Washington Laws, Rules & Regulations Accurate 100%

Broad Powers - ANSWER 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 - ANSWER 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 - ANSWER 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) - ANSWER 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 - ANSWER Insurance - ANSWER An insurance contract is an agreement between a policy owner and an insurer. Insurer - ANSWER An insurer is any person or company engaged as the principal party in the business of entering into insurance contracts. Insurance Transaction - ANSWER 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 - ANSWER 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