Washington Code 48.97.005 – Definitions
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Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.
Terms Used In Washington Code 48.97.005
- 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.
- 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
(1) “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners.
(2) “Control” or “controlled by” has the meaning ascribed in RCW 48.31B.005(3).
(3) “Controlled insurer” means a licensed insurer that is controlled, directly or indirectly, by a broker.
(4) “Controlling producer” means a producer who, directly or indirectly, controls an insurer.
(5) “Licensed insurer” or “insurer” means a person, firm, association, or corporation licensed to transact property and casualty insurance business in this state. The following, among others, are not licensed insurers for purposes of this chapter:
(a) Risk retention groups as defined in the Superfund Amendments Reauthorization Act of 1986, P.L. 99-499, 100 Stat. 1613 (1986), the Risk Retention Act, 15 U.S.C. § 3901 et seq. (1982 Supp. 1986), and chapter 48.92 RCW;
(b) Residual market pools and joint underwriting associations; and
(c) Captive insurers. For the purposes of this chapter, captive insurers are insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks to member organizations or group members, or both, and their affiliates.
(6) “Producer” means an insurance broker or brokers or any other person, firm, association, or corporation when, for compensation, commission, or other thing of value, the person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of an insurance contract on behalf of an insured other than the person, firm, association, or corporation.
NOTES:
Effective dates—2015 c 122: See note following RCW 48.31B.005.
Severability—Effective date—2008 c 217: See notes following RCW 48.03.020.