Z-531 _______________________________________________
SENATE BILL NO. 5689
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State of Washington 51st Legislature 1989 Regular Session
By Senators von Reichbauer, Moore, Sellar and McMullen; by request of Department of Labor and Industries and State Investment Board
Read first time 2/2/89 and referred to Committee on Financial Institutions & Insurances.
AN ACT Relating to industrial insurance premiums investment policy; and amending RCW 43.33A.110.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. Section 11, chapter 3, Laws of 1981 as last amended by section 1, chapter 130, Laws of 1988 and RCW 43.33A.110 are each amended to read as follows:
The state
investment board may make appropriate rules and regulations for the performance
of its duties. The board shall establish investment policies and procedures
designed exclusively to maximize return at a prudent level of risk. However,
((until July 1, 1989,)) in the case of the department of labor and
industries' accident, medical aid, and reserve funds, the board shall establish
investment policies and procedures designed to attempt to limit fluctuations in
industrial insurance premiums and, subject to this purpose, to maximize return
at a prudent level of risk. The board shall adopt rules to ensure that its
members perform their functions in compliance with chapter 42.18 RCW. Rules
adopted by the board shall be adopted pursuant to chapter ((34.04)) 34.05
RCW.