48.05.130 - Certificate of authority -- Mandatory refusal, revocation, suspension. - Washington Statutes

Certificate of authority — Mandatory refusal, revocation, suspension.

The commissioner shall refuse to renew or shall revoke or suspend an insurer's certificate of authority, in addition to other grounds therefor in this code, if the insurer:

     (1) Is a foreign or alien insurer and no longer qualifies or meets the requirements for the authority; or, is a domestic mutual or domestic reciprocal insurer, and fails to make good a deficiency of assets as required by the commissioner.

     (2) Is a domestic stock insurer and has assets less in amount than its liabilities, including its capital stock as a liability, and has failed to make good such deficiency as required by the commissioner.

     (3) Knowingly exceeds its charter powers or its certificate of authority.

[1947 c 79 § .05.13; Rem. Supp. 1947 § 45.05.13.]