S-1376.1
SENATE BILL 5838
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State of Washington | 64th Legislature | 2015 Regular Session |
By Senators Chase and Hasegawa
Read first time 02/05/15. Referred to Committee on Financial Institutions & Insurance.
AN ACT Relating to mutual insurers; adding a new section to chapter
48.09 RCW; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. A new section is added to chapter 48.09 RCW to read as follows:
A domestic mutual insurer may not redomesticate to another state. A domestic mutual insurer may (1) convert to a domestic stock insurer and distribute ownership equities to policyholders as provided by this title, and (2) as a domestic stock insurer redomesticate to another state.
NEW SECTION. Sec. 2. This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately.
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