reglab/statecodes huggingface dataset:
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-170 - Exemption from RCW 48.08.120 of transactions involving the deposit or withdrawal of equity securities under a voting trust or deposit agreement

Current through Register Vol. 24-14, July 15, 2024
Any acquisition or disposition of an equity security involved
				in the deposit of such security under, or the withdrawal of such security from,
				a voting trust or deposit agreement, and the acquisition or disposition in
				connection therewith of the certificate representing such security, shall be
				exempt from the operation of
				RCW
				 48.08.120 if substantially all of the assets
				held under the voting trust or deposit agreement immediately after the deposit
				or immediately prior to the withdrawal, as the case may be, consisted of equity
				securities of the same class as the security deposited or withdrawn: Provided,
				however, that this section shall not apply to the extent that there shall have
				been either:
(1) A purchase of an
			 equity security of the class deposited and a sale of any certificate
			 representing an equity security of such class, or
(2) A sale of an equity security of the class
			 deposited and purchase of any certificate representing an equity security of
			 such class (otherwise than in a transaction involved in such deposit or
			 withdrawal or in a transaction exempted by any other provision of chapter
			 284-26 WAC within a period of less than six months which includes the date of
			 the deposit or withdrawal.
(3) The
			 surrender and issuance are made pursuant to provisions of a certificate of
			 incorporation which require that the shares issued upon such surrender shall be
			 registered upon issuance in the name of a person or persons other than the
			 holder of the shares surrendered and may be required to be issued as of right
			 only in connection with the public offering, sale and distribution of such
			 shares and the immediate sale by such holder of such shares for that purpose,
			 or in connection with a gift of such shares.
(4) Neither the shares so surrendered nor any
			 shares of the same class, nor other shares of the same class as those issued
			 upon such surrender, have been or are purchased (otherwise than in a
			 transaction exempted by this section), by the person surrendering such shares,
			 within six months before or after such surrender or issuance.
Order R-69-3, §
										284-26-170, filed
				  2/7/69.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-180 - Exemption from RCW 48.08.120 of certain transactions involving the conversion of equity securities

Current through Register Vol. 24-14, July 15, 2024
(1) Any
			 acquisition or disposition of an equity security involved in the conversion of
			 an equity security which, by its terms or pursuant to the terms of the
			 insurer's charter or other governing instruments, is convertible immediately or
			 after a stated period of time into another equity security of the same insurer,
			 shall be exempt from the operation of
			 RCW
			  48.08.120: Provided, however, That this
			 section shall not apply to the extent that there shall have been either (a) a
			 purchase of any equity security of the class convertible (including any
			 acquisition of or change in a conversion privilege) and a sale of any equity
			 security of the class issuable upon conversion, or (b) a sale of any equity
			 security of the class convertible and any purchase of any equity security
			 issuable upon conversion (otherwise than in a transaction involved in such
			 conversion or in a transaction exempted by any other provision of chapter
			 284-26 WAC) within a period of less than six months which includes the date of
			 conversion.
(2) For the purpose of
			 this section, an equity security shall not be deemed to be acquired or disposed
			 of upon conversion of an equity security if the terms of the equity security
			 converted require the payment or entail the receipt, in connection with such
			 conversion, of cash or other property (other than equity securities involved in
			 the conversion) equal in value at the time of conversion to more than 15
			 percent of the value of the equity security issued upon conversion.
(3) For the purpose of this section, an
			 equity security shall be deemed convertible if it is convertible at the option
			 of the holder or of some other person or by operation of the terms of the
			 security or the governing instruments.
Order R-69-3, §
										284-26-180, filed
				  2/7/69.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-190 - Exemption from RCW 48.08.120 of certain transactions involving the sale of subscription rights

Current through Register Vol. 24-14, July 15, 2024
(1) Any sale of a
			 subscription right to acquire any subject security of the same insurer shall be
			 exempt from the provisions of
			 RCW
			  48.08.120, to the extent prescribed in this
			 section, as not comprehended with the purpose of
			 RCW
			  48.08.120, if:
(a) Such subscription right is acquired,
			 directly or indirectly, from the insurer without the payment of
			 consideration;
(b) Such
			 subscription right by its terms expires within 45 days after the issuance
			 thereof;
(c) Such subscription
			 right by its terms is issued on a pro rata basis to all holders of the
			 beneficiary security of the insurer; and
(d) A registration statement under the
			 Securities Act of 1933 is in effect as to each subject security, or the
			 applicable terms of any exemption from such registration have been met in
			 respect to each subject security.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-200 - Exemption of certain securities from RCW 48.08.130

