48.46.300 - Future dividends or refunds, restricted -- Issuance or sale of securities regulated. - Washington Statutes

Future dividends or refunds, restricted — Issuance or sale of securities regulated.

(1) No health maintenance organization nor any individual acting in behalf thereof may guarantee or agree to the payment of future dividends or future refunds of unused charges or savings in any specific or approximate amounts or percentages in respect to any contract being offered to the public, except in a group contract containing an experience refund provision.

     (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 are subject to the provisions of chapter 48.06 RCW relating to obtaining solicitation permits.

[1983 c 106 § 8.]