Unless the context requires otherwise, the following definitions shall apply:
(1) "Claim" means a properly filed request for insurance benefits made by the holder of a pollution liability insurance policy issued by an insurer with whom the pollution liability insurance program has executed a contract for reinsurance.
(2) "Director" means the director of the pollution liability insurance agency and program appointed by the governor pursuant to chapter 70.148
RCW, or a person designated to act on the director's behalf.
(3) "Insurer" means a commercial property and casualty insurance company, risk retention group, or group of insurance companies or risk retention groups.
(4) "Loss reserve" means the amount traditionally set aside by insurers for costs and expenses related to claims that have been made.
(5) "Program" means the pollution liability insurance program created in chapter 70.148
(6) "Surplus reserve" means the amount traditionally set aside by insurers to provide financial protection from unexpected losses and to serve, in part, as a measure of an insurer's net worth.
(7) "Unrestricted trust account balance" means the cash balance in the pollution liability insurance program trust account created in RCW 70.148.020
less reserves established under this chapter.
[Statutory Authority: RCW 70.148.040
. WSR 90-14-020 (Order 90-5), § 374-30-020, filed 6/27/90, effective 8/1/90.]