WA Law Rules And Regulations
Pertinent To Insurance Questions And
Answers With Verified Solutions Already
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scope of code - ANSWER✔✔All insurance and insurance transactions in this state.
Public Interest - ANSWER✔✔The business of insurance is one affected by public
interest. All person should act in good faith and abstain from deception.
Examine of Records - ANSWER✔✔IC shall examine each insurer holding a
certificate,rating organizations and examining bureaus at least every 5 years.
IC may accept an audit of out of state insurers from their state of domicile or port-
of-entry state.
IC may examine insurance producers, adjusters or title insurance agents or a person
holding shares or proxies of domestic insurers for the purpose of control of its
management.
IC shall maintain records for public inspection. (Trade secrets are excepted.)
Unlicensed activities - ANSWER✔✔Unlicensed activities are a Class B felony - a
fine of up to $20,000 and 10 years imprisonment.
Civil Penalties - Issue a cease and desist, suspend or revoke, or fine
$25,000/violation.
,Rates & Forms - ANSWER✔✔Most policies must be filed at least 30 days before
use with the IC.
If no action has been taken by the IC, the policy will be deemed approved.
Scope of Code penalties - ANSWER✔✔person violating any provision of this
code guilty of a misdemeanor and upon conviction be fined no less than $10-
$1000, imprisonment nor more the 364 days, or both
Authorized Insurer - ANSWER✔✔must have a certificate stating:
Insurer name
Location of principal office
Kinds of insurance authorized to transact in this state
Unauthorized Insuer - ANSWER✔✔is not considered an insurance transaction.
Doing business as an unauthorized insurer my result in a fine of $25,000.
The IC may enforce the law even if: - ANSWER✔✔the licensed has lapsed:
A revoked/suspended license must be surrendered.
, The IC may place provisions on: - ANSWER✔✔regular reports
the practice to be limited
Renewal of CE credits
What will happen if mangers don't report violations? - ANSWER✔✔license my be
revoked
A license shall be suspended: - ANSWER✔✔for non-compliance of a DSHS order
Suspension penalities - ANSWER✔✔May not exceed 12 months & fine shall be
no more than $1000 per violation. Must be paid within 30 days.
What is Insurance, Insurer, & Issuer? - ANSWER✔✔Insurance: one that
indemnify's another or pays an amount for a future incident.
Insurer: every person that creates insurance contracts.
Issuer- insurer issuing policies.
Insurance Contract - ANSWER✔✔Solicitation, Negotiation, Execution,
Transaction, and Insuring
What is Domestic, Foreign, & Alien insurance - ANSWER✔✔Formed under the
laws of:
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