reglab/statecodes huggingface dataset:
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.10 - Reciprocal Insurers. › 48.10.300 - Nonassessable policies.

RCW 48.10.300
Nonassessable policies.
(1) Subject to the special surplus requirements of *RCW 48.05.360, if a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital stock required of a domestic stock insurer authorized to transact like kinds of insurance, upon application of the attorney and as approved by the subscribers' advisory committee the commissioner shall issue his or her certificate authorizing the insurer to extinguish the contingent liability of subscribers under its policies then in force in this state, and to omit provisions imposing contingent liability in all policies delivered or issued for delivery in this state for so long as all such surplus remains unimpaired.
(2) Upon impairment of such surplus, the commissioner shall forthwith revoke the certificate. No policy shall thereafter be issued or renewed without providing for the contingent assessment liability of subscribers.
(3) The commissioner shall not authorize a domestic reciprocal insurer so to extinguish the contingent liability of any of its subscribers or in any of its policies to be issued, unless it qualifies to and does extinguish such liability of all its subscribers and in all such policies for all kinds of insurance transacted by it. Except, that if required by the laws of another state in which the insurer is transacting insurance as an authorized insurer, the insurer may issue policies providing for the contingent liability of such of its subscribers as may acquire such policies in such state, and need not extinguish the contingent liability applicable to policies theretofore in force in such state.
[ 2009 c 549 § 7048; 1983 c 3 § 148; 1947 c 79 § .10.30; Rem. Supp. 1947 § 45.10.30.]
NOTES:
*Reviser's note: RCW 48.05.360 was repealed by 2005 c 223 § 35.
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.10 - Reciprocal Insurers. › 48.10.310 - Return of savings to subscribers.

RCW 48.10.310
Return of savings to subscribers.
A reciprocal insurer may from time to time return to its subscribers any savings or credits accruing to their accounts. Any such distribution shall not unfairly discriminate between classes of risks, or policies, or between subscribers.
[1947 c 79 § .10.31; Rem. Supp. 1947 § 45.10.31.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.10 - Reciprocal Insurers. › 48.10.320 - Distribution of assets upon liquidation.

RCW 48.10.320
Distribution of assets upon liquidation.
Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contribution of the attorney to its surplus made as provided in RCW 48.10.190, and the return of any unused deposits, savings, or credits, shall be distributed to its subscribers who were such within the twelve months prior to the last termination of its certificate of authority according to such formula as may have been approved by the commissioner.
[1947 c 79 § .10.32; Rem. Supp. 1947 § 45.10.32.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.10 - Reciprocal Insurers. › 48.10.330 - Merger—Conversion to stock or mutual insurer.

RCW 48.10.330
Merger—Conversion to stock or mutual insurer.
(1) A domestic reciprocal insurer, upon affirmative vote of not less than two-thirds of the subscribers who vote upon such merger pursuant to such notice as may be approved by the commissioner and with the approval of the commissioner of the terms therefor, may merge with another reciprocal insurer or be converted to a stock or mutual insurer.
(2) Such a stock or mutual insurer shall be subject to the same capital requirements and shall have the same rights as a like domestic insurer transacting like kinds of insurance.
(3) The commissioner shall not approve any plan for such merger or conversion which is inequitable to subscribers, or which, if for conversion to a stock insurer, does not give each subscriber preferential right to acquire stock of the proposed insurer proportionate to his or her interest in the reciprocal insurer as determined in accordance with RCW 48.10.320 and a reasonable length of time within which to exercise such right.
[ 2009 c 549 § 7049; 1947 c 79 § .10.33; Rem. Supp. 1947 § 45.10.33.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.10 - Reciprocal Insurers. › 48.10.340 - Impairment of assets—Procedure.

RCW 48.10.340
Impairment of assets—Procedure.
(1) If the assets of a domestic reciprocal insurer are at any time insufficient to discharge its liabilities other than any liability on account of funds contributed by the attorney, and to maintain the surplus required for the kinds of insurance it is authorized to transact, its attorney shall forthwith levy an assessment upon subscribers made subject to assessment by the terms of their policies for the amount needed to make up the deficiency.
(2) If the attorney fails to make the assessment within thirty days after the commissioner orders him or her to do so, or if the deficiency is not fully made up within sixty days after the date the assessment was made, the insurer shall be deemed insolvent and shall be proceeded against as authorized by this code.
(3) If liquidation of such an insurer is ordered, an assessment shall be levied upon the subscribers for such an amount, subject to limits as provided by this chapter, as the commissioner determines to be necessary to discharge all liabilities of the insurer, exclusive of any funds contributed by the attorney, but including the reasonable cost of the liquidation.
[ 2009 c 549 § 7050; 1947 c 79 § .10.34; Rem. Supp. 1947 § 45.10.34.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.11 - Insuring Powers. › 48.11.020 - "Life insurance" defined.