Current through Register Vol. 24-14, July 15, 2024
Any security shall be exempt from the operation of
				RCW
				 48.08.130 to the extent necessary to render
				lawful under
				RCW
				 48.08.130 the execution by a broker of an
				order for an account in which he has no direct or indirect
				interest.
Order R-69-3, §
										284-26-200, filed
				  2/7/69.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-210 - Exemption from RCW 48.08.130 of certain transactions effected in connection with a distribution

Current through Register Vol. 24-14, July 15, 2024
Any security shall be exempt from the operation of
				RCW
				 48.08.130 to the extent necessary to render
				lawful under such section any sale made by or on behalf of a dealer in
				connection with a distribution of a substantial block of securities, upon the
				following conditions:
(1) The sale is
			 represented by an over-allotment in which the dealer is participating as a
			 member of an underwriting group, or the dealer or a person acting on his behalf
			 intends in good faith to offset such sale with a security to be acquired by or
			 on behalf of the dealer as a participant in an underwriting, selling or
			 soliciting-dealer group of which the dealer is a member at the time of the
			 sale, whether or not the security to be so acquired is subject to a prior
			 offering to existing security holders or some other class of persons;
			 and
(2) Other persons not within
			 the purview of
			 RCW
			  48.08.130 are participating in the
			 distribution of such block of securities on terms at least as favorable as
			 those on which such dealer is participating and to an extent at least equal to
			 the aggregate participation of all persons exempted from the provisions of
			 RCW
			  48.08.130 by this section. However, the
			 performance of the functions of manager of a distributing group and the receipt
			 of a bona fide payment for performing such functions shall not preclude an
			 exemption which would otherwise be available under this section.
Order R-69-3, §
										284-26-210, filed
				  2/7/69.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-220 - Exemption from RCW 48.08.130 of sales of securities to be acquired

Current through Register Vol. 24-14, July 15, 2024
(1) Whenever any
			 person is entitled, as an incident to his ownership of an issued security and
			 without the payment of consideration, to receive another security "when issued"
			 or "when distributed," the security to be acquired shall be exempt from the
			 operation of
			 RCW
			  48.08.130 provided that:
(a) The sale is made subject to the same
			 conditions as those attaching to the right of acquisition, and
(b) Such person exercises reasonable
			 diligence to deliver such security to the purchaser promptly after his right of
			 acquisition matures, and
(c) Such
			 person reports the sale on the appropriate form for reporting transactions by
			 persons subject to
			 RCW
			  48.08.110.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-230 - Arbitrage transactions under RCW 48.08.150

Current through Register Vol. 24-14, July 15, 2024
It shall be unlawful for any director or officer of an insurer
				to effect any foreign or domestic arbitrage transaction in any equity security
				of such insurer, unless he shall include such transaction in the statements
				required by
				RCW
				 48.08.110 and shall account to such insurer
				for the profits arising from such transaction, as provided in
				RCW
				 48.08.120. The provisions of
				RCW
				 48.08.130 shall not apply to such arbitrage
				transactions. The provisions of the act shall not apply to any bona fide
				foreign or domestic arbitrage transaction insofar as it is effected by any
				person other than such director or officer of the insurer.
Order R-69-3, §
										284-26-230, filed
				  2/7/69.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-28 - Proxies, consents, and authorizations of domestic stock insurers › Section 284-28-010 - Application of regulation

Current through Register Vol. 24-14, July 15, 2024
This regulation is applicable to each domestic stock insurer
				which has any class of equity security held of record by one hundred or more
				persons; provided, however, that this regulation shall not apply to any insurer
				if ninety-five percent or more of its equity securities are owned or controlled
				by a parent or an affiliated insurer and the remaining securities are held of
				record by less than five hundred persons. A domestic stock insurer which files
				with the Securities and Exchange Commission forms of proxies, consents and
				authorizations complying with the requirements of the Securities Exchange Act
				of 1934, as amended, and the applicable regulations promulgated thereunder,
				shall be exempt from the provisions of this regulation with respect to any
				class of securities subject to SEC jurisdiction.
Order R-69-2, §
										284-28-010, filed 2/5/69;
				  Regulation 246, § 1, filed 9/24/65, effective
				  11/1/65.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-28 - Proxies, consents, and authorizations of domestic stock insurers › Section 284-28-020 - Proxies, consents, and authorizations

Current through Register Vol. 24-14, July 15, 2024
No domestic stock insurer, or any director, officer or employee
				of such insurer subject to WAC
				284-28-010, or any other person,
				shall solicit, or permit the use of his name to solicit, by mail or otherwise,
				any proxy, consent of authorization in respect of any class of equity security
				of such insurer held of record by one hundred or more persons in contravention
				of this regulation and Schedules A and B hereto annexed and hereby made a part
				of this regulation.
Order R-69-2, §
										284-28-020, filed 2/5/69;
				  Regulation 246, § 2, filed 9/24/65, effective
				  11/1/65.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-28 - Proxies, consents, and authorizations of domestic stock insurers › Section 284-28-030 - Disclosure of equivalent information

