Wash. Rev. Code » Title 48 · Chapter 48.12
Revised Code of Washington

Wash. Rev. Code § 48.12.020 (2025)

Nonallowable assets

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In addition to assets impliedly excluded under RCW 48.12.010, the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer:
(1) Goodwill, except in accordance with regulations prescribed by the commissioner, trade names, agency plants and other like intangible assets.
(2) Prepaid or deferred charges for expenses and commissions paid by the insurer.
(3) Advances to officers (other than policy loans or loans made pursuant to RCW 48.07.130), whether secured or not, and advances to employees, agents and other persons on personal security only.
(4) Stock of such insurer, owned by it, or any equity therein or loans secured thereby, or any proportionate interest in such stock through the ownership by such insurer of an interest in another firm, corporation or business unit.
(5) Furniture, furnishings, fixtures, safes, equipment, vehicles, library, stationery, literature, and supplies; except, electronic and mechanical machines authorized by subsection (11) of RCW 48.12.010, or such personal property as the insurer is permitted to hold pursuant to paragraph (e) of subsection (2) of *RCW 48.13.160, or which is acquired through foreclosure of chattel mortgages acquired pursuant to *RCW 48.13.150, or which is reasonably necessary for the maintenance and operation of real estate lawfully acquired and held by the insurer other than real estate used by it for home office, branch office, and similar purposes.
(6) The amount, if any, by which the aggregate book value of investments as carried in the ledger assets of the insurer exceeds the aggregate value thereof as determined under this code.
[ 1982 c 218 s 1; 1963 c 195 s 12; 1947 c 79 s .12.02; Rem. Supp. 1947 s 45.12.02.]

Notes:

*Reviser's note: RCW 48.13.150 and 48.13.160 were repealed by 2011 c 188 s 22, effective July 1, 2012.
Severability—1982 c 218: "If any provision of this amendatory act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected." [ 1982 c 218 s 7.]
Notes of Decisions
Cited in 3 cases, 1994–1995 · leading case: State v. Ager, 128 Wash. 2d 85 (1995).
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State v. Ager, 128 Wash. 2d 85 (1995). · cites it 2× “Instead, Defendants argued that the funds were "advances” and, as such, the appropriations, although made without board approval, were authorized by the insurance code at RCW 48.12.020(3). That statutory provision, which is the only one in the insurance code to mention advances,…”
State v. Ager, 904 P.2d 715 (Wash. 1995). · cites it 2× “Instead, Defendants argued that the funds were "advances" and, as such, the appropriations, although made without board approval, were authorized by the insurance code at RCW 48.12.020(3). That statutory provision, which is the only one in the insurance code to mention advances,…”
State v. Ager, 880 P.2d 1017 (Wash. Ct. App. 1994). · cites it 2× “See RCW 48.12.020(3), which provides that advances to officers (other than policy loans or board-approved loans) are not admissible assets, whether secured or not.”
Wash. Rev. Code § 48.12.020(3): 3 cases
State v. Ager, 128 Wash. 2d 85 (1995). “Instead, Defendants argued that the funds were "advances” and, as such, the appropriations, although made without board approval, were authorized by the insurance code at RCW 48.12.020(3). That statutory provision, which is the only one in the insurance code to mention advances,…”
State v. Ager, 904 P.2d 715 (Wash. 1995). “Instead, Defendants argued that the funds were "advances" and, as such, the appropriations, although made without board approval, were authorized by the insurance code at RCW 48.12.020(3). That statutory provision, which is the only one in the insurance code to mention advances,…”
State v. Ager, 880 P.2d 1017 (Wash. Ct. App. 1994). “See RCW 48.12.020(3), which provides that advances to officers (other than policy loans or board-approved loans) are not admissible assets, whether secured or not.”
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