Washington Code 48.15.073 – Nonresident surplus line brokers — Licensing — Reciprocity — Service of process
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(1) The commissioner may license a nonresident person as a surplus line broker who is not a resident of this state if the person’s resident state issues nonresident surplus line broker licenses to residents of this state on the same basis.
Terms Used In Washington Code 48.15.073
- 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.
- 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
(2) A nonresident that holds a surplus line broker’s license, or the equivalent, in the applicant’s home state, and that license is in good standing is deemed qualified and meets the minimum standards of this state for licensing as a nonresident surplus line broker.
(3) Once a person has been issued a nonresident surplus line broker’s license by the commissioner, the licensee must fulfill all the same responsibilities as a resident surplus line broker, except for bonding, and is subject to the (a) commissioner’s supervision as though resident in this state and (b) rules adopted under this chapter.
(4) A nonresident surplus line broker’s license expires if not timely renewed. A nonresident surplus line broker’s license is valid for the time period established by the commissioner unless suspended or revoked at an earlier date. The request and fee for the renewal of the license is the same as the renewal and fee requirements for a resident surplus line broker licensed under RCW 48.15.070.
(5) Each licensed nonresident surplus line broker, by application for and issuance of a license, is deemed to have appointed the commissioner as the surplus line broker’s attorney to receive service of legal process issued against the surplus line broker in this state upon causes of action arising within this state. Service upon the commissioner as attorney constitutes effective legal service upon the surplus line broker.
(a) The appointment of the commissioner as attorney is irrevocable, binds any successor in interest or to the assets or liabilities of the surplus line broker, and remains in effect for as long as there could be any cause of action against the surplus line broker arising out of the surplus line broker’s insurance transactions in this state.
(b) Service of legal process must be accomplished and processed in the manner prescribed in RCW 48.02.200.
NOTES:
Effective date—2017 c 49: See note following RCW 48.15.070.
Effective date—2010 c 18: See note following RCW 48.15.070.
Effective date—2009 c 162: See note following RCW 48.03.020.