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Washington Revised Code Title 48. Insurance § 48.97.025. Producer's failure to comply with chapter--Commissioner's power--Damages--Penalties

Current as of April 06, 2022 | Updated by FindLaw Staff

(1)(a) If the commissioner believes that the controlling producer has not materially complied with this chapter, or a rule adopted or order issued under this chapter, the commissioner may after notice and opportunity to be heard, order the controlling producer to cease placing business with the controlled insurer; and

(b) If it is found that because of material noncompliance that the controlled insurer or any policyholder thereof has suffered loss or damage, the commissioner may maintain a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages for the benefit of the insurer or policyholder or other appropriate relief.

(2) If an order for liquidation or rehabilitation of the controlled insurer has been entered under chapter 48.31 RCW, and the receiver appointed under that order believes that the controlling producer or any other person has not materially complied with this chapter, or a rule adopted or order issued under this chapter, and the insurer suffered any loss or damage from the noncompliance, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer.

(3) Nothing contained in this section alters or affects the right of the commissioner to impose other penalties provided for in this title.

(4) Nothing contained in this section alters or affects the rights of policyholders, claimants, creditors, or other third parties.

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Cite this article: FindLaw.com - Washington Revised Code Title 48. Insurance § 48.97.025. Producer's failure to comply with chapter--Commissioner's power--Damages--Penalties - last updated April 06, 2022 | https://codes.findlaw.com/wa/title-48-insurance/wa-rev-code-48-97-025/

Read this complete Washington Revised Code Title 48. Insurance § 48.97.025. Producer's failure to comply with chapter--Commissioner's power--Damages--Penalties on Westlaw. Westlaw subscription required.

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