|Passed by the House February 14, 2004|
Speaker of the House of Representatives
Passed by the Senate March 4, 2004
President of the Senate
I, Richard Nafziger, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is HOUSE BILL 2817 as passed by the House of Representatives and the Senate on the dates hereon set forth.
Governor of the State of Washington
Secretary of State
State of Washington
|State of Washington||58th Legislature||2004 Regular Session|
Read first time 01/21/2004. Referred to Committee on Financial Institutions & Insurance.
AN ACT Relating to insurance investments in limited liability companies formed to develop real property; and amending RCW 48.13.240.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 48.13.240 and 1982 c 218 s 4 are each amended to read
(1) An insurer may loan or invest its funds in an aggregate amount not exceeding the lesser of the following sums: Ten percent of its assets, or fifty percent of its surplus over its capital and other liabilities, or if a mutual or reciprocal insurer fifty percent of its surplus over minimum required surplus, in loans or investments not otherwise eligible for investment and not specifically prohibited by RCW 48.13.270.
(2) No such loan or investment shall be any item described in RCW 48.12.020.
(3) No such investment in or loan upon the security of any one person or entity shall exceed the amount specified in subsection (1) of this section or one percent of the insurer's assets, whichever is the lesser, except that an investment in a limited liability company formed under chapter 25.15 RCW to develop real property owned by the insurer as permitted by RCW 48.13.160 shall not exceed the lesser of the amount specified in subsection (1) of this section or four percent of the insurer's assets. This subsection (3) shall not apply to an investment in the stock of a subsidiary company.
(4) The insurer shall keep a separate record of all investments acquired under this section.