The grounds for suspension or revocation mentioned in this section are in addition to those mentioned elsewhere in this regulation or in other applicable law or regulation. In addition, a domestic risk retention group is subject to the same sanctions, on the same grounds, as a domestic insurer, including revocation of its certificate of authority. The registration of a risk retention group may be suspended or revoked if:
- (1) Any basis exists on which, if the risk retention group were an authorized insurer, its certificate of authority could be suspended or revoked, under chapter 48.05 RCW or otherwise.
- (2) If the risk retention group has any order of supervision, receivership, conservation, or liquidation, or any order similar to such an order, entered against it in any state or country by a court or insurance commissioner (or equivalent supervisory official); or any such court or official finds that the risk retention group is in a hazardous financial or financially impaired condition.
- (3) If the risk retention group solicits or accepts, or permits the solicitation or acceptance, of insurance applications by anyone not appropriately licensed as an insurance producer or surplus line broker; or does or permits any other act by a person not appropriately licensed as an insurance producer or surplus line broker, if that act may be performed only by one so licensed.
- (4) An order is entered by a court enjoining the risk retention group from soliciting or selling insurance, or operating.
- (5) If the risk retention group fails to respond fully, accurately, and in writing to an inquiry of the commissioner.
[Statutory Authority: RCW 48.02.060 (3)(a) and 48.17.010(5). WSR 11-01-159 (Matter No. R 2010-09), § 284-92-440, filed 12/22/10, effective 1/22/11. Statutory Authority: RCW 48.02.060 and 48.92.140. WSR 93-19-006 (Order R 93-10), § 284-92-440, filed 9/1/93, effective 10/2/93.]