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Can you summarize Chapter 48.31B WARC?
INSURANCE > Insurer holding company act.
Short Summary
The Insurer Holding Company Act, governed by the Revised Code of Washington, applies to various entities such as insurers, fraternal benefit societies, health care service contractors, health maintenance organizations, self-funded multiple employer welfare arrangements, and persons in the process of organizing to become insurers or related entities. The act defines key terms and provides criteria for determining an internationally active insurance group. It governs the ability of domestic insurers to organize or acquire subsidiaries, outlines authorized investments, and allows investments in subsidiaries engaged in the ownership and management of authorized assets. The act also regulates the control of insurers, requiring filings for tender offers or divestment of interests, and granting the commissioner the authority to approve or disapprove mergers or acquisitions. It establishes penalties for non-compliance and grants jurisdiction to the courts of Washington over violations. The act further addresses the registration and disclosure requirements for insurers in an insurance holding company system, as well as transactions within such systems. It provides standards for fair and reasonable terms, charges, and fees, and outlines notification requirements for various types of transactions. The act also governs the examination of insurers, participation in supervisory colleges, confidentiality of information obtained during examinations or investigations, and the commissioner’s authority to adopt rules and seek injunctions. It establishes penalties for violations, including fines, license suspension or revocation, and imprisonment. The act also addresses the commissioner’s authority to take possession of a domestic insurer’s property in case of violation or threat to its financial condition. Additionally, it governs the recovery of distributions or payments in the event of liquidation or rehabilitation, and provides for the suspension, revocation, or refusal to renew an insurer’s license. The act allows for administrative and judicial review of the commissioner’s actions and provides for the citation of the act as the Insurer Holding Company Act.
Whom does it apply to?
Insurers, fraternal benefit societies, health care service contractors, health maintenance organizations, self-funded multiple employer welfare arrangements, persons in the process of organizing to become insurers or related entities
What does it govern?
Insurer Holding Company Act
What are exemptions?
Agencies, authorities, or instrumentalities of the United States, its possessions and territories, the commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state
What are the Penalties?
No specific penalties are mentioned in these documents
Jurisdiction
Washington