SENATE BILL NO. 5037
C 024 L 89
State of Washington 51st Legislature 1989 Regular Session
By Senators von Reichbauer, Moore, Johnson, Stratton, Smitherman and West
Read first time 1/11/89 and referred to Committee on Financial Institutions & Insurance.
AN ACT Relating to directors of domestic insurers; and amending RCW 48.07.050.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. Section .07.05, chapter 79, Laws of 1947 as last amended by section 3, chapter 364, Laws of 1985 and RCW 48.07.050 are each amended to read as follows:
Not less than three-fourths of the directors of an incorporated domestic insurer shall be United States or Canadian citizens, and a majority of the board of directors of a mutual life insurer shall be residents of this state. The directors of a domestic insurer or domestic insurance holding corporation may be removed with cause by a vote of a majority of its voting capital stock or members (if a mutual insurer) at a valid meeting and said directors may be removed without cause by a vote of sixty-seven percent of its voting capital stock or members (if a mutual insurer) at a valid meeting.