Washington Code 48.37.090 – Market conduct oversight personnel
Current as of: 2023 | Check for updates
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(1) Market conduct oversight personnel shall be qualified by education, experience, and, where applicable, professional designations. The commissioner may supplement the in-house market conduct oversight staff with qualified outside professional assistance if the commissioner determines that the assistance is necessary.
Terms Used In Washington Code 48.37.090
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Grantor: The person who establishes a trust and places property into it.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Oversight: Committee review of the activities of a Federal agency or program.
(2) Market conduct oversight personnel have a conflict of interest, either directly or indirectly, if they are affiliated with the management of, and have, within five years of any market conduct action, been employed by, or own a pecuniary interest in the insurer, subject to any examination under this chapter. This section shall not be construed to automatically preclude an individual from being:
(a) A policyholder or claimant under an insurance policy;
(b) A grantor of a mortgage or similar instrument on the individual’s residence from a regulated entity, if done under customary terms and in the ordinary course of business;
(c) An investment owner in shares of regulated diversified investment companies; or
(d) A settlor or beneficiary of a “blind trust” into which any otherwise impermissible holdings have been placed.
[ 2007 c 82 § 11.]