H-4459              _______________________________________________

                                          SUBSTITUTE HOUSE BILL NO. 2515

                        _______________________________________________

State of Washington                               51st Legislature                              1990 Regular Session

By House Committee on Financial Institutions & Insurance (originally sponsored by Representatives P. King, Winsley, Baugher, Chandler, Zellinsky, Beck, Crane and Inslee)

Read first time 2/2/90.

AN ACT Relating to the maintenance and investment of assets by reciprocal insurance exchanges; and adding a new section to chapter 48.10 RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.  A new section is added to chapter 48.10 RCW to read as follows:

          A reciprocal insurer may purchase, sell, mortgage, encumber, lease, or otherwise affect the title to real property for the purposes and objects of the reciprocal insurer.  All deeds, notes, mortgages, or other documents relating to the real property may be executed in the name of the reciprocal insurer by its attorney.