48.23.345 - Juvenile life insurance--Speculative or fraudulent purposes. - Washington Statutes

Juvenile life insurance — Speculative or fraudulent purposes.

Life insurers shall develop and implement underwriting standards and procedures designed to detect and prevent the purchase of juvenile life insurance for speculative or fraudulent purposes. These standards and procedures shall be made available for review by the commissioner.

     Life insurers shall maintain records of underwriting rejections of applications for life insurance on juvenile lives for a period of ten years.

[2001 c 197 § 1.]

Notes: Effective date -- 2001 c 197: "This act takes effect August 1, 2001." [2001 c 197 § 2.]