Current through Register Vol. 24-14, July 15, 2024
Unless proxies, consents or authorizations in respect of any
				class of equity security of a domestic insurer subject to WAC
				284-28-010 are solicited by or on
				behalf of the management of such insurer from the holders of record of such
				security prior to any annual or other meeting of such security holders, such
				insurer shall, in accordance with this regulation and such further regulations
				as the commissioner may adopt, file with the commissioner and transmit to all
				security holders of record information substantially equivalent to the
				information which would be required to be transmitted if a solicitation were
				made. Such insurer shall transmit a written information statement containing
				the information specified in WAC
				284-28-050(4) to
				every security holder who is entitled to vote in regard to any matter to be
				acted upon at the meeting and from whom a proxy is not solicited on behalf of
				the management of the insurer provided, that in the case of a class of
				securities in unregistered or bearer form such statement need be transmitted
				only to those security holders whose names and addresses are known to the
				insurer.
Order R-69-2, §
										284-28-030, filed 2/5/69;
				  Regulation 246, § 3, filed 9/24/65, effective
				  11/1/65.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-28 - Proxies, consents, and authorizations of domestic stock insurers › Section 284-28-040 - Definitions

Current through Register Vol. 24-14, July 15, 2024
(1) The definitions
			 and instructions set out in Schedule SIS of the insurer's annual statement
			 required to be filed pursuant to
			 RCW
			  48.05.250, shall be applicable for purposes
			 of this regulation.
(2) The terms
			 "solicit" and "solicitation" for purposes of this regulation shall include:
(a) Any request for a proxy, whether or not
			 accompanied by or included in a form of proxy; or
(b) Any request to execute or not to execute,
			 or to revoke, a proxy; or
(c) The
			 furnishing of a proxy or other communication to stockholders under
			 circumstances reasonably calculated to result in the procurement, withholding
			 or revocation of a proxy.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-28 - Proxies, consents, and authorizations of domestic stock insurers › Section 284-28-050 - Information to be furnished to stockholders

Current through Register Vol. 24-14, July 15, 2024
(1) No solicitation subject to this
			 regulation shall be made unless each person solicited is concurrently furnished
			 or has previously been furnished with a written proxy statement containing the
			 information specified in Schedule A.
(2) If the solicitation is made on behalf of
			 the management of the insurer and relates to an annual meeting of stockholders
			 at which directors are to be elected, each proxy statement furnished pursuant
			 to subsection one hereof shall be accompanied or preceded by an annual report
			 (in preliminary or final form) to such stockholders containing such financial
			 statements for the last fiscal year as are referred to in Schedule SIS of the
			 insurers annual statement under the heading "financial reporting to the
			 stockholders." Subject to the foregoing requirements with respect to financial
			 statements, the annual report to stockholders may be in any form deemed
			 suitable by the management.
(3) Two
			 copies of each report sent to the stockholders pursuant to this section shall
			 be mailed to the commissioner, not later than the date on which such report is
			 first sent or given to stockholders or the date on which preliminary copies of
			 solicitation material are filed with the commissioner, pursuant to WAC
			 284-28-070(1),
			 whichever date is later.
(4) If no
			 solicitation is being made by management of the insurer with respect to any
			 annual or other meeting, such insurer shall mail to every security holder of
			 record at least twenty days prior to the meeting date, an information statement
			 as required by WAC
			 284-28-030, containing the
			 information called for by all of the Items of Schedule A, other than Items 1,
			 3, and 4 thereof, which would be applicable to any matter to be acted upon at
			 the meeting if proxies were to be solicited in connection with the meeting. If
			 such information statement relates to an annual meeting at which directors are
			 to be elected, it shall be accompanied by an annual report to such security
			 holders in the form provided in subsection 2 thereof.
Order R-69-2, §
										284-28-050, filed 2/5/69;
				  Regulation 246, § 5, filed 9/24/65, effective
				  11/1/65.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-28 - Proxies, consents, and authorizations of domestic stock insurers › Section 284-28-060 - Requirements as to proxy, and information statement

