 11002; 2009 c 549 § 7033; 1965 ex.s. c 70 § 8.]
WA Rev Code § 48.08.140 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.08 - Domestic Stock Insurers.|48.08.140 - Equity security—Exemptions—Sales by dealer.

RCW 48.08.140 Equity security—Exemptions—Sales by dealer.The provisions of RCW 48.08.120 shall not apply to any purchase and sale, or sale and purchase, and the provisions of RCW 48.08.130 shall not apply to any sale of an equity security of a domestic stock insurer not then or theretofore held by him or her in an investment account, by a dealer in the ordinary course of his or her business and incident to the establishment or maintenance by him or her of a primary or secondary market (otherwise than on an exchange as defined in the Securities Exchange Act of 1934) for such security. The commissioner may, by such rules and regulations as he or she deems necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.[ 2009 c 549 § 7034; 1965 ex.s. c 70 § 9.]
WA Rev Code § 48.08.150 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.08 - Domestic Stock Insurers.|48.08.150 - Equity security—Exemptions—Foreign or domestic arbitrage transactions.

RCW 48.08.150 Equity security—Exemptions—Foreign or domestic arbitrage transactions.The provisions of RCW 48.08.110, 48.08.120 and 48.08.130 shall not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules and regulations as the commissioner may adopt in order to carry out the purposes of RCW 48.08.100 through 48.08.160.[ 1965 ex.s. c 70 § 10.]
WA Rev Code § 48.08.160 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.08 - Domestic Stock Insurers.|48.08.160 - Equity security—Exemptions—Securities registered or required to be, or no class held by one hundred or more persons.

RCW 48.08.160 Equity security—Exemptions—Securities registered or required to be, or no class held by one hundred or more persons.The provisions of RCW 48.08.110, 48.08.120, and 48.08.130 shall not apply to equity securities of a domestic stock insurer if (1) such securities shall be registered, or shall be required to be registered, pursuant to section 12 of the Securities Exchange Act of 1934, as amended, or if (2) such domestic stock insurer shall not have any class of its equity securities held of record by one hundred or more persons on the last business day of the year next preceding the year in which equity securities of the insurer would be subject to the provisions of RCW 48.08.110, 48.08.120, and 48.08.130 except for the provisions of this subsection (2).[ 1965 ex.s. c 70 § 12.]
WA Rev Code § 48.08.170 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.08 - Domestic Stock Insurers.|48.08.170 - Equity security—Rules and regulations.

RCW 48.08.170 Equity security—Rules and regulations.The commissioner shall have the power to make such rules and regulations as may be necessary for the execution of the functions vested in him or her by RCW 48.08.100 through 48.08.160, and may for such purpose classify domestic stock insurers, securities, and other persons or matters within his jurisdiction. No provision of RCW 48.08.110, 48.08.120, and 48.08.130 imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule or regulation of the commissioner, notwithstanding that such rule or regulation may, after such act or omission, be amended or rescinded or determined by judicial or other authority to be invalid for any reason.[ 2009 c 549 § 7035; 1965 ex.s. c 70 § 13.]
WA Rev Code § 48.08.190 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.08 - Domestic Stock Insurers.|48.08.190 - Failure to file required information, documents, or reports—Forfeiture.

RCW 48.08.190 Failure to file required information, documents, or reports—Forfeiture.Any person who fails to file information, documents, or reports required to be filed under chapter 241, Laws of 1969 ex. sess. or any rule or regulation thereunder shall forfeit to the state of Washington the sum of one hundred dollars for each and every day such failure to file shall continue. Such forfeiture, which shall be in lieu of any criminal penalty for such failure to file which might be deemed to arise under this title, shall be payable to the treasurer of the state of Washington and shall be recoverable in a civil suit in the name of the state of Washington.[ 1969 ex.s. c 241 § 18.]
WA Rev Code § 48.09.010 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.09 - Mutual Insurers.|48.09.010 - Initial qualifications.

RCW 48.09.010 Initial qualifications.(1) The commissioner shall not issue a certificate of authority to a domestic mutual insurer unless it has fully qualified therefor under this code, and unless it has met the minimum requirements for the kind of insurance it proposes to transact as provided in this chapter.(2) All applications for insurance submitted by such an insurer as fulfilling qualification requirements shall be bona fide applications from persons resident in this state covering lives, property, or risks resident or located in this state.(3) All qualifying premiums collected and initial surplus funds of such an insurer shall be in cash. Any deposit made by such an insurer in lieu of applications, premiums, and initial surplus funds, shall be in cash or in securities eligible for the investment of the capital of a domestic stock insurer transacting the same kind of insurance.[1947 c 79 § .09.01; Rem. Supp. 1947 § 45.09.01.]
WA Rev Code § 48.09.090 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.09 - Mutual Insurers.|48.09.090 - Additional kinds of insurance.

