HOUSE  BILL  ANALYSIS

                 ON

             HB 2144

Brief Description: Designating depositories.

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BACKGROUND:   The insurance commissioner may designate any solvent trust company or financial institution domiciled in Washington State as a depository to hold deposits of securities for the commissioner.  All funds deposited must be insured by the Federal Deposit Insurance Corporation.

SUMMARY:  Solvent financial institution means any national or state-chartered bank or trust company, savings bank, or branches of these institutions.  The financial institution need not be domiciled in Washington State, but must have trust powers in Washington.

     Fiscal Note: Not requested.

Effective Date: Ninety days after adjournment of the session in which the bill passes.

Rulemaking: Not addressed.