Washington Laws, Rules and Regulations Latest 2024 Graded A+

Washington Laws, Rules and Regulations Latest 2024 Graded A+ Broad Powers The general powers, duties and responsibilities of the Commissioner include, but are not limited to the following: adopt rules and regulations to enforce provisions of the Insurance Code: conduct examinations, investigations, and hearings to determine whether any person has violated any provisions of the Code; maintain confidentiality of documents, materials, or other information used in regulatory or legal action; issue insurance licenses and certificate of authority, and take action against, fine or suspend the license of any company and/or producers; appoint a Chief Deputy Commissioner to assist the Commissioner, as well as additional deputies. Examination of Records The purpose of the examination is to ensure that the companies remain solvent and conduct business of insurance in compliance with state laws and regulations pertaining to licensing, policy forms, rates, claim and market conduct. Rates and Forms An insurance policy form or written application issued, delivered, or used in this state must be first filed with and approved by the Commissioner. Penalties (COMMISSIONER) The Commissioner has the power to suspend, revoke or refuse to issue or renew a producer license, as well as levy a fine as established by state law for violation in any of the following areas of producer activities: laws, rules, or regulations of the insurance code. Unlicensed Activities Insurance An insurance contract is an agreement between a policy owner and an insurer. Insurer An insurer is any person or company engaged as the principal party in the business of entering into insurance contracts. Insurance Transaction No insurance company or agent may pay a commission, service, or other valuable consideration to a person for selling, soliciting or negotiating insurance in this state if that person is not properly licensed. Authorized vs. Unauthorized Insurers and Certificate of Authority Before an insurer may transact business in a specific state, they must apply for a license, or Certificate of Authority from the state Department of Insurance and meet any financial requirements set down by the state. Each violation constitutes a separate offense punishable by a suspension or revocation of a license, and a maxmium fine of 25,000 Domestic, Foreign, Alien Domestic - in state Foreign - different state Alien - different country or out of contry Fraternals A fraternal benefit society is an organization formed to provide insurance benefits for members or an affiliated lodge, religious organization or fraternal organization with a representative form of government. Fraternals sell only to their members and are considered charitable institutions and not insurers. Persons Required to be licensed I've got this one down already PEACE. Producer The term insurance producer means a person required to be licensed under state law to transact insurance. Temporary The Commissioner may issue a temporary insurance producer license for the servicing of existing business, for a maxmium of 180 days without requiring a written exam to the following individual's - the spouse or representative of a licensed producer who dies or becomes disabled, to allow time for the producers recovery: sale of the business; training and licensing of new personnel to operate the business; a member or employee of a business entity licensed as an insurance producer, in the event of death or disability of an individual that is designated in the business entity application or the license; the designee of a license insurance producer entering active duty in the United States Armed Forces; and any other circumstances deemed fit by the Commissioner. Nonresident A nonresident producer is an individual domiciled and licensed as a resident producer in a state other than Washington. Exemptions An insurance agent license is not required of any officer, director or employee of an insurer or organizations employed by insurers, provided that they are not directly or indirectly involved with the actual sale of an insurance