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

Wash. Admin. Code § 284-87-165

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.

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