Unless the context clearly
requires otherwise, the definitions in this section apply
throughout this chapter.
(1) "Actuary" means a person who is a member in good
standing of the American Academy of Actuaries.
(2) "Insurer" means a person having a certificate of
authority in this state as an insurance company under RCW 48.01.050.
(3) "Managing general agent" means:
(a) A person who manages all or part of the insurance
business of an insurer, including the management of a separate
division, department, or underwriting office, and acts as a
representative of the insurer whether known as a managing general
agent, manager, or other similar term, and who, with or without
the authority, either separately or together with affiliates,
produces, directly or indirectly, and underwrites an amount of
gross direct written premium equal to or more than five percent
of the policyholder surplus as reported in the last annual
statement of the insurer in any one quarter or year together with
one or more of the following activities related to the business
produced:
(i) Adjusts or pays claims in excess of an amount to be
determined by the commissioner; or
(ii) Negotiates reinsurance on behalf of the insurer.
(b) Notwithstanding (a) of this subsection, the following
persons may not be managing general agents for purposes of this
chapter:
(i) An employee of the insurer;
(ii) A United States manager of the United States branch of
an alien insurer;
(iii) An underwriting manager who, under a contract, manages
all of the insurance operations of the insurer, is under common
control with the insurer, subject to the insurer holding company
act, chapter 48.31B RCW, and whose compensation is not based on
the volume of premiums written; or
(iv) The attorney-in-fact authorized by and acting for the
subscribers of a reciprocal insurer or interinsurance exchange
under powers of attorney.
(4) "Underwrite" means to accept or reject risks on behalf
of the insurer.
[1993 c 462 § 35.]