Current through Register Vol. 24-14, July 15, 2024
(1) The form of proxy (a) shall indicate in
			 boldface type whether or not the proxy is solicited on behalf of the
			 management, (b) shall provide a specifically designated blank space for dating
			 the proxy and (c) shall identify clearly and impartially each matter or group
			 of related matters intended to be acted upon, whether proposed by the
			 management, or stockholders. No reference need be made to proposals as to which
			 discretionary authority is conferred pursuant to subsection three
			 hereof.
(2)
(a) Means shall be provided in the proxy for
			 the person solicited to specify by ballot a choice between approval or
			 disapproval of each matter or group of related matters referred to therein,
			 other than elections to office. A proxy may confer discretionary authority with
			 respect to matters as to which a choice is not so specified if the form of
			 proxy states in boldface type how it is intended to vote the shares or
			 authorization represented by the proxy in each such case.
(b) A form of proxy which provides both for
			 elections to office and for action on other specified matters shall be prepared
			 so as to clearly provide, by a box or otherwise, means by which the security
			 holder may withhold authority to vote for elections to office. Any such form of
			 proxy which is executed by the security holder in such manner as not to
			 withhold authority to vote for elections to office shall be deemed to grant
			 such authority, provided the form of proxy so states in boldface
			 type.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-28 - Proxies, consents, and authorizations of domestic stock insurers › Section 284-28-070 - Material required to be filed

Current through Register Vol. 24-14, July 15, 2024
(1) Two preliminary copies of the proxy
			 statement and form of proxy and any other soliciting material to be furnished
			 to stockholders concurrently therewith shall be filed with the commissioner at
			 least ten days prior to the date definitive copies of such material are first
			 sent or given to stockholders, or such shorter period prior to that date as the
			 commissioner may authorize upon a showing of good cause therefor.
(2) Two preliminary copies of any additional
			 soliciting material relating to the same meeting or subject matter to be
			 furnished to stockholders subsequent to the proxy statements shall be filed
			 with the commissioner at least two days (exclusive of Saturdays, Sundays or
			 holidays) prior to the date copies of this material are first sent or given to
			 stockholders or a shorter period prior to such date as the commissioner may
			 authorize upon a showing of good cause therefor.
(3) Two definitive copies of the proxy
			 statement, form of proxy and all other soliciting material, in the form in
			 which this material is furnished to stockholders, shall be filed with, or
			 mailed for filing to, the commissioner not later than the date such material is
			 first sent or given to the stockholders.
(4) Where any proxy statement, form of proxy
			 or other material filed pursuant to these rules is amended or revised, two of
			 the copies shall be marked to clearly show such changes.
(5) Copies of replies to inquiries from
			 stockholders requesting further information and copies of communications which
			 do no more than request that forms of proxy theretofore solicited be signed and
			 returned need not be filed pursuant to this section.
(6) Notwithstanding the provisions of
			 subsections one and two hereof and of subsection five of WAC
			 284-28-100, copies of soliciting
			 material in the form of speeches, press releases and radio or television
			 scripts may, but need not, be filed with the commissioner prior to use or
			 publication. Definitive copies, however, shall be filed with or mailed for
			 filing to the commissioner as required by subsection three hereof not later
			 than the date such material is used or published. The provisions of subsections
			 one and two hereof and subsection five of WAC
			 284-28-100 shall apply, however,
			 to any reprints or reproductions of all or any part of such material.
Order R-69-2, §
										284-28-070, filed 2/5/69;
				  Regulation 246, § 7, filed 9/24/65, effective
				  11/1/65.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-28 - Proxies, consents, and authorizations of domestic stock insurers › Section 284-28-080 - False or misleading statements

Current through Register Vol. 24-14, July 15, 2024
No proxy statement, form of proxy, notice of meeting,
				information statement, or other communication, written or oral, subject to this
				regulation, shall contain any statement which at the time and in the light of
				the circumstances under which it is made, is false or misleading with respect
				to any material fact, or which omits to state any material fact necessary in
				order to make the statements therein not false or misleading or necessary to
				correct any statement in any earlier communication with respect to the same
				meeting or subject matter which has become false or
				misleading.
Order R-69-2, §
										284-28-080, filed 2/5/69;
				  Regulation 246, § 8, filed 9/24/65, effective
				  11/1/65.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-28 - Proxies, consents, and authorizations of domestic stock insurers › Section 284-28-090 - Prohibition of certain solicitations

Current through Register Vol. 24-14, July 15, 2024
No person making a solicitation which is subject to this
				regulation shall solicit any undated or postdated proxy or any proxy which
				provides that it shall be deemed to be dated as of any date subsequent to the
				date on which it is signed by the stockholder.
Order R-69-2, §
										284-28-090, filed 2/5/69;
				  Regulation 246, § 9, filed 9/24/65, effective
				  11/1/65.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-28 - Proxies, consents, and authorizations of domestic stock insurers › Section 284-28-100 - Special provisions applicable to election contests

