CERTIFICATION
OF ENROLLMENT
HOUSE
BILL 2144
Chapter 25, Laws of 1998
55th Legislature
1998 Regular Session
INSURANCE
COMMISSIONER--DESIGNATED DEPOSITARY
EFFECTIVE DATE: 6/11/98
|
Passed by the House February 2,
1998 Yeas 97 Nays 0
 CLYDE
BALLARD
Speaker of the
House of Representatives
Passed by the Senate March 2, 1998
Yeas 45 Nays 0
|
CERTIFICATE
I, Timothy A. Martin, Chief Clerk of the House of Representatives of
the State of Washington, do hereby certify that the attached is HOUSE BILL
2144 as passed by the House of Representatives and the Senate on the
dates hereon set forth.
|
|
IRV NEWHOUSE
President of the Senate
|
 TIMOTHY A. MARTIN
Chief Clerk
|
|
Approved March 12, 1998 Place Style On
Codes above, and Style Off Codes below.
|
FILED
March 12, 1998 - 4:02 p.m.
|
|
|
|
|
GARY LOCKE
Governor of the State of Washington
|
Secretary of State
State of Washington
|
_______________________________________________
HOUSE
BILL 2144
_______________________________________________
Passed
Legislature - 1998 Regular Session
State
of Washington 55th Legislature 1997 Regular Session
By
Read
first time 02/24/97. Referred to Committee on Financial Institutions &
Insurance.
Designating depositaries.
AN
ACT Relating to the insurance commissioner's designated depositary; and
amending RCW 48.16.070.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec.
1. RCW
48.16.070 and 1985 c 264 s 6 are each amended to read as follows:
The
commissioner may designate any solvent trust company or other solvent financial
institution having trust powers ((domiciled in this state,)) as the
commissioner's depositary to receive and hold any deposit of securities. Any
deposit so held shall be at the expense of the insurer. Any solvent financial
institution ((domiciled in this state)) having trust powers, the
deposits of which are insured by the Federal Deposit Insurance Corporation ((or
the Federal Savings and Loan Insurance Corporation)), may be designated as
the commissioner's depositary to receive and hold any deposit of funds. All
funds deposited shall be fully insured by the Federal Deposit Insurance
Corporation ((or the Federal Savings and Loan Insurance Corporation)). For
purposes of this section, "solvent financial institution" means any
national or state-chartered commercial bank or trust company, savings bank, or
savings association, or branch or branches thereof, having trust powers located
in this state and lawfully engaged in business.
Passed the House February 2, 1998.
Passed the Senate March 2, 1998.
Approved by the Governor
March 12, 1998.
Filed
in Office of Secretary of State March 12, 1998.