| Passed by the House February 14, 2004 Yeas 95 ________________________________________ Speaker of the House of Representatives Passed by the Senate March 4, 2004 Yeas 43 ________________________________________ 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. ________________________________________ Chief Clerk | |
| Approved ________________________________________ 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
as follows:
(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.