Current through Register Vol. 24-14, July 15, 2024
(1)
Applicability.
This section
			 shall apply to any solicitation subject to this regulation by any person or
			 group for the purpose of opposing a solicitation subject to this regulation by
			 any other person or group with respect to the election or removal of directors
			 at any annual or special meeting of stockholders.
(2)
Participant or participant in a
			 solicitation.
(a) For purposes of this
			 section the terms "participant" and "participant in a solicitation" include:
(i) The insurer;
(ii) any director of the insurer, and any
			 nominee for whose election as a director proxies are solicited;
(iii) any other person, acting alone or with
			 one or more other persons, committees or groups, in organizing, directing or
			 financing the solicitation.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-28 - Proxies, consents, and authorizations of domestic stock insurers › Section 284-28-110 - Effective date

Current through Register Vol. 24-14, July 15, 2024
This regulation is effective on the first day of November,
				1965.
Order R-69-2, §
										284-28-110, filed 2/5/69;
				  Regulation 246, filed 9/24/65, effective
				  11/1/65.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-100 - Definitions

Current through Register Vol. 24-14, July 15, 2024
For purposes of this rule:
(1) An "affiliate" of, or person "affiliated"
			 with a title insurance agent is a person who directly, or indirectly through
			 one or more intermediaries, controls, or is controlled by, or is under common
			 control with, the person specified.
(2) "Associates of producers" has the meaning
			 as set forth in
			 RCW
			  48.29.010(3)(f).
(3) "Financial interest" has the meaning as
			 set forth in
			 RCW
			  48.29.010(3)(d).
(4) "Person" has the meaning as set forth in
			 RCW
			  48.01.070.
(5) "Producers of title insurance business or
			 producer" has the meaning as set forth in
			 RCW
			  48.29.010(3)(e) and also
			 includes associate of producers as set forth in
			 RCW
			  48.29.010(3)(f).
(6) "Report of affiliated business ownership"
			 means a report required by
			 RCW
			  48.29.015 setting forth the name, address,
			 and percent of title orders originating from those persons who have had a
			 financial interest in a title insurance agent.
(7) "Title insurance agent" has the meaning
			 as set forth in
			 RCW
			  48.17.010(15).
(8) "Title order" has the same meaning as
			 "preliminary report," "commitment," or "binder" as set forth in
			 RCW
			  48.29.010(3)(c) and also
			 includes "title policy" as set forth in
			 RCW
			  48.29.010(3)(a).
Statutory Authority:
				  RCW
				  48.02.060,
				  48.29.005, and
				  48.29.015. 09-20-070 (Matter No. R
				  2008-22), §
										284-29-100, filed 10/5/09,
				  effective 11/5/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-110

Current through Register Vol. 24-14, July 15, 2024
Statutory Authority:
				  RCW
				   48.02.060,
				  48.29.005, and
				  48.29.015. 09-20-070 (Matter No. R
				  2008-22), §
										284-29-110, filed 10/5/09,
				  effective 11/5/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-120 - Report form

Current through Register Vol. 24-14, July 15, 2024
The title insurance agent report of affiliated business
				ownership form and instructions as to how and where to submit the form are on
				the commissioner's web site at
www.insurance.wa.gov
.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.29.005, and
				  48.29.015. 09-20-070 (Matter No. R
				  2008-22), §
										284-29-120, filed 10/5/09,
				  effective 11/5/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-130 - Reporting required

Current through Register Vol. 24-14, July 15, 2024
(1) The title
			 insurance agent report of affiliated business ownership must be filed with the
			 commissioner annually by March 15th.
(2) If there is any change or addition to the
			 ownership information contained in the annual report, then the title insurance
			 agent must file an amended report with the commissioner within fifteen days
			 after the end of the month in which the title insurance agent learns of the
			 change or addition.
(3) Changes to
			 the information regarding the percent of title orders originating from each of
			 the producers do not need to be filed with the commissioner except with the
			 annual filing. If the title insurance agent discovers or reasonably should have
			 discovered that the information contained in the annual filing was not correct,
			 then the title insurance agent must file an amended report within fifteen days
			 after the end of the month in which the title insurance agent discovered the
			 incorrect information.
(4) Before
			 conducting title insurance business in any counties, title insurance agents
			 must report to the commissioner, declaring the county or counties the business
			 will operate in and providing proof of ownership or leasing rights for the
			 applicable tract indexes. If title insurance business is to be conducted in an
			 additional county not included on previous declarations, then the title
			 insurance agent must submit an updated declaration listing the added business
			 areas and including proof of ownership or leasing rights to the applicable
			 tract indexes, in accordance with RCW  48.29.160.
Proof shall come in the form of real property ownership
				documents, copies of leases, or other documentation verifying ownership or
				rights to the applicable tract indexes.
Statutory Authority:
				  RCW
				   48.02.060,
				  48.29.005, and
				  48.29.015. 09-20-070 (Matter No. R
				  2008-22), §
										284-29-130, filed 10/5/09,
				  effective 11/5/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-140 - Identifying producers