RCW 48.09.090 Additional kinds of insurance.A domestic mutual insurer may be authorized to transact kinds of insurance in addition to that for which it was originally authorized, if it has otherwise complied with the provisions of this code therefor, and while it possesses and maintains surplus funds in aggregate amount not less than the minimum amount of capital and surplus required under this code of a domestic stock insurer authorized to transact like kinds of insurance pursuant to RCW 48.05.340.[ 1980 c 135 § 2; 1957 c 193 § 5; 1947 c 79 § .09.09; Rem. Supp. 1947 § 45.09.09.]
WA Rev Code § 48.09.100 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.09 - Mutual Insurers.|48.09.100 - Minimum surplus.

RCW 48.09.100 Minimum surplus.A domestic mutual insurer on the cash premium plan shall at all times have and maintain surplus funds, representing the excess of its assets over its liabilities, in amount not less than the aggregate of(1) the amount of any surplus funds deposited by it with the commissioner to qualify for its original certificate of authority, and(2) the amount of any additional surplus required of it pursuant to RCW 48.09.090 for authority to transact additional kinds of insurance.[ 1963 c 195 § 3; 1947 c 79 § .09.10; Rem. Supp. 1947 § 45.09.10.]
WA Rev Code § 48.09.110 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.09 - Mutual Insurers.|48.09.110 - Membership.

RCW 48.09.110 Membership.(1) Each holder of one or more insurance contracts issued by a domestic mutual insurer, other than a contract of reinsurance, is a member of the insurer, with the rights and obligations of such membership, and each insurance contract so issued shall effectively so stipulate.(2) Any person, government or governmental agency, state or political subdivision thereof, public or private corporation, board, association, estate, trustee or fiduciary, may be a member of a mutual insurer.[1947 c 79 § .09.11; Rem. Supp. 1947 § 45.09.11.]
WA Rev Code § 48.09.120 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.09 - Mutual Insurers.|48.09.120 - Rights of members.

RCW 48.09.120 Rights of members.(1) A domestic mutual insurer is owned by and shall be operated in the interest of its members.(2) Each member is entitled to one vote in the election of directors and on matters coming before corporate meetings of members, subject to such reasonable minimum requirements as to duration of membership and amount of insurance held as may be made in the insurer's bylaws. The person named as the policyholder in any group insurance policy issued by such insurer shall be deemed the member, and shall have but one such vote regardless of the number of individuals insured by such policy.(3) With respect to the management, records, and affairs of the insurer, a member shall have the same character of rights and relationship as a stockholder has toward a domestic stock insurer.[1947 c 79 § .09.12; Rem. Supp. 1947 § 45.09.12.]
WA Rev Code § 48.09.130 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.09 - Mutual Insurers.|48.09.130 - Bylaws.

RCW 48.09.130 Bylaws.A domestic mutual insurer shall adopt bylaws for the conduct of its affairs. Such bylaws, or any modification thereof, shall forthwith be filed with the commissioner. The commissioner shall disapprove any such bylaws, or as so modified, if he or she finds after a hearing thereon, that it is not in compliance with the laws of this state, and he or she shall forthwith communicate such disapproval to the insurer. No such bylaw, or modification, so disapproved shall be effective during the existence of such disapproval.[ 2009 c 549 § 7036; 1947 c 79 § .09.13; Rem. Supp. 1947 § 45.09.13.]
WA Rev Code § 48.09.140 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.09 - Mutual Insurers.|48.09.140 - Notice of annual meeting.

RCW 48.09.140 Notice of annual meeting.(1) Notice of the time and place of the annual meeting of members of a domestic mutual insurer shall be given by imprinting such notice plainly on the policies issued by the insurer.(2) Any change of the date or place of the annual meeting shall be made only by an annual meeting of members. Notice of such change may be given:(a) By imprinting such new date or place on all policies which will be in effect as of the date of such changed meeting; or(b) Unless the commissioner otherwise orders, notice of the new date or place need be given only through policies issued after the date of the annual meeting at which such change was made and in premium notices and renewal certificates issued during the twenty-four months immediately following such meeting.[1947 c 79 § .09.14; Rem. Supp. 1947 § 45.09.14.]
WA Rev Code § 48.09.150 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.09 - Mutual Insurers.|48.09.150 - Voting—Proxies.

RCW 48.09.150 Voting—Proxies.(1) A member of a domestic mutual insurer may vote in person or by proxy given another member on any matter coming before a corporate meeting of members.(2) An officer of the insurer shall not hold or vote the proxy of any member.(3) No such proxy shall be valid beyond the earlier of the following dates:(a) The date of expiration set forth in the proxy; or(b) the date of termination of membership; or(c) five years from the date of execution of the proxy.(4) No member's vote upon any proposal to divest the insurer of its business and assets, or the major part thereof, shall be registered or taken except in person or by a proxy newly executed and specific as to the matter to be voted upon.[1947 c 79 § .09.15; Rem. Supp. 1947 § 45.09.15.]
WA Rev Code § 48.09.160 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.09 - Mutual Insurers.|48.09.160 - Directors—Disqualification.

