RCW 48.06.170
Procedure on failure to complete organization or to qualify.
The commissioner shall withdraw all funds held in escrow and refund to subscribers or applicants all sums paid in on stock or syndicate subscriptions, less that part of such sums paid in on subscriptions as has been allowed and used for promotion and organization expenses, and all sums paid in on insurance applications, and shall dissolve the proposed insurer, corporation or syndicate if
(1) the proposed insurer, corporation or syndicate fails to complete its organization and obtain full payment for subscriptions and applications, and, if an insurer, it fails to secure its certificate of authority, all before expiration of the solicitation permit; or
(2) the commissioner revokes the solicitation permit.
[1947 c 79 § .06.17; Rem. Supp. 1947 § 45.06.17.]
Structure Revised Code of Washington
Chapter 48.06 - Organization of Domestic Insurers.
48.06.010 - Types of domestic insurers permitted.
48.06.020 - Assessment mutuals prohibited—Exceptions.
48.06.030 - Solicitation permit.
48.06.040 - Application for solicitation permit.
48.06.050 - Procedure upon application.
48.06.060 - Issuance of permit—Bond.
48.06.070 - Duration of permit—Contents.
48.06.080 - Permit as inducement.
48.06.090 - Solicitors' licenses.
48.06.100 - Modification, revocation of permit.
48.06.110 - Bond—Cash deposit.
48.06.130 - Liability of organizers—Organization expense.
48.06.150 - Payment for subscriptions—Forfeiture.
48.06.160 - Insurance applications—Mutual and reciprocal insurers.
48.06.170 - Procedure on failure to complete organization or to qualify.
48.06.180 - Subsequent financing.