H-2300.1          _______________________________________________

                            SUBSTITUTE HOUSE BILL 1972

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State of Washington              52nd Legislature             1991 Regular Session

By House Committee on Financial Institutions & Insurance (originally sponsored by Representatives Zellinsky, Mielke, Heavey, Day, Paris, Schmidt, Prince, Scott and Holland).

Read first time March 6, 1991.  Allowing surrender charges and forfeiture charges when issuing an insurance policy.

     AN ACT Relating to insurance; and adding a new section to chapter 48.18 RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.  A new section is added to chapter 48.18 RCW to read as follows:

     The provisions of RCW 48.30.190 notwithstanding, an insurer may issue life insurance policies or annuity contracts incorporating surrender, forfeiture, or similar charges which comply with chapters 48.23 and 48.76 RCW, and other applicable provisions of this title.