Current through Register Vol. 24-14, July 15, 2024
(1) If a person
			 who has a financial interest in a title insurance agent also owns a controlling
			 interest in another producer, then the title insurance agent must report this
			 person and the other business entities controlled by the person as producers
			 who have a financial interest in the title insurance agent. For example if John
			 Brown personally has a financial interest in a title insurance agent and John
			 Brown also owns a controlling interest in ABC Realty Co. and XYZ Home Builders
			 Inc., then the title insurance agent, in addition to reporting John Brown as a
			 producer, must also report ABC Realty Co. and XYZ Home Builders Inc. as
			 producers having a financial interest in the title insurance agent.
(2) In reporting producers who have a
			 financial interest in the title insurance agent, the information about the
			 producer must be sufficient to properly identify the person who is directly in
			 a position to refer or influence the referral of title insurance business to
			 the title insurance agent.
(3) If a
			 producer owns the financial interest in the title insurance agent through one
			 or more intermediary entities, then the identity of the producer and the
			 identity of other entities that the producer owns a controlling interest in
			 that are producers must be set forth in the report. For example, if Henry Smith
			 and Frank Jones own an interest in Joint Venture Co., and Joint Venture Co. has
			 a financial interest in the title insurance agent, then Henry Smith and Frank
			 Jones must be identified in the report as producers who have a financial
			 interest in the title insurance agent, in addition to reporting other entities
			 who are producers that are owned by Henry Smith and Frank Jones.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.29.005, and
				  48.29.015. 09-20-070 (Matter No. R
				  2008-22), §
										284-29-140, filed 10/5/09,
				  effective 11/5/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-150 - Reporting of amount of business

Current through Register Vol. 24-14, July 15, 2024
A title insurance agent must make all reasonable and good faith
				efforts to determine the source of the title orders that it receives. This must
				also include information that the title insurance agent obtains when it is also
				acting as an escrow agent for the transaction. For example:
(1) If a title insurance agent receives a
			 title order in which the seller is XYZ Home Builders Inc., owned by John Brown
			 who has a financial interest in the title insurance agent, then it may be
			 assumed that the source of the title order was John Brown (XYZ Home Builders,
			 Inc.) even though the title order may have been directly received from another
			 person.
(2) If the title insurance
			 agent receives a title order from a producer with a financial interest in the
			 title insurance agent held through one or more intermediary entities, then the
			 specific producer must be identified as the source of the title order. For
			 example, Henry Smith and Frank Jones own an interest in Joint Venture Co., and
			 Joint Venture Co. directly holds the financial interest in the title insurance
			 agent. Henry Smith must be reported as the source of the title insurance
			 business for title orders received from Henry Smith. Likewise, Frank Jones must
			 be reported as the source of title insurance business of orders received from
			 Frank Jones. The amount of business received from both Henry Smith and Frank
			 Jones may not be aggregated and reported as being from Joint Venture
			 Co.
(3) If a title insurance agent
			 receives an order in its escrow department from ABC Realty Co. (owned by John
			 Brown who also has a financial interest in the title insurance agent), and the
			 escrow department then places the title order with the title department of the
			 title insurance agent, then the title insurance agent must report the source of
			 the title order as being ABC Realty Inc.
(4) If the title insurance agent handling the
			 transaction, either through its title department or its escrow department, or
			 both, has information that ABC Realty Inc. (owned by John Brown who has a
			 financial interest in the title insurance agent) is one of the real estate
			 companies involved in the transaction, then it must be assumed that ABC Realty
			 Inc. was the source of the title order unless the title insurance agent has
			 sufficient evidence that the title order was referred to the title insurance
			 agent by another producer.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.29.005, and
				  48.29.015. 09-20-070 (Matter No. R
				  2008-22), §
										284-29-150, filed 10/5/09,
				  effective 11/5/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-160 - Recordkeeping

