48.05.105 - Foreign or alien insurers -- Three years active transacting required -- Exception. - Washington Statutes

Foreign or alien insurers — Three years active transacting required — Exception.

(1) No certificate of authority shall be granted to a foreign or alien applicant that has not actively transacted for three years the classes of insurance for which it seeks to be admitted.

     (2) Subsection (1) of this section does not apply to the following:

     (a) Any subsidiary of a seasoned, reputable insurer that has held a certificate of authority in this state for at least three years; or

     (b) Any applicant that:

     (i) Has surplus of not less than twenty-five million dollars; and

     (ii) Has made a deposit with the commissioner in the amount of one million dollars for the sole benefit of the applicant's Washington policyholders.

     (3) The commissioner shall release the deposit to an authorized insurer who originally met the requirement in subsection (2)(b)(ii) of this section, in accordance with chapter 48.16 RCW, if:

     (a) The certificate of authority was issued at least three years prior to application for release of the deposit; and

     (b) The insurer is in good standing with the commissioner.

[2010 c 93 § 1; 1967 c 150 § 2.]