(1) All policies issued by the association must have liability limits of at least one million dollars per claim and three million dollars per annual aggregate, or other minimum level of mandated coverage as determined by the department of health, and shall be issued for a term of one year.
(2) Premiums must be based on the association's rate filings approved by the commissioner in accordance with chapter 48.19
RCW. The rate filings shall provide for modification of rates for licensees according to the type, size, and past loss experience of each licensee, and any other differences among licensees that can be demonstrated to have a probable effect upon losses.
(3) Consistent with the nonprofit character of the association, rates for policies issued by the association must be set so that the expected profit (that is, premiums plus investment income minus the sum of expenses and losses) is zero.
(4) The association is exempt from the requirements of WAC 284-24-065
[Statutory Authority: RCW 48.02.060
. WSR 10-15-014 (Matter No. R 2010-02), § 284-87-100, filed 7/8/10, effective 8/8/10. Statutory Authority: RCW 48.02.060
. WSR 94-13-006 (Order R 94-11) , § 284-87-100, filed 6/2/94, effective 7/3/94. Statutory Authority: RCW 48.02.060
. WSR 94-02-053 (Order R 93-18), § 284-87-100, filed 12/30/93, effective 1/30/94.]