1582-S.SL

CERTIFICATION OF ENROLLMENT

SUBSTITUTE HOUSE BILL 1582

Chapter 455, Laws of 1993

53rd Legislature

1993 Regular Session

INSURANCE AGENT-BROKERS‑-PERMITTED TRANSACTIONS

EFFECTIVE DATE: 7/25/93

Passed by the House March 8, 1993

Yeas 97 Nays 0

BRIAN EBERSOLE

Speaker of the

House of Representatives

Passed by the Senate April 16, 1993

Yeas 42 Nays 0

CERTIFICATE

I, Alan Thompson, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is SUBSTITUTE HOUSE BILL 1582 as passed by the House of Representatives and the Senate on the dates hereon set forth.

JOEL PRITCHARD

President of the Senate

ALAN THOMPSON

Chief Clerk

Approved May 17, 1993

FILED

May 17, 1993 - 1:51 p.m.

MIKE LOWRY

Governor of the State of Washington

Secretary of State

State of Washington

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SUBSTITUTE HOUSE BILL 1582

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Passed Legislature - 1993 Regular Session

State of Washington 53rd Legislature 1993 Regular Session

By House Committee on Financial Institutions & Insurance (originally sponsored by Representatives Zellinsky, Mielke, R. Meyers, Dellwo, Campbell, Dorn, Dyer and Basich)

Read first time 02/24/93.

AN ACT Relating to permitted transactions by insurance agent-brokers; and amending RCW 48.17.270.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

Sec. 1. RCW 48.17.270 and 1981 c 339 s 13 are each amended to read as follows:

A licensed agent may be licensed as a broker and be a broker as to insurers for which ((he)) the licensee is not then appointed as agent. A licensed broker may be licensed as and be an agent as to insurers appointing ((~~him as~~)) such agent. The sole relationship between a broker and an insurer as to which ((he)) the licensee is appointed as an agent shall, as to transactions arising during the existence of such agency appointment, be that of insurer and agent. In a situation where an insurer has a special arrangement with respect to a particular insurance policy whereby it deals with brokers only, its appointed agents who are also licensed brokers may, with the approval of the insurer, participate in the arrangement and receive a broker's fee therefor, provided there is full disclosure of the facts to the insured or applicant for the insurance.