Washington Code 48.10.320 – Distribution of assets upon liquidation
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Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharge of its indebtedness and policy obligations, the return of any contribution of the attorney to its surplus made as provided in RCW 48.10.190, and the return of any unused deposits, savings, or credits, shall be distributed to its subscribers who were such within the twelve months prior to the last termination of its certificate of authority according to such formula as may have been approved by the commissioner.
[1947 c 79 § .10.32; Rem. Supp. 1947 § 45.10.32.]
Terms Used In Washington Code 48.10.320
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney: as used in this chapter refers to the attorney-in-fact of a reciprocal insurer. See Washington Code 48.10.080