RCW 48.11.020
"Life insurance" defined.
"Life insurance" is insurance on human lives and insurances appertaining thereto or connected therewith. For the purposes of this code the transacting of life insurance includes the granting of annuities and endowment benefits; additional benefits in event of death by accident; additional benefits in event of the total and permanent disability of the insured; and optional modes of settlement of proceeds.
[1947 c 79 § .11.02; Rem. Supp. 1947 § 45.11.02.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.11 - Insuring Powers. › 48.11.030 - "Disability insurance" defined—"Stop loss insurance" defined.

RCW 48.11.030
"Disability insurance" defined—"Stop loss insurance" defined.
"Disability insurance" is insurance against bodily injury, disablement or death by accident, against disablement resulting from sickness, and every insurance appertaining thereto including stop loss insurance. "Stop loss insurance" is insurance against the risk of economic loss assumed under a self-funded employee disability benefit plan.
[ 1992 c 226 § 1; 1947 c 79 § .11.03; Rem. Supp. 1947 § 45.11.03.]
NOTES:
Application—1992 c 226: "This act applies to policies issued or renewed on or after July 1, 1992." [ 1992 c 226 § 4.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.11 - Insuring Powers. › 48.11.040 - "Property insurance" defined.

RCW 48.11.040
"Property insurance" defined.
"Property insurance" is insurance against loss of or damage to real or personal property of every kind and any interest therein, from any or all hazard or cause, and against loss consequential upon such loss or damage.
[1947 c 79 § .11.04; Rem. Supp. 1947 § 45.11.04.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.11 - Insuring Powers. › 48.11.050 - "Marine and transportation insurance" defined.

RCW 48.11.050
"Marine and transportation insurance" defined.
"Marine and transportation insurance" is:
(1) Insurance against loss of or damage to:
(a) Vessels, craft, aircraft, vehicles, goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, securities, choses in action, evidences of debt, valuable papers, bottomry, and respondentia interests and all other kinds of property and interests therein, in respect to, appertaining to or in connection with any and all risks or perils of navigation, transit or transportation, or while being assembled, packed, crated, baled, compressed or similarly prepared for shipment or while awaiting shipment, or during any delays, storage, transshipment, or reshipment incident thereto, including war risks, marine builder's risks, and all personal property floater risks.
(b) Person or property in connection with or appertaining to a marine, transit or transportation insurance, including liability for loss of or damage to either incident to the construction, repair, operation, maintenance or use of the subject matter of such insurance (but not including life insurance or surety bonds nor insurance against loss by reason of bodily injury to any person arising out of the ownership, maintenance, or use of automobiles).
(c) Precious stones, jewels, jewelry, precious metals, whether in course of transportation or otherwise.
(d) Bridges, tunnels and other instrumentalities of transportation and communication (excluding buildings, their furniture and furnishings, fixed contents and supplies held in storage); piers, wharves, docks and slips, and other aids to navigation and transportation, including dry docks and marine railways, dams and appurtenant facilities for the control of waterways.
(2) "Marine protection and indemnity insurance," meaning insurance against, or against legal liability of the insured for, loss, damage, or expense incident to ownership, operation, chartering, maintenance, use, repair or construction of any vessel, craft or instrumentality in use in ocean or inland waterways, including liability of the insured for personal injury, illness or death or for loss of or damage to the property of another person.
[1947 c 79 § .11.05; Rem. Supp. 1947 § 45.11.05.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.11 - Insuring Powers. › 48.11.060 - "Vehicle insurance" defined.

