Washington Code 48.92.050 – Insolvency guaranty fund, participation prohibited — Joint underwriting associations, participation required
Current as of: 2023 | Check for updates
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(1) No risk retention group shall be permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall any risk retention group, or its insureds or claimants against its insureds, receive any benefit from any such fund for claims arising under the insurance policies issued by a risk retention group.
Terms Used In Washington Code 48.92.050
- Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this state. See Washington Code 48.92.020
- Liability: means legal liability for damages including costs of defense, legal costs and fees, and other claims expenses because of injuries to other persons, damage to their property, or other damage or loss to such other persons resulting from or arising out of:
Washington Code 48.92.020Purchasing group: means any group which:
Washington Code 48.92.020Risk retention group: means any corporation or other limited liability association:
Washington Code 48.92.020State: means any state of the United States or the District of Columbia. See Washington Code 48.92.020
(2) A risk retention group shall participate in this state’s joint underwriting associations and mandatory liability pools or plans required by the commissioners.
(3) When a purchasing group obtains insurance covering its members’ risks from an insurer not authorized in this state or a risk retention group, no such risks, wherever resident or located, are covered by an insurance guaranty fund or similar mechanism in this state.
(4) When a purchasing group obtains insurance covering its members’ risks from an authorized insurer, only risks resident or located in this state are covered by the state guaranty fund established in chapter 48.32 RCW.