CERTIFICATION OF ENROLLMENT

HOUSE BILL 1296

Chapter 21, Laws of 2001

57th Legislature

2001 Regular Session

DEPOSITORY INSTITUTIONS‑‑INSURERS

                    EFFECTIVE DATE:  7/22/01

Passed by the House March 9, 2001   Yeas 98   Nays 0 CLYDE BALLARD Speaker of the House of Representatives FRANK CHOPP Speaker of the House of Representatives Passed by the Senate April 4, 2001   Yeas 47   Nays 0 ROSA FRANKLIN President of the Senate	CERTIFICATE We, Timothy A. Martin and Cynthia Zehnder, Co‑Chief Clerks of the House of Representatives of the State of Washington, do hereby certify that the attached is HOUSE BILL 1296 as passed by the House of Representatives and the Senate on the dates hereon set forth. CYNTHIA ZEHNDER Chief Clerk TIMOTHY A. MARTIN Chief Clerk
Approved April 13, 2001. GARY LOCKE Governor of the State of Washington	FILED April 13, 2001 ‑ 10:24 a.m. Secretary of State State of Washington

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                          HOUSE BILL 1296

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Passed Legislature ‑ 2001 Regular Session

State of Washington      57th Legislature     2001 Regular Session

By Representatives Hatfield, Benson and McIntire; by request of Insurance Commissioner

Read first time 01/23/2001.  Referred to Committee on Financial Institutions & Insurance.

Restricting the investment of insurers in depository institutions or any company which controls a depository institution.    

    AN ACT Relating to restricting the investment of insurers in depository institutions or any company which controls a depository institution; and amending RCW 48.13.030.

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

    Sec. 1.  RCW 48.13.030 and 1993 c 92 s 1 are each amended to read as follows:

(1) Except as set forth in RCW 48.13.273, an insurer shall not, except with the consent of the commissioner, have at any time any combination of investments in or loans upon the security of the obligations, property, and securities of any one person, institution, or municipal corporation aggregating an amount exceeding four percent of the insurer's assets.  This section shall not apply to investments in, or loans upon the security of general obligations of the government of the United States or of any state of the United States, nor to investments in foreign securities pursuant to ((subsection (1) of)) RCW 48.13.180(1), nor include policy loans made pursuant to RCW 48.13.190.

(2) An insurer shall not, except with the consent of the commissioner, have at any time investments in the voting securities of a depository institution or any company which controls a depository institution aggregating an amount exceeding five percent of the insurer's admitted assets.

    Passed the House March 9, 2001.

    Passed the Senate April 4, 2001.

Approved by the Governor April 13, 2001.

    Filed in Office of Secretary of State April 13, 2001.