Full text of Washington Revised Code of Washington § 48.10.070 — Surplus funds required., with citation guidance and answers to common questions.
§ 48.10.070. Surplus funds required.
(1) A domestic reciprocal insurer hereafter formed, if it has otherwise complied with the provisions of this code, may be authorized to transact insurance if it initially possesses surplus in an amount equal to or exceeding the capital and surplus requirements required under RCW
48.05.340(1) plus special surplus, if any, required under *RCW
48.05.360 and thereafter possesses, and maintains surplus funds equal to the paid-in capital stock required under RCW
48.05.340 of a stock insurer transacting like kinds of insurance, and the special surplus, if any, required under *RCW
48.05.360.
(2) A domestic reciprocal insurer which under prior laws held authority to transact insurance in this state may continue to be so authorized so long as it otherwise qualifies therefor and maintains surplus funds in amount not less than as required under laws of this state in force at the time such authority to transact insurance in this state was granted.
(3) A domestic reciprocal insurer heretofore formed shall maintain on deposit with the commissioner surplus funds of not less than the sum of one hundred thousand dollars, and to transact kinds of insurance transacted by it in addition to that authorized by its original certificate of authority, shall have and maintain surplus (including the amount of such deposit) in amount not less than the paid-in capital stock required under RCW
48.05.340(1) plus special surplus, if any, required under *RCW
48.05.360, of a domestic stock insurer formed after 1967 and transacting the same kinds of insurance. Such additional surplus funds need not be deposited with the commissioner.
Notes
Severability—1975 1st ex.s. c 266: See note following RCW
48.01.010.
Frequently Asked Questions About Washington § 48.10.070
What does Revised Code of Washington § 48.10.070 cover?
Section 48.10.070 ("Surplus funds required.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Washington § 48.10.070?
A common citation format is "Revised Code of Washington § 48.10.070" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Washington law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.
How does Washington § 48.10.070 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Washington.
