(1) No domestic insurer, or insurance holding corporation, or stock corporation for financing operations of a mutual insurer, or attorney-in-fact corporation of a reciprocal insurer, after

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Terms Used In Washington Code 48.06.180

  • 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.
  • 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.
(a) it has received a certificate of authority, if an insurer, or
(b) it has completed its initial organization and financing if a corporation other than an insurer, shall solicit or receive funds in exchange for any new issue of its corporate securities, other than through a stock dividend, until it has applied to the commissioner for, and has been granted, a solicitation permit.
(2) The commissioner shall issue such a permit unless he or she finds that:
(a) The funds proposed to be secured are excessive in amount for the purpose intended, or
(b) the proposed securities or the manner of their distribution are inequitable, or
(c) the issuance of the securities would jeopardize the interests of policyholders or the holders of other securities of the insurer or corporation.
(3) Any such solicitation permit granted by the commissioner shall be for such duration, and shall contain such terms and be issued upon such conditions as the commissioner may reasonably specify or require.
[ 2009 c 549 § 7025; 1949 c 190 § 6; 1947 c 79 § .06.18; Rem. Supp. 1949 § 45.06.18.]