Washington § 48.10.340 - Impairment of assets — Procedure.

Full text of Washington Revised Code of Washington § 48.10.340 — Impairment of assets — Procedure., with citation guidance and answers to common questions.

§ 48.10.340. Impairment of assets — Procedure.

(1) If the assets of a domestic reciprocal insurer are at any time insufficient to discharge its liabilities other than any liability on account of funds contributed by the attorney, and to maintain the surplus required for the kinds of insurance it is authorized to transact, its attorney shall forthwith levy an assessment upon subscribers made subject to assessment by the terms of their policies for the amount needed to make up the deficiency.
(2) If the attorney fails to make the assessment within thirty days after the commissioner orders him or her to do so, or if the deficiency is not fully made up within sixty days after the date the assessment was made, the insurer shall be deemed insolvent and shall be proceeded against as authorized by this code.
(3) If liquidation of such an insurer is ordered, an assessment shall be levied upon the subscribers for such an amount, subject to limits as provided by this chapter, as the commissioner determines to be necessary to discharge all liabilities of the insurer, exclusive of any funds contributed by the attorney, but including the reasonable cost of the liquidation.
[ 2009 c 549 s 7050; 1947 c 79 s .10.34; Rem. Supp. 1947 s 45.10.34.]

Source: official Washington text · Last verified 2026-08-27

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Frequently Asked Questions About Washington § 48.10.340

What does Revised Code of Washington § 48.10.340 cover?

Section 48.10.340 ("Impairment of assets — Procedure.") 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 § 48.10.340?

A common citation format is "Revised Code of Washington § 48.10.340" (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 § 48.10.340 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.

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