FINAL BILL REPORT

                  HB 1480

                         C 266 L 91

                     Synopsis As Enacted

 

Brief Description:  Allowing reciprocal insurer to affect title to real property.

 

By Representatives R. Meyers, Mielke, Heavey, Broback, Zellinsky and Paris.

 

House Committee on Financial Institutions & Insurance

Senate Committee on Financial Institutions & Insurance

 

Background:  A reciprocal insurer, often referred to as an exchange, is an unincorporated group of persons who join together to insure each other.  The group of persons execute a power of attorney agreement authorizing a person or organization to act as the attorney in fact to transact the day to day business of the group.

 

Summary:  The insurance code provisions governing reciprocal insurers are amended to authorize real estate transactions conducted by and through the reciprocal's attorney in fact.

 

Votes on Final Passage: 

 

House  96   0

Senate 46   0

 

Effective:    July 28, 1991