H-2036.1 _______________________________________________
HOUSE BILL 2144
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State of Washington 55th Legislature 1997 Regular Session
By Representatives Smith, L. Thomas, Wolfe, Sullivan, Wensman and Anderson
Read first time 02/24/97. Referred to Committee on Financial Institutions & Insurance.
AN ACT Relating to the insurance commissioner's designated depositary; and amending RCW 48.16.070.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 48.16.070 and 1985 c 264 s 6 are each amended to read as follows:
The commissioner may designate any solvent trust company or other
solvent financial institution having trust powers ((domiciled in this state,))
as the commissioner's depositary to receive and hold any deposit of
securities. Any deposit so held shall be at the expense of the insurer. Any
solvent financial institution ((domiciled in this state)) having
trust powers, the deposits of which are insured by the Federal Deposit
Insurance Corporation ((or the Federal Savings and Loan Insurance
Corporation)), may be designated as the commissioner's depositary to
receive and hold any deposit of funds. All funds deposited shall be fully
insured by the Federal Deposit Insurance Corporation ((or the Federal
Savings and Loan Insurance Corporation)). For purposes of this section,
"solvent financial institution" means any national or state-chartered
commercial bank or trust company, savings bank, or savings association, or
branch or branches thereof, having trust powers located in this state and
lawfully engaged in business.
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