48.46.027 - Registration, required -- Issuance of securities -- Penalty. - Washington Statutes

Registration, required — Issuance of securities — Penalty.

(1) A person may not in this state, by mail or otherwise, act as or hold himself or herself out to be a health maintenance organization as defined in RCW 48.46.020 without first being registered with the commissioner.

     (2) The issuance, sale, or offer for sale in this state of securities of its own issue by any health maintenance organization domiciled in this state other than the memberships and bonds of a nonprofit corporation is subject to the provisions of chapter 48.06 RCW relating to obtaining solicitation permits the same as if health maintenance organizations were domestic insurers.

     (3) Any person violating any provision of subsection (2) of this section is guilty of a gross misdemeanor and will, upon conviction, be fined not more than one thousand dollars, or imprisoned for not more than six months, or both, for each violation.

[2003 c 250 § 10; 1983 c 202 § 9.]

Notes: Severability -- 2003 c 250: See note following RCW 48.01.080.