The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.
(1) "Affiliate" means an entity directly or indirectly controlling, controlled by, or under common control with another entity, such as a parent or a subsidiary corporation. "Affiliate" also means any person that holds an insured interest because that person has or had an employment or sales contract with an insured person.
(2) "Captive owner" means one of the following:
(a) An entity that is organized under Title 23B, 24, or 25 RCW, or analogous provisions of the law of another state or territory; or
(b) A public institution of higher education.
(3) "Casualty insurance" has the same meaning as "general casualty insurance" as defined in RCW 48.11.070.
(4) "Control" means possession of the power to direct the management and policies of an entity through ownership of voting securities, by contract, or otherwise.
(5) "Eligible captive insurer" means an insurance company with the following characteristics:
(a) It is wholly or partially owned by a captive owner;
(b) It insures risks of the captive owner, the captive owner's other affiliates, or both;
(c) One or more of its insureds have their principal place of business in Washington;
(d) It has assets that exceed its liabilities by at least $1,000,000 and has the ability to pay its debts as they come due, both as verified by audited financial statements prepared by an independent certified accountant; and
(e) It is licensed as a captive insurer by the jurisdiction in which it is domiciled.
(6) "Property insurance" has the same meaning as in RCW 48.11.040.
(7) "Public institution of higher education" means an institution of higher education as defined in RCW 28B.10.016.
[ 2021 c 281 § 2.]
NOTES:
Effective date—2021 c 281: See note following RCW 48.201.010.