CERTIFICATION OF ENROLLMENT

HOUSE BILL 2419

Chapter 93, Laws of 2010

61st Legislature
2010 Regular Session



FOREIGN OR ALIEN INSURERS--CERTIFICATE OF AUTHORITY--REQUIREMENTS



EFFECTIVE DATE: 06/10/10

Passed by the House January 28, 2010
  Yeas 97   Nays 0

FRANK CHOPP
________________________________________    
Speaker of the House of Representatives


Passed by the Senate March 3, 2010
  Yeas 45   Nays 0


BRAD OWEN
________________________________________    
President of the Senate
 
CERTIFICATE

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
 
FILED
March 17, 2010







Secretary of State
State of Washington


_____________________________________________ 

HOUSE BILL 2419
_____________________________________________

Passed Legislature - 2010 Regular Session
State of Washington61st Legislature2010 Regular Session

By Representatives Bailey, Nelson, and Kirby

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) A
ny 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
.


         Passed by the House January 28, 2010.
         Passed by the Senate March 3, 2010.
         Approved by the Governor March 17, 2010.
         Filed in Office of Secretary of State March 17, 2010.