Updating contact information
WAC 284-17-005 (leg.wa.gov) says you have 30 days to update contact information if there are any changes to your:
- Business addresses.
You are required to respond
If we send you any inquiry, you have 15 days to respond. See RCW 48.17.475 (leg.wa.gov).
You have 30 days to report any criminal or administrative actions taken against your business by any other regulatory agency. See RCW 48.17.597 (leg.wa.gov).
If your business is selling insurance for companies it is not appointed to represent, it must have a bond in favor of the People of Washington.
Notification of security breach
Any breaches involving an insured client's personal or health information require you to notify our office in writing within two business days after informing the client.
Designated Responsible Licensed Person (DRLP)
Maintain an active Designated Responsible Licensed Person (DRLP). This person is responsible for the business entity’s compliance with the insurance laws and rules of this state. See RCW 48.17.090 (3)(b) (leg.wa.gov).
The DRLP must also be affiliated with the business entity. See WAC 284-17-473 (leg.wa.gov).
Required disclosure for charging fees
Prior to charging fees, disclose it in writing to your client and obtain their agreement and signature on a disclosure form. See WAC 284-30-750 (leg.wa.gov).
If you are receiving a commission and charging a fee, you must disclose:
- The fee being charged.
- The commission being earned (in dollars).
- The full name of the company paying the commission.
- An explanation of any offset of the fee, if appropriate.
- The possibility of contingent commissions, if appropriate.