2015 Revised Code of Washington
Title 48 - INSURANCE
48.05A Risk management and solvency assessment.
48.05A.045 Failure to report—Fines.
RCW 48.05A.045 Failure to report—Fines. (Effective January 1, 2016.)
The commissioner must require any insurer failing, without just cause, to file the ORSA summary report as required in this chapter, after notice and hearing, to pay a fine of five hundred dollars for each day's delay, to be recovered by the commissioner and the fine collected must be transferred to the treasurer for deposit into the state general fund. The maximum fine under this section is one hundred thousand dollars. The commissioner may reduce the fine if the insurer demonstrates to the commissioner that the imposition of the fine would constitute a financial hardship to the insurer.
[2015 c 17 § 9.]
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