Washington Code 48.05.130 – Certificate of authority — Mandatory refusal, revocation, suspension
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The commissioner shall refuse to renew or shall revoke or suspend an insurer’s certificate of authority, in addition to other grounds therefor in this code, if the insurer:
Terms Used In Washington Code 48.05.130
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(1) Is a foreign or alien insurer and no longer qualifies or meets the requirements for the authority; or, is a domestic mutual or domestic reciprocal insurer, and fails to make good a deficiency of assets as required by the commissioner.
(2) Is a domestic stock insurer and has assets less in amount than its liabilities, including its capital stock as a liability, and has failed to make good such deficiency as required by the commissioner.
(3) Knowingly exceeds its charter powers or its certificate of authority.
[1947 c 79 § .05.13; Rem. Supp. 1947 § 45.05.13.]