What statement about 'Stated Premium' as per 48.18.180 is TRUE?

The true statement regarding 'Stated Premium' as defined in Washington's law is that if the premium difference is less than $10, notification is not required. This provision is important as it helps streamline communication in transactions where minor discrepancies in premium amounts occur. By setting a threshold below which notifications are unnecessary, it reduces administrative burden on both brokers and insurers while still maintaining compliance with regulatory requirements.

This regulation encourages brokers to handle minor differences in premium without the need for formal notifications, which can save time and resources. It reflects an understanding that not all premium differences warrant significant administrative response, especially when the variations are minimal and unlikely to impact the overall integrity of the transaction or the insured's coverage.

The other statements in the context do not align with the regulations as accurately or are not applicable under the same section of the law regarding 'Stated Premium.' Thus, option C stands out as the correct answer reflecting a specific operational detail relevant to surplus lines brokers practicing in Washington.