H-4417.1          _______________________________________________

                            SUBSTITUTE HOUSE BILL 2719

                  _______________________________________________

State of Washington              52nd Legislature             1992 Regular Session

By House Committee on Financial Institutions & Insurance (originally sponsored by Representatives R. Meyers, Paris and Anderson)

Read first time 02/03/92.  Permitting certain transactions by insurance agent-brokers.

     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 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.