| Passed by the House January 28, 2010 Yeas 97 FRANK CHOPP ________________________________________ Speaker of the House of Representatives Passed by the Senate March 3, 2010 Yeas 45 BRAD OWEN ________________________________________ President of the Senate | I, Barbara Baker, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is HOUSE BILL 2419 as passed by the House of Representatives and the Senate on the dates hereon set forth. BARBARA BAKER ________________________________________ Chief Clerk | |
| Approved March 17, 2010, 2:15 p.m. CHRISTINE GREGOIRE ________________________________________ Governor of the State of Washington | March 17, 2010 Secretary of State State of Washington |
| State of Washington | 61st Legislature | 2010 Regular Session |
Prefiled 12/07/09. Read first time 01/11/10. Referred to Committee on Financial Institutions & Insurance.
AN ACT Relating to the exemption to the three-year active transacting requirement for foreign or alien insurer applicants; and amending RCW 48.05.105.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 48.05.105 and 1967 c 150 s 2 are each amended to read
as follows:
(1) No certificate of authority shall be granted to a foreign or
alien applicant that has not actively transacted for three years the
classes of insurance for which it seeks to be admitted((; except, the
foregoing shall)).
(2) Subsection (1) of this section does not apply to the following:
(a) Any subsidiary of a seasoned, reputable insurer that has held
a certificate of authority in this state for at least three years; or
(b) Any applicant that:
(i) Has surplus of not less than twenty-five million dollars; and
(ii) Has made a deposit with the commissioner in the amount of one
million dollars for the sole benefit of the applicant's Washington
policyholders.
(3) The commissioner shall release the deposit to an authorized
insurer who originally met the requirement in subsection (2)(b)(ii) of
this section, in accordance with chapter 48.16 RCW, if:
(a) The certificate of authority was issued at least three years
prior to application for release of the deposit; and
(b) The insurer is in good standing with the commissioner.