Washington Code 48.102.170 – Authority to adopt rules
Current as of: 2023 | Check for updates
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The commissioner may adopt rules implementing and administering this chapter including, but not limited to:
Terms Used In Washington Code 48.102.170
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(1) Establishing standards for evaluating reasonableness of payments under life settlement contracts for persons who are terminally ill or chronically ill including, but not limited to, regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise, or bequest of a benefit under a life insurance policy insuring the life of a person that is chronically or terminally ill;
(2) Requiring a bond or other mechanism for financial accountability for life settlement providers; and
(3) Governing the activities, relationships, and responsibilities of providers, brokers, insurers, and their agents.
[ 2009 c 104 § 20.]