Life Insurance in the State of Washington

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The state of Washington is a mid-sized state, ranked 18th in the US for area and ranked 13th for population. The state does not have an income tax, but the sales tax is between 8 and 9 percent. Industries within Washington include the design and manufacture of jet aircraft, computer software development, electronics, biotechnology, aluminum production, lumber and wood products, mining, and tourism.

In the life insurance business, 481 life insurers are licensed to do business in Washington. Of these, 10 are domiciled in the state. According to the American Council of Life Insurers, Washington residents own 2 million individual life insurance policies, with coverage averaging $140,000 per policyholder.

Washington has several military installations which means that insurance companies offering insurance on a military installation in Washington need to abide by Subsection 12(a) of the Military Personnel Financial Services Protection Act (Pub. L. No. 109-290 passed in 2006). Under this Act, an insurer "is prohibited, after September 1, 2007, from entering into or renewing a contractual relationship with an agent or other person who sells life insurance on a military installation, unless the insurer has implemented a system to report disciplinary actions taken by the insurer, or any federal or state government entity against its agents for conduct occurring on a military installation."

Washington Office Responsible for Life Insurance

Washington's Commissioner of Insurance is responsible for ensuring that consumers can choose the best life insurance company possible, and that companies licensed to do business in Washington comply with all applicable laws.

The website offers summaries of the various types of insurance, laws and regulations, and a consumer page where people can lodge a complaint against a company if necessary.

If an insurance company has been declared insolvent, policyholders may still be able to receive benefits by contacting the Washington Life & Health Insurance Guaranty Association, which was created by a statute in 1971. If a member company goes bankrupt, they will meet its liabilities.

The legal statutes that regulate life insurance are defined in Washington's Title 48. These regulations cover every step in the life insurance process from how companies are licensed to how they must conduct their business.

Contacting the Washington Commissioner of Insurance