CERTIFICATION OF ENROLLMENT

                        HOUSE BILL 2144

                        55th Legislature

                      1998 Regular Session

Passed by the House February 2, 1998  Yeas 97   Nays 0 Speaker of the       House of Representatives Passed by the Senate March 2, 1998   Yeas 45   Nays 0

CERTIFICATE I, Timothy A. Martin, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is HOUSE BILL 2144  as passed by the House of Representatives and the Senate on the dates hereon set forth.

President of the Senate

Chief Clerk

Approved Place Style On Codes above, and Style Off Codes below.

FILED

Governor of the State of Washington

Secretary of State                   State of Washington

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                          HOUSE BILL 2144

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             Passed Legislature - 1998 Regular Session

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.

Designating depositaries.

    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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