RCW 48.11.060
"Vehicle insurance" defined.
(1) "Vehicle insurance" is insurance against loss or damage to any land vehicle or aircraft or any draft or riding animal or to property while contained therein or thereon or being loaded or unloaded therein or therefrom, and against any loss or liability resulting from or incident to ownership, maintenance, or use of any such vehicle or aircraft or animal.
(2) Insurance against accidental death or accidental injury to individuals while in, entering, alighting from, adjusting, repairing, cranking, or caused by being struck by a vehicle, aircraft, or draft or riding animal, if such insurance is issued as part of insurance on the vehicle, aircraft, or draft or riding animal, shall be deemed to be vehicle insurance.
[1947 c 79 § .11.06; Rem. Supp. 1947 § 45.11.06.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.11 - Insuring Powers. › 48.11.070 - "General casualty insurance" defined.

RCW 48.11.070
"General casualty insurance" defined.
"General casualty insurance" includes vehicle insurance as defined in RCW 48.11.060, and in addition is insurance:
(1) Against legal liability for the death, injury, or disability of any human being, or for damage to property.
(2) Of medical, hospital, surgical and funeral benefits to persons injured, irrespective of legal liability of the insured, when issued with or supplemental to insurance against legal liability for the death, injury or disability of human beings.
(3) Of the obligations accepted by, imposed upon, or assumed by employers under law for workers' compensation.
(4) Against loss or damage by burglary, theft, larceny, robbery, forgery, fraud, vandalism, malicious mischief, confiscation or wrongful conversion, disposal or concealment, or from any attempt of any of the foregoing; also insurance against loss of or damage to moneys, coins, bullion, securities, notes, drafts, acceptances or any other valuable papers or documents, resulting from any cause, except while in the custody or possession of and being transported by any carrier for hire or in the mail.
(5) Upon personal effects against loss or damage from any cause.
(6) Against loss or damage to glass, including its lettering, ornamentation and fittings.
(7) Against any liability and loss or damage to property resulting from accidents to or explosions of boilers, pipes, pressure containers, machinery, or apparatus and to make inspection of and issue certificates of inspection upon elevators, boilers, machinery, and apparatus of any kind.
(8) Against loss or damage to any property caused by the breakage or leakage of sprinklers, water pipes and containers, or by water entering through leaks or openings in buildings.
(9) Against loss or damage resulting from failure of debtors to pay their obligations to the insured (credit insurance).
(10) Against any other kind of loss, damage, or liability properly the subject of insurance and not within any other kind or kinds of insurance as defined in this chapter, if such insurance is not contrary to law or public policy.
[ 1987 c 185 § 18; 1953 c 197 § 5; 1947 c 79 § .11.07; Rem. Supp. 1947 § 45.11.07.]
NOTES:
Intent—Severability—1987 c 185: See notes following RCW 51.12.130.
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.11 - Insuring Powers. › 48.11.080 - "Surety insurance" defined.

RCW 48.11.080
"Surety insurance" defined.
"Surety insurance" includes:
(1) Credit insurance as defined in subdivision (9) of RCW 48.11.070.
(2) Bail bond insurance.
(3) Fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust.
(4) Guaranteeing the performance of contracts, other than insurance policies, and guaranteeing and executing bonds, undertakings, and contracts of suretyship.
(5) Indemnifying banks, bankers, brokers, financial or moneyed corporations or associations against loss resulting from any cause of bills of exchange, notes, bonds, securities, evidence of debts, deeds, mortgages, warehouse receipts, or other valuable papers, documents, money, precious metals and articles made therefrom, jewelry, watches, necklaces, bracelets, gems, precious and semiprecious stones, including any loss while the same are being transported in armored motor vehicles, or by messenger, but not including any other risks of transportation or navigation; also against loss or damage to such an insured's premises, or to his or her furnishings, fixtures, equipment, safes and vaults therein, caused by burglary, robbery, theft, vandalism or malicious mischief, or any attempt thereat.
[ 2009 c 549 § 7051; 1967 c 150 § 8; 1947 c 79 § .11.08; Rem. Supp. 1947 § 45.11.08.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.11 - Insuring Powers. › 48.11.100 - "Title insurance" defined.

RCW 48.11.100
"Title insurance" defined.
"Title insurance" is insurance of owners of property or others having an interest in real property, against loss by encumbrance, or defective titles, or adverse claim to title, and associated services.
[ 2005 c 223 § 3; 1947 c 79 § .11.10; Rem. Supp. 1947 § 45.11.10.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.11 - Insuring Powers. › 48.11.105 - "Ocean marine and foreign trade insurances" defined.

