Washington § 48.94.015 - Written authorization required between a reinsurance intermediary-broker and an insurer — Minimum provisions.

Full text of Washington Revised Code of Washington § 48.94.015 — Written authorization required between a reinsurance intermediary-broker and an insurer — Minimum provisions., with citation guidance and answers to common questions.

§ 48.94.015. Written authorization required between a reinsurance intermediary-broker and an insurer — Minimum provisions.

Brokers transactions between a reinsurance intermediary-broker and the insurer it represents in such capacity may be entered into only under a written authorization, specifying the responsibilities of each party. The authorization must, at a minimum, provide that:
(1) The insurer may terminate the reinsurance intermediary-broker's authority at any time.
(2) The reinsurance intermediary-broker shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by, or owing, to the reinsurance intermediary-broker, and remit all funds due to the insurer within thirty days of receipt.
(3) All funds collected for the insurer's account must be held by the reinsurance intermediary-broker in a fiduciary capacity in a bank that is a qualified United States financial institution as defined in this chapter.
(4) The reinsurance intermediary-broker will comply with RCW 48.94.020.
(5) The reinsurance intermediary-broker will comply with the written standards established by the insurer for the cession or retrocession of all risks.
(6) The reinsurance intermediary-broker will disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.
[ 1993 c 462 s 25.]

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Frequently Asked Questions About Washington § 48.94.015

What does Revised Code of Washington § 48.94.015 cover?

Section 48.94.015 ("Written authorization required between a reinsurance intermediary-broker and an insurer — Minimum provisions.") 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 § 48.94.015?

A common citation format is "Revised Code of Washington § 48.94.015" (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.

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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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