RCW 48.09.160 Directors—Disqualification.No individual shall be a director of a domestic mutual insurer by reason of his or her holding public office. Adjudication as a bankrupt or taking the benefit of any insolvency law or making a general assignment for the benefit of creditors disqualifies an individual from being or acting as a director.[ 2009 c 549 § 7037; 1947 c 79 § .09.16; Rem. Supp. 1947 § 45.09.16.]
WA Rev Code § 48.09.180 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.09 - Mutual Insurers.|48.09.180 - Limitation of expenses as to property and casualty insurance.

RCW 48.09.180 Limitation of expenses as to property and casualty insurance.(1) For any calendar year after its first two full calendar years of operation, no domestic mutual insurer on the cash premium plan, other than one issuing nonassessable policies, shall incur any costs or expense in the writing or administration of property, disability, and casualty insurances (other than boiler and machinery or elevator) transacted by it which, exclusive of losses paid, loss adjustment expenses, investment expenses, dividends, and taxes exceeds the sum of(a) forty percent of the net premium income during that year after deducting therefrom net earned reinsurance premiums for such year, plus(b) all of the reinsurance commissions received on reinsurance ceded by it.(2) The bylaws of every domestic mutual property insurer on the assessment premium plan shall impose a reasonable limitation upon its expenses.[ 1949 c 190 § 8; 1947 c 79 § .09.18; Rem. Supp. 1949 § 45.09.18.]
WA Rev Code § 48.09.190 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.09 - Mutual Insurers.|48.09.190 - Procedure upon violation of limitation.

RCW 48.09.190 Procedure upon violation of limitation.The officers and directors of an insurer violating RCW 48.09.180 shall be jointly and severally liable to the insurer for any excess of expenses incurred. If the insurer fails to exercise reasonable diligence or refuses to enforce such liability, the commissioner may prosecute action thereon for the benefit of the insurer. Such failure or refusal constitutes grounds for revocation of the insurer's certificate of authority.[1947 c 79 § .09.19; Rem. Supp. 1947 § 45.09.19.]
WA Rev Code § 48.09.210 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.09 - Mutual Insurers.|48.09.210 - Limitation of action on officer's salary.

RCW 48.09.210 Limitation of action on officer's salary.No action to recover, or on account of, any salary or other compensation due or claimed to be due any officer or director of a domestic mutual insurer, or on any note or agreement relative thereto, shall be brought against such insurer after twelve months after the date on which such salary or compensation, or any installment thereof, first accrued.[1947 c 79 § .09.21; Rem. Supp. 1947 § 45.09.21.]
WA Rev Code § 48.09.220 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.09 - Mutual Insurers.|48.09.220 - Contingent liability of members.

RCW 48.09.220 Contingent liability of members.(1) Each member of a domestic mutual insurer, except as otherwise provided in this chapter, shall have a contingent liability, pro rata and not one for another, for the discharge of its obligations. The contingent liability shall be in such maximum amount as is stated in the insurer's articles of incorporation, but shall be not less than one, nor more than five, additional premiums for the member's policy at the annual premium rate and for a term of one year.(2) Every policy issued by the insurer shall contain a statement of the contingent liability.(3) Termination of the policy of any such member shall not relieve the member of contingent liability for his or her proportion of the obligations of the insurer which accrued while the policy was in force.[ 2009 c 549 § 7038; 1949 c 190 § 9; 1947 c 79 § .09.22; Rem. Supp. 1949 § 45.09.22.]
WA Rev Code § 48.09.230 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.09 - Mutual Insurers.|48.09.230 - Assessment of members.

RCW 48.09.230 Assessment of members.(1) If at any time the assets of a domestic mutual insurer doing business on the cash premium plan are less than its liabilities and the minimum surplus, if any, required of it by this code as prerequisite for continuance of its certificate of authority, and the deficiency is not cured from other sources, its directors may, if approved by the commissioner, make an assessment only on its members who at any time within the twelve months immediately preceding the date such assessment was authorized by its directors held policies providing for contingent liability.(2) Such an assessment shall be for such an amount of money as is required, in the opinion of the commissioner, to render the insurer fully solvent, but not to result in surplus in excess of five percent of the insurer's liabilities as of the date of the assessment.(3) A member's proportionate part of any such assessment shall be computed by applying to the premium earned, during the period since the deficiency first appeared, on his or her contingently liable policy or policies the ratio of the total assessment to the total premium earned during such period on all contingently liable policies which are subject to the assessment.(4) No member shall have an offset against any assessment for which he or she is liable on account of any claim for unearned premium or losses payable.[ 2009 c 549 § 7039; 1949 c 190 § 10; 1947 c 79 § .09.23; Rem. Supp. 1949 § 45.09.23.]