Wash. Admin. Code § 284-87-165 - Distribution of assets upon dissolution of the association
Current through Register Vol. 22-07, April 1, 2022
If the association is deactivated or dissolved and has a positive asset balance, the excess funds will be distributed in the following order:
(1) For the purchase of prior
acts coverage from the successor insurer for all active licensees insured by
the association.
(2) For the return
of one hundred percent of unearned premium to all active licensees insured by
the association.
(3) For the return
of remaining funds to the member insurers on a pro rata formula, based upon the
total of all assessments paid in throughout the lifetime of the association's
operation. Returns to a member insurer must not exceed the aggregate amount
paid to the association by the member insurer.
(4) For the distribution of any remaining
balance to active licensees insured by the association at the time of
deactivation or dissolution, according to a pro rata formula based upon the
total of all premiums paid to the association. Distribution amounts paid to a
licensee must not exceed the aggregate amount paid to the association by the
licensee. Pro rata amounts of less than twenty-five dollars will not be
returned.
(5) Any remaining balance
will utilized at the discretion of the commissioner.
Notes
Statutory Authority: RCW 48.02.060 and 48.87.100. 10-15-014 (Matter No. R 2010-02), § 284-87-165, filed 7/8/10, effective 8/8/10.
The following state regulations pages link to this page.
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.