Washington § 48.12.470 - Credit for reinsurance — Accounting or financial statement — After December 31, 1996.

Full text of Washington Revised Code of Washington § 48.12.470 — Credit for reinsurance — Accounting or financial statement — After December 31, 1996., with citation guidance and answers to common questions.

§ 48.12.470. Credit for reinsurance — Accounting or financial statement — After December 31, 1996.

Credit for reinsurance, as either an asset or a deduction, is prohibited in an accounting or financial statement of the ceding insurer in respect to the reinsurance contract unless, in such contract, the reinsurer undertakes to indemnify the ceding insurer against all or a part of the loss or liability arising out of the original insurance. This section only applies to those reinsurance contracts entered into after December 31, 1996.
[ 1997 c 379 s 5. Formerly RCW 48.12.164.]

Notes

Purpose—Intent—1997 c 379: "(1) The purpose of this act is to protect the interest of insureds, claimants, ceding insurers, assuming insurers, and the public generally.
(2) It is the intent of the legislature to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom they owe obligations.
(3) It is also the intent of the legislature to declare that the matters contained in this act are fundamental to the business of insurance and to exercise its powers and privileges under 15 U.S.C. Secs. 1011 and 1012." [ 1997 c 379 s 1.]

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

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Frequently Asked Questions About Washington § 48.12.470

What does Revised Code of Washington § 48.12.470 cover?

Section 48.12.470 ("Credit for reinsurance — Accounting or financial statement — After December 31, 1996.") 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 § 48.12.470?

A common citation format is "Revised Code of Washington § 48.12.470" (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?

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