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Washington Revised Code Title 48. Insurance § 48.98.005. Definitions

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

Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.

(1) “Actuary” means a person who is a member in good standing of the American academy of actuaries.

(2) “Insurer” means a person having a certificate of authority in this state as an insurance company under RCW 48.01.050.

(3) “Managing general agent” means:

(a) A person who manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office, and acts as a representative of the insurer whether known as a managing general agent, manager, or other similar term, and who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premium equal to or more than five percent of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year together with one or more of the following activities related to the business produced:

(i) Adjusts or pays claims in excess of an amount to be determined by the commissioner; or

(ii) Negotiates reinsurance on behalf of the insurer.

(b) Notwithstanding (a) of this subsection, the following persons may not be managing general agents for purposes of this chapter:

(i) An employee of the insurer;

(ii) A United States manager of the United States branch of an alien insurer;

(iii) An underwriting manager who, under a contract, manages all of the insurance operations of the insurer, is under common control with the insurer, subject to the insurer holding company act, chapter 48.31B RCW, and whose compensation is not based on the volume of premiums written; or

(iv) The attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney.

(4) “Underwrite” means to accept or reject risks on behalf of the insurer.

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Cite this article: FindLaw.com - Washington Revised Code Title 48. Insurance § 48.98.005. Definitions - last updated April 06, 2022 | https://codes.findlaw.com/wa/title-48-insurance/wa-rev-code-48-98-005/

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