Washington Code 48.06.040 – Application for solicitation permit
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To apply for a solicitation permit the person shall:
Terms Used In Washington Code 48.06.040
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Fiduciary: A trustee, executor, or administrator.
- 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
- Trustee: A person or institution holding and administering property in trust.
(1) File with the commissioner a request showing:
(a) Name, type, and purpose of insurer, corporation, or syndicate proposed to be formed;
(b) Biographical reports on forms prescribed by the national association of insurance commissioners evidencing the general trustworthiness and competence of each individual who is serving or who will serve as an officer, director, trustee, employee, or fiduciary of the insurer, corporation, or syndicate to be formed;
(c) Third-party verification reports from a vendor authorized by the national association of insurance commissioners to perform a state, national, and international background history check of any person who exercises control over the financial dealings and operations of the insurer, corporation, or syndicate;
(d) Full disclosure of the terms of all understandings and agreements existing or proposed among persons so associated relative to the proposed insurer, corporation, or syndicate, or the formation thereof;
(e) The plan according to which solicitations are to be made; and
(f) Additional information as the commissioner may reasonably require.
(2) File with the commissioner:
(a) Original and copies in triplicate of proposed articles of incorporation, or syndicate agreement; or, if the proposed insurer is a reciprocal, original and duplicate of the proposed subscribers’ agreement and attorney-in-fact agreement;
(b) Original and duplicate copy of any proposed bylaws;
(c) Copy of any security proposed to be issued and copy of application or subscription agreement for that security;
(d) Copy of any insurance contract proposed to be offered and copy of application for that contract;
(e) Copy of any prospectus, advertising, or literature proposed to be used; and
(f) Copy of proposed form of any escrow agreement required.
(3) Deposit with the commissioner the fees required by law to be paid for the application including fees associated with the state and national criminal history background check, for filing of the articles of incorporation of an insurer, for filing the subscribers’ agreement and attorney-in-fact agreement if the proposed insurer is a reciprocal, for the solicitation permit, if granted, and for filing articles of incorporation with the secretary of state.
NOTES:
Effective date—2002 c 227: “This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately [March 28, 2002].” [ 2002 c 227 § 6.]