RCW 48.17.600
Separation of premium funds. (Effective
until July 1, 2009.)
(1) All funds representing premiums or
return premiums received by an agent, solicitor or broker in his
or her fiduciary capacity shall be accounted for and maintained
in a separate account from all other business and personal funds.
(2) An agent, solicitor or broker shall not commingle or
otherwise combine premiums with any other moneys, except as
provided in subsection (3) of this section.
(3) An agent, solicitor or broker may commingle with premium
funds any additional funds as he or she may deem prudent for the
purpose of advancing premiums, establishing reserves for the
paying of return premiums, or for any contingencies as may arise
in his or her business of receiving and transmitting premium or
return premium funds.
(4) Each willful violation of this section shall constitute
a misdemeanor.
(5) This section shall not apply to agents for title
insurance companies or insurance brokers whose average daily
balance for premiums received on behalf of insureds in the state
of Washington equals or exceeds one million dollars.
[1988 c 248 § 15; 1986 c 69 § 1.]
NOTES:
Effective date -- 1986 c 69: "This act shall take effect on January 1, 1987." [1986 c 69 § 2.]
RCW 48.17.600
Separation of premium funds. (Effective July
1, 2009.)
(1) All funds representing premiums or return premiums
received by an insurance producer or title insurance agent in the
insurance producer's or title insurance agent's fiduciary
capacity shall be accounted for and maintained in a separate
account from all other business and personal funds.
(2) An insurance producer or title insurance agent shall not
commingle or otherwise combine premiums with any other moneys,
except as provided in subsection (3) of this section.
(3) An insurance producer or title insurance agent may
commingle with premium funds any additional funds as the
insurance producer or title insurance agent may deem prudent for
the purpose of advancing premiums, establishing reserves for the
paying of return premiums, or for any contingencies as may arise
in the insurance producer's or title insurance agent's business
of receiving and transmitting premium or return premium funds.
(4) Each willful violation of this section shall constitute
a misdemeanor.
[2007 c 117 § 33; 1988 c 248 § 15; 1986 c 69 § 1.]
NOTES:
Effective date -- 1986 c 69: "This act shall take effect on January 1, 1987." [1986 c 69 § 2.]