Current through Register Vol. 24-14, July 15, 2024
(1) A title
			 insurance agent must keep and maintain complete and accurate records of the
			 names and business addresses of those persons who have had a financial interest
			 in the title insurance agent who are reasonably known or reasonably believed by
			 the title insurance agent to be producers.
(2) A title insurance agent must keep and
			 maintain records of its title orders sufficient to identify the source of the
			 title orders.
(3) The records
			 required by WAC
			 284-29-100 through 284-29-160
			 must be kept by the title insurance agent for a period of three years after the
			 end of the year being reported upon.
(4) All records of a title insurance agent
			 kept pursuant to WAC
			 284-29-100 through
			 284-29-160 must be available to the commissioner or the commissioner's
			 representative during regular business hours.
(5) Title insurance companies and agents
			 shall store these records in this state, unless otherwise approved by the
			 commissioner in accordance with
			 RCW
			  48.29.190.
(a) Title insurance companies and agents must
			 request approval from the commissioner prior to storing their records outside
			 of the state. Requests shall be emailed to prod-comp@oic.wa.gov.
(b) The commissioner will review and consider
			 approval of the out-of-state title records storage if the records are readily
			 accessible, securely stored, and maintained by the required statutory
			 terms.
(c) If the title insurance
			 company or agent plans to change the approved location of the out-of-state
			 record storage, notification to the commissioner is required and reapproval
			 must be granted prior to the change.
(d) Out-of-state record storage must comply
			 with the security and data breach reporting requirements in WAC
			 284-04-625.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-200 - Scope and purpose

Current through Register Vol. 24-14, July 15, 2024
(1)RCW
			  48.29.210(2) states: "A
			 title insurer, title insurance agent, or employee, agent, or other
			 representative of a title insurer or title insurance agent shall not, directly
			 or indirectly, give anything of value to any person in a position to refer or
			 influence the referral of title insurance business to either the title
			 insurance company or title insurance agent, or both, except as permitted under
			 rules adopted by the commissioner." WAC
			 284-29-200 through
			 284-29-265 establishes standards
			 for acceptable giving of things of value by a title company to any person in a
			 position to refer or influence the referral of title insurance business to the
			 title company. If the thing of value is not clearly and specifically included
			 in WAC 284-29-200 through
			 284-29-265 as a thing of value
			 that a title company may give to a person, its giving is prohibited.
(2)RCW
			  48.29.210 not only applies to title insurance
			 producers or associates of producers, but to every person in position, directly
			 or indirectly, to refer or influence the referral of title insurance
			 business.
(3) No title company is
			 required to give to any person any of the things of value that are permitted by
			 WAC 284-29-200 through
			 284-29-265 and a person is not
			 entitled to receive any of the permitted things of value from a title
			 company.
(4) Adoption of WAC
			 284-29-200 through
			 284-29-265 must not be construed
			 to mean that the commissioner encourages title companies to give anything of
			 value to any person in a position to refer or influence the referral of title
			 insurance business.
(5) Nothing
			 contained in WAC
			 284-29-200 through
			 284-29-265 prohibits the payment
			 by a title insurer or title insurance agent to a producer of a return on
			 ownership interest in the title insurer or title insurance agent as set forth
			 in RCW
			  48.29.213.
(6) Title companies must not enter into any
			 agreement, arrangement, scheme, or understanding or in any other manner pursue
			 any course of conduct, designed to avoid
			 RCW
			  48.29.210 and WAC
			 284-29-200 through
			 284-29-265.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.29.005 and
				  48.29.210. 09-05-077 (Matter No. R
				  2008-21), §
										284-29-200, filed 2/17/09,
				  effective 3/20/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-205 - Definitions

Current through Register Vol. 24-14, July 15, 2024
For purposes of WAC
				284-29-200 through
				284-29-265:
(1) "Advertising" or "advertisement" means a
			 representation about any product, service, equipment, facility, or activity or
			 any person who makes, distributes, sells, rents, leases, or otherwise makes
			 available such a product, service, equipment, facility, or activity, when the
			 representation:
(a) Is communicated to a
			 person that, to any extent, by content or context, informs the recipient about
			 such product, service, equipment, facility, or activity;
(b) Recognizes, honors, or otherwise promotes
			 such a product, service, equipment, facility, or activity; or
(c) Invites, advises, recommends, or
			 otherwise solicits a person to participate in, inquire about, purchase, lease,
			 rent, or use such a product, service, equipment, facility, or
			 activity.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-210 - Real property information

Current through Register Vol. 24-14, July 15, 2024
(1) A title company may give to a producer
			 without charge information about a specific parcel of real property located in
			 any county, commonly referred to as a "listing package," which consists of
			 information relating to the ownership and status of title to real property. The
			 listing package must be limited to a single copy of one or more of the
			 following six items of information:
(a) The
			 last deed appearing of record;
(b)
			 Deeds of trust, mortgages, and real estate contracts which appear to be in full
			 force and effect;
(c) A map of the
			 property which may show the property's location or dimensions, or
			 both;
(d) Applicable restrictive
			 covenants;
(e) Tax information;
			 and
(f) Property characteristics
			 such as number of rooms, square footage and year built.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-215 - Advertising

