Washington § 48.23.370 - Duties of insurer issuing both participating and nonparticipating policies — Rules.

Full text of Washington Revised Code of Washington § 48.23.370 — Duties of insurer issuing both participating and nonparticipating policies — Rules., with citation guidance and answers to common questions.

§ 48.23.370. Duties of insurer issuing both participating and nonparticipating policies — Rules.

(1) A life insurer issuing both participating and nonparticipating policies shall maintain records which segregate the participating from the nonparticipating business and clearly show the profits and losses upon each such category of business.
(2) For the purposes of such accounting the insurer shall make a reasonable allocation as between the respective such categories of the expenses of such general operations or functions as are jointly shared. Any allocation of expense as between the respective categories shall be made upon a reasonable basis, to the end that each category shall bear a just portion of joint expense involved in the administration of the business of such category.
(3) No policy hereafter delivered or issued for delivery in this state shall provide for, and no life insurer or representative shall hereafter knowingly offer or promise payment, credit or distribution of participating "dividends," "earnings," "profits," or "savings," by whatever name called, to participating policies out of such profits, earnings or savings on nonparticipating policies.
(4) The commissioner may promulgate rules for the purpose of assuring the equitable treatment of all policyholders so that one group of policyholders shall not support or be supported by another group of policyholders.
[ 1982 c 181 s 13; 1965 ex.s. c 70 s 22.]

Notes

Severability—1982 c 181: See note following RCW 48.03.010.

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

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Frequently Asked Questions About Washington § 48.23.370

What does Revised Code of Washington § 48.23.370 cover?

Section 48.23.370 ("Duties of insurer issuing both participating and nonparticipating policies — Rules.") 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 § 48.23.370?

A common citation format is "Revised Code of Washington § 48.23.370" (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 § 48.23.370 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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