RCW 48.155.110
411 words·~2 min read·
/wa/title-48/chapter-48-155/48-155-110·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)If the information required in subsection
(2)of this section is not provided at the time of renewal of a license under RCW 48.155.020 , a discount plan organization shall file an annual report with the commissioner in the form prescribed by the commissioner no later than March 31st of the following year.
(2)The annual report must be filed with the commissioner, accompanied by the twenty dollar annual reporting fee to be deposited into the general fund. The annual report must include:
(a)Audited financial statements prepared in accordance with generally accepted accounting principles certified by an independent certified public accountant, including the organization's balance sheet, income statement, and statement of changes in cash flow for the preceding year. However, subject to the approval of the commissioner, an organization that is an affiliate of a parent entity that is publicly traded and that prepares audited financial statements reflecting the consolidated operations of the parent entity may submit the audited financial statement of the parent entity and a written guaranty that the minimum capital requirements required under RCW 48.155.030 will be met by the parent entity instead of the audited financial statement of the organization;
(b)If different from the initial application for a license, or at the time of renewal of a license, or the last annual report, as appropriate, a list of the names and residence addresses of all persons responsible for the conduct of the organization's affairs, together with a disclosure of the extent and nature of any contracts or arrangements with these persons and the discount plan organization, including any possible conflicts of interest;
(c)The number of current members the discount plan organization has in the state; and
(d)Any other information relating to the performance of the discount plan organization that may be required by the commissioner.
(3)Any discount plan organization that fails to file an annual report in the form and within the time required by this section is subject to the following:
(a)Monetary penalties of:
(i)Up to five hundred dollars each day for the first ten days during which the violation continues; and
(ii)Up to one thousand dollars each day after the first ten days during which the violation continues; and
(b)Upon notice by the commissioner, loss, suspension, or revocation of its license and authority to enroll new members or to do business in this state while the violation continues.
[ 2009 c 175 s 14 .]