Current through Register Vol. 24-14, July 15, 2024
(1) A title company
			 may advertise in a trade association publication only if all of the following
			 conditions are met:
(a) The publication is an
			 official publication of the trade association;
(b) The publication must be nonexclusive so
			 that any title company has an equal opportunity to advertise in the
			 publication;
(c) The title company
			 must pay no more than the standard rate for the advertisement applicable to
			 members of the trade association;
(d) The title company's advertisement must be
			 solely self-promotional; and
(e)
			 The payment for the advertisement must be included as an expenditure for the
			 purposes of the limits in WAC
			 284-29-220(5).
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-220 - Trade associations

Current through Register Vol. 24-14, July 15, 2024
(1) A
			 title company may donate the time of its employees to serve on a trade
			 association committee.
(2) A title
			 company may donate to, contribute to or otherwise sponsor a trade association
			 event only if all of the following conditions are met:
(a) The event is a recognized association
			 event that generally benefits all members and affiliated members of the
			 association in an equal manner;
(b)
			 The donation must not benefit a selected producer member of the association
			 unless through a random process; and
(c) Solicitation for the donation must be
			 made of all association members and affiliated members in an equal manner and
			 amount.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-225 - Self-promotional items

Current through Register Vol. 24-14, July 15, 2024
A title company may give a thing of value with its preprinted
				company logo, except money or gift cards, to a producer if the cost to the
				title company is five dollars or less per thing of value and only if the thing
				of value does not contain the name or logo of the producer or any reference to
				the producer.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.29.005 and
				  48.29.210. 09-05-077 (Matter No. R
				  2008-21), §
										284-29-225, filed 2/17/09,
				  effective 3/20/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-230 - Permitted business entertainment

Current through Register Vol. 24-14, July 15, 2024
(1) A title company may make expenditures for
			 business meals on behalf of any individual, only if the expenditure meets all
			 the following criteria:
(a) An individual
			 representing the title company is present during the business meal;
(b) There is a substantial and substantive
			 title insurance business discussion directly before, during or after the
			 business meal;
(c) No more than
			 four individuals that are employed by or are independent contractors of the
			 same producer are provided a business meal during a single event (spouses and
			 guests of the producer must be included in the count for purposes of
			 determining the four-person maximum); and
(d) The title company does not expend more
			 than one hundred dollars per individual throughout any calendar year for all
			 business meals.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-235 - Educational seminars

Current through Register Vol. 24-14, July 15, 2024
(1) A title
			 company may conduct educational programs at no charge only if the content of
			 the program consists solely of education regarding title insurance, title to
			 real property, and escrow topics.
(a) A title
			 company must spend no more than ten dollars per person for refreshments at any
			 one educational program.
(b) Any
			 materials that the title company provides to attendees must be directly related
			 to the topic of the seminar or are self-promotional advertising of the title
			 company.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-240 - Political action committees

Current through Register Vol. 24-14, July 15, 2024
Title companies and their employees may donate to registered
				political action committees.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.29.005 and
				  48.29.210. 09-05-077 (Matter No. R
				  2008-21), §
										284-29-240, filed 2/17/09,
				  effective 3/20/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-245 - Locale of title company employees

Current through Register Vol. 24-14, July 15, 2024
A title company and its employees must not lease or rent a
				workspace location owned or leased by a producer unless all of the following
				conditions are met:
(1) The space is
			 secured by a bona fide written lease or rental agreement;
(2) The rent paid for the workspace is
			 consistent with the prevailing rent charged for similar space in the market
			 area of the workspace;
(3) Renting
			 the space is not contingent upon the volume of title company business and is
			 paid only in cash and not by trade or barter;
(4) There is no sharing of employees unless
			 the title company only pays for its reasonably proportionate share;
(5) There is no common usage of equipment
			 between the title company and the producer unless the title company only pays
			 for its proportionate share; and
(6) The workspace is occupied by a bona fide
			 employee of the title company a minimum thirty hours per week, except for
			 holidays and bona fide emergencies, and is open to the public during regular
			 business hours. However, if for appropriate business reasons the title company
			 ceases conducting business at the locale and there is a remaining term on the
			 lease or rental agreement, the title company may continue to pay the rent until
			 the expiration of the lease or rental agreement or the next renewal date of the
			 lease or rental agreement, whichever is earlier.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.29.005 and
				  48.29.210. 09-05-077 (Matter No. R
				  2008-21), §
										284-29-245, filed 2/17/09,
				  effective 3/20/09.