Washington Code 48.92.090 – Purchasing groups — Dealing with foreign insurers — Deductible or self-insured retention — Aggregate limits
Current as of: 2023 | Check for updates
|
Other versions
(1) A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed insurance producer acting pursuant to the surplus lines laws and regulations of that state.
Terms Used In Washington Code 48.92.090
- 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 purchasing group that obtains liability insurance from an insurer not admitted in this state or a risk retention group shall inform each of the members of the group that have a risk resident or located in this state that the risk is not protected by an insurance insolvency guaranty fund in this state, and that the risk retention group or insurer may not be subject to all insurance laws and rules of this state.
(3) No purchasing group may purchase insurance providing for a deductible or self-insured retention applicable to the group as a whole; however, coverage may provide for a deductible or self-insured retention applicable to individual members.
(4) Purchases of insurance by purchasing groups are subject to the same standards regarding aggregate limits that are applicable to all purchases of group insurance.
NOTES:
Severability—Effective date—2008 c 217: See notes following RCW 48.03.020.