RCW 48.11.105
"Ocean marine and foreign trade insurances" defined.
For the purposes of this code other than as to chapter 48.19 RCW "ocean marine and foreign trade insurances" shall include only:
(1) Insurances upon vessels, crafts, hulls, and of interests therein or with relation thereto;
(2) Insurance of marine builders' risks, marine war risks, and contracts of marine protection and indemnity insurance;
(3) Insurance of freights and disbursements pertaining to a subject of insurance coming within this definition;
(4) Insurance of personal property and interests therein, in course of exportation from or importation into any country, or in course of transportation coastwise, including transportation by land, water, or air from point of origin to final destination, in respect to, appertaining to, or in connection with, any and all risks or perils of navigation, transit, or transportation, and while being prepared for and while awaiting shipment, and during any delays, storage, transshipment, or reshipment incident thereto.
[ 2007 c 80 § 5.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.11 - Insuring Powers. › 48.11.130 - Reinsurance powers.

RCW 48.11.130
Reinsurance powers.
A domestic mutual assessment insurer shall not have authority to accept reinsurance. Any other domestic insurer may accept reinsurance only of such kinds of insurance as it is authorized to transact direct.
[1947 c 79 § .11.13; Rem. Supp. 1947 § 45.11.13.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.11 - Insuring Powers. › 48.11.140 - Limitation of single risk.

RCW 48.11.140
Limitation of single risk.
(1) An insurer may not retain any risk on any one subject of insurance, whether located or to be performed in this state or elsewhere, in an amount exceeding ten percent of its surplus to policyholders.
(2) For the purposes of this section, a "subject of insurance" as to insurance against fire includes all properties insured by the same insurer that are reasonably subject to loss or damage from the same fire.
(3) Reinsurance in an alien reinsurer not qualified under *RCW 48.12.166 may not be deducted in determining risk retained for the purposes of this section.
(4) In the case of surety insurance, the net retention shall be computed after deduction of reinsurances, the amount assumed by any co-surety, the value of any security deposited, pledged, or held subject to the consent of the surety and for the protection of the surety.
(5) This section does not apply to life insurance, disability insurance, title insurance, or insurance of marine risks or marine protection and indemnity risks.
[ 2005 c 223 § 4; 1993 c 462 § 53; 1983 c 3 § 149; 1959 c 225 § 2; 1947 c 79 § .11.14; Rem. Supp. 1947 § 45.11.14.]
NOTES:
*Reviser's note: RCW 48.12.166 was recodified as RCW 48.12.475 pursuant to 2015 c 63 § 17.
Severability—Implementation—1993 c 462: See RCW 48.31B.901 and 48.31B.902.
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.12 - Assets and Liabilities. › 48.12.020 - Nonallowable assets.

RCW 48.12.020
Nonallowable assets.
In addition to assets impliedly excluded under RCW 48.12.010, the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer:
(1) Goodwill, except in accordance with regulations prescribed by the commissioner, trade names, agency plants and other like intangible assets.
(2) Prepaid or deferred charges for expenses and commissions paid by the insurer.
(3) Advances to officers (other than policy loans or loans made pursuant to RCW 48.07.130), whether secured or not, and advances to employees, agents and other persons on personal security only.
(4) Stock of such insurer, owned by it, or any equity therein or loans secured thereby, or any proportionate interest in such stock through the ownership by such insurer of an interest in another firm, corporation or business unit.
(5) Furniture, furnishings, fixtures, safes, equipment, vehicles, library, stationery, literature, and supplies; except, electronic and mechanical machines authorized by subsection (11) of RCW 48.12.010, or such personal property as the insurer is permitted to hold pursuant to paragraph (e) of subsection (2) of *RCW 48.13.160, or which is acquired through foreclosure of chattel mortgages acquired pursuant to *RCW 48.13.150, or which is reasonably necessary for the maintenance and operation of real estate lawfully acquired and held by the insurer other than real estate used by it for home office, branch office, and similar purposes.
(6) The amount, if any, by which the aggregate book value of investments as carried in the ledger assets of the insurer exceeds the aggregate value thereof as determined under this code.
[ 1982 c 218 § 1; 1963 c 195 § 12; 1947 c 79 § .12.02; Rem. Supp. 1947 § 45.12.02.]
NOTES:
*Reviser's note: RCW 48.13.150 and 48.13.160 were repealed by 2011 c 188 § 22, effective July 1, 2012.
Severability—1982 c 218: "If any provision of this amendatory act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected." [ 1982 c 218 § 7.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.12 - Assets and Liabilities. › 48.12.030 - Liabilities.

