Wash. Admin. Code § 284-155-025 - Indemnity requirements for discount plan organizations
(1) A discount plan organization providing a
surety bond to protect the financial interests of Washington members must name
the state of Washington as the obligee, but the bond will be for the benefit of
the Washington members who have purchased the discount plan.
(2) All surety bonds obtained by discount
plan organizations for the purpose of complying with their financial
responsibility under this section must operate to ensure Washington consumers
provision of all terms of their discount plan membership, including
refunds.
(3) A discount plan
organization, in lieu of a surety bond, may provide a deposit in trust with the
commissioner to protect the financial interests of Washington members as set
forth in RCW 48.155.040.
(a) The deposit in trust must be in cash or
other investments specifically authorized and eligible for investment pursuant
to chapter 48.13
RCW.
(b) All deposits and
withdrawals must be made by using forms found on the commissioner's web site at
www.insurance.wa.gov.
Notes
Statutory Authority: RCW 48.155.007 and 48.02.060. 09-22-064 (Matter No. R 2009-10), § 284-155-025, filed 11/2/09, effective 12/3/09.
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