S-3720.1
SENATE BILL 6323
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State of Washington | 64th Legislature | 2016 Regular Session |
By Senator Chase
Read first time 01/15/16. Referred to Committee on Financial Institutions & Insurance.
AN ACT Relating to insurers; adding a new section to chapter
48.31B 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 48.31B RCW to read as follows:
No person, other than the issuer, may make an offer to acquire or enter into any agreement to acquire control of a domestic insurer, incorporated as a nonprofit, if, after consummation thereof, the person would directly or indirectly be in control of the insurer unless (1) the person has filed a notice of intent to acquire with the commissioner at least sixty days prior to the offer or entering into any agreement to acquire control of a domestic insurer; (2) the person has sent to the insurer a statement containing the information required by RCW
48.31B.015; and (3) the agreement or acquisition has been approved by the commissioner as set forth in this chapter.
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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