RCW 48.12.030
Liabilities.
In any determination of the financial condition of an insurer, liabilities to be charged against its assets shall include:
(1) The amount of its capital stock outstanding, if any; and
(2) The amount, estimated consistent with the provisions of this chapter, necessary to pay all of its unpaid losses and claims incurred on or prior to the date of statement, whether reported or unreported, together with the expense of adjustment or settlement thereof; and
(3) With reference to life and disability insurance, and annuity contracts,
(a) the amount of reserves on life insurance policies and annuity contracts in force (including disability benefits for both active and disabled lives, and accidental death benefits, in or supplementary thereto) and disability insurance, valued according to the tables of mortality, tables of morbidity, rates of interest, and methods adopted pursuant to this chapter which are applicable thereto; and
(b) any additional reserves which may be required by the commissioner, consistent with practice formulated or approved by the National Association of Insurance Commissioners, on account of such insurances; and
(4) With reference to insurances other than those specified in subdivision (3) of this section, and other than title insurance, the amount of reserves equal to the unearned portions of the gross premiums charged on policies in force, computed in accordance with this chapter; and
(5) Taxes, expenses, and other obligations accrued at the date of the statement; and
(6) Any additional reserve set up by the insurer for a specific liability purpose or required by the commissioner consistent with practices adopted or approved by the National Association of Insurance Commissioners.
[ 1973 1st ex.s. c 162 § 1; 1947 c 79 § .12.03; Rem. Supp. 1947 § 45.12.03.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.12 - Assets and Liabilities. › 48.12.040 - Unearned premium reserve, property, casualty, and surety insurance.

RCW 48.12.040
Unearned premium reserve, property, casualty, and surety insurance.
(1) With reference to insurances against loss or damage to property, except as provided in RCW 48.12.050, and with reference to all general casualty insurances, and surety insurances, every insurer shall maintain an unearned premium reserve on all policies in force.
(2) The commissioner may require that such reserve shall be equal to the unearned portions of the gross premiums in force after deducting authorized reinsurance, as computed on each respective risk from the policy's date of issue. If the commissioner does not so require, the portions of the gross premiums in force, less authorized reinsurance, to be held as a premium reserve, shall be computed according to the following table:
Term for which policy
Reserve for
was written
unearned premium
One year, or less. . . .
1/2
Two years. . . .
First year
3/4
Second year
1/4
Three years. . . .
First year
5/6
Second year
1/2
Third year
1/6
Four years. . . .
First year
7/8
Second year
5/8
Third year
3/8
Fourth year
1/8
Five years. . . .
First year
9/10
Second year
7/10
Third year
1/2
Fourth year
3/10
Fifth year
1/10
Over five years. . . .
Pro rata
(3) In lieu of computation according to such table, all of such reserves may be computed, at the insurer's option, on a monthly pro rata basis.
(4) After adopting any one of the methods for computing such reserve an insurer shall not change methods without the commissioner's approval.
(5) If, for certain policies, the insurer's exposure to loss is uneven over the policy term, the commissioner may grant permission to the insurer to use a different method of calculating the unearned premium reserve on those certain policies.
[ 1995 c 35 § 1; 1973 1st ex.s. c 162 § 2; 1947 c 79 § .12.04; Rem. Supp. 1947 § 45.12.04.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.12 - Assets and Liabilities. › 48.12.050 - Unearned premium reserve, marine and transportation insurance.

RCW 48.12.050
Unearned premium reserve, marine and transportation insurance.
With reference to marine and transportation insurances, premiums on trip risks not terminated shall be deemed unearned and the commissioner may require the insurer to carry a reserve thereon equal to one hundred percent on trip risks written during the month ended as of the date of statement; and computed upon a pro rata basis or, with the commissioner's consent, in accordance with the alternative methods provided in RCW 48.12.040 for all other risks.
[1947 c 79 § .12.05; Rem. Supp. 1947 § 45.12.05.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.12 - Assets and Liabilities. › 48.12.060 - Reserve—Disability insurance.

