RCW 48.17.480
Reporting and accounting for premiums.
(1) An insurance producer, title insurance agent, or any other representative of an insurer involved in the procuring or issuance of an insurance contract shall report to the insurer the exact amount of consideration charged as premium for such contract, and such amount shall likewise be shown in the contract and in the records of the insurance producer, title insurance agent, or other representative. Each willful violation of this provision is a misdemeanor.
(2) All funds representing premiums or return premiums received by an insurance producer or title insurance agent shall be so received in the insurance producer's or title insurance agent's fiduciary capacity, and shall be promptly accounted for and paid to the insured, insurer, title insurance agent, or insurance producer as entitled thereto.
(3) Any person licensed under this chapter who receives funds which belong to or should be paid to another person as a result of or in connection with an insurance transaction is deemed to have received the funds in a fiduciary capacity. The licensee shall promptly account for and pay the funds to the person entitled to the funds.
(4) Any insurance producer, title insurance agent, adjuster, or other person licensed under this chapter who, not being lawfully entitled thereto, diverts or appropriates funds received in a fiduciary capacity or any portion thereof to his or her own use, is guilty of theft under chapter 9A.56 RCW.
[ 2007 c 117 § 26; 2003 c 53 § 269; 1988 c 248 § 12; 1947 c 79 § .17.48; Rem. Supp. 1947 § 45.17.48.]
NOTES:
Intent—Effective date—2003 c 53: See notes following RCW 2.48.180.
Structure Revised Code of Washington
Chapter 48.17 - Insurance Producers, Title Insurance Agents, and Adjusters.
48.17.062 - Insurance producer license not required under chapter 117, Laws of 2007.
48.17.063 - Unlicensed activities—Acts committed in this state—Sanctions.
48.17.090 - Application for license—Commissioner's findings.
48.17.110 - Examination of applicants—Exemptions—Rules.
48.17.125 - Examination questions—Confidentiality—Penalties.
48.17.150 - Continuing education courses and requirements—Rules.
48.17.153 - Agents selling federal flood insurance policies—Training requirements.
48.17.160 - Appointment of agents—Approval—Termination—Fees.
48.17.173 - Nonresident license request—Conditions for approval—Service of legal process.
48.17.175 - In-state applicant has license in another state.
48.17.180 - Doing business under any name other than legal name.
48.17.250 - Insurance producer's bond.
48.17.270 - Insurance producer as insurer's agent—Compensation—Disclosure.
48.17.380 - Adjusters—Application form—Qualifications for license—Bond.
48.17.390 - Independent, public, or crop adjusters—Separate licenses.
48.17.410 - Authority of adjuster.
48.17.430 - Public adjuster's bond.
48.17.450 - Place of business.
48.17.460 - Display of license.
48.17.470 - Records of insurance producers, title insurance agents, adjusters.
48.17.475 - Licensee to reply promptly to inquiry by commissioner.
48.17.480 - Reporting and accounting for premiums.
48.17.490 - Must be licensed to receive a commission, service fee, or other valuable consideration.
48.17.510 - Temporary licenses—Restrictions—Commissioner's discretion.
48.17.535 - License or certificate suspension—Noncompliance with support order—Reissuance.
48.17.540 - Procedure to suspend, revoke, or refuse—Effect of conviction of felony.
48.17.550 - Duration of suspension.
48.17.560 - Fines may be imposed.
48.17.563 - Insurance education providers—Commissioner's approval—Renewal fee.
48.17.565 - Insurance education providers—Violations—Costs awarded.
48.17.568 - Insurance education providers—Bond.
48.17.591 - Termination of agency contract—Effect on insured—Definition—Application of section.
48.17.600 - Separation of premium funds.
48.17.901 - Effective date—2007 c 117.
48.17.902 - Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.