RCW 48.12.060
Reserve—Disability insurance.
For all disability insurance policies the insurer shall maintain an active life reserve which shall place a sound value on its liabilities under such policies and be not less than the reserve according to appropriate standards set forth in regulations issued by the commissioner and, in no event, less in the aggregate than the pro rata gross unearned premiums for such policies.
[ 1973 1st ex.s. c 162 § 3; 1947 c 79 § .12.06; Rem. Supp. 1947 § 45.12.06.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.12 - Assets and Liabilities. › 48.12.070 - Loss records.

RCW 48.12.070
Loss records.
An insurer shall maintain a complete and itemized record showing all losses and claims as to which it has received notice, including with regard to property, casualty, surety, and marine and transportation insurances, all notices received of the occurrence of any event which may result in a loss.
[1947 c 79 § .12.07; Rem. Supp. 1947 § 45.12.07.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.12 - Assets and Liabilities. › 48.12.080 - Increased reserves.

RCW 48.12.080
Increased reserves.
(1) If the commissioner determines that an insurer's unearned premium reserves, however computed, are inadequate, he or she may require the insurer to compute such reserves or any part thereof according to such other method or methods as are prescribed in this chapter.
(2) If the loss experience of an insurer shows that its loss reserves, however estimated, are inadequate, the commissioner shall require the insurer to maintain loss reserves in such increased amount as is needed to make them adequate.
[ 2009 c 549 § 7053; 1947 c 79 § .12.08; Rem. Supp. 1947 § 45.12.08.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.12 - Assets and Liabilities. › 48.12.090 - Loss reserves—Liability insurance.

RCW 48.12.090
Loss reserves—Liability insurance.
The reserves for outstanding losses and loss expenses under policies of personal injury liability insurance and under policies of employer's liability insurance shall be computed as follows:
(1) The reserves for outstanding losses and loss expenses under policies of personal injury liability insurance and under policies of employer's liability insurance shall be computed in accordance with accepted loss-reserving standards and principles and shall make a reasonable provision for all unpaid loss and loss expense obligations of the insurer under the terms of such policies.
(2) Reserves under liability policies written during the three years immediately preceding the date of determination shall include any additional reserves required by the annual statement instructions of the national association of insurance commissioners.
[ 1995 c 35 § 2; 1947 c 79 § .12.09; Rem. Supp. 1947 § 45.12.09.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.12 - Assets and Liabilities. › 48.12.100 - Unallocated liability loss expense.

RCW 48.12.100
Unallocated liability loss expense.
Subject to any restrictions contained in the annual statement instructions or accounting practices and procedures manuals of the national association of insurance commissioners, all unallocated liability loss expense payments shall be distributed as follows:
(1) All payments associated with particular claims shall be distributed to the year in which the claim was covered; and
(2) All other payments shall be distributed by year in a reasonable manner.
[ 1995 c 35 § 3; 1947 c 79 § .12.10; Rem. Supp. 1947 § 45.12.10.]
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.12 - Assets and Liabilities. › 48.12.110 - Schedule of experience.

RCW 48.12.110
Schedule of experience.
Any insurer transacting any liability or workers' compensation insurances shall include in its annual statement filed with the commissioner, a schedule of its experience thereunder in such form as the commissioner may prescribe.
[ 1987 c 185 § 19; 1947 c 79 § .12.11; Rem. Supp. 1947 § 45.12.11.]
NOTES:
Intent—Severability—1987 c 185: See notes following RCW 51.12.130.
2023 Revised Code of Washington › Title 48 - Insurance › Chapter 48.12 - Assets and Liabilities. › 48.12.140 - "Loss payments," "loss expense" defined.

RCW 48.12.140
"Loss payments," "loss expense" defined.
"Loss payments" and "loss expense payments" as used with reference to liability and workers' compensation insurances shall include all payments to claimants, payments for medical and surgical attendance, legal expenses, salaries and expenses of investigators, adjusters and claims field representatives, rents, stationery, telegraph and telephone charges, postage, salaries and expenses of office employees, home office expenses and all other payments made on account of claims, whether such payments are allocated to specific claims or are unallocated.
[ 2009 c 549 § 7054; 1987 c 185 § 22; 1947 c 79 § .12.14; Rem. Supp. 1947 § 45.12.14.]
NOTES:
Intent—Severability—1987 c 185: See notes following RCW 51.12.130.
2023 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.]
2023 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.
2023 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.
2023 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.
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]