Read first time 01/14/2004.   Referred to Committee on Financial Services, Insurance & Housing.

     AN ACT Relating to the Washington insurance guarantee association act; and creating a new section.

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

NEW SECTION.  Sec. 1   The legislature finds that the policyholders of United States longshore and harbor workers' compensation act insurers are not protected from the insolvency and liquidation of these insurers. The legislature further finds that it is in the best interest of the citizens of this state to provide a mechanism to protect the policyholders from the insolvency of their insurer.
     The insurance commissioner shall create a committee to determine the best method to provide protection to longshore and harbor workers' compensation act insurance policyholders and employees. The committee shall be known as the longshore and harbor workers' compensation act insurance guarantee committee. The committee shall be chaired by the insurance commissioner who shall appoint a member representing each of the following: Labor, the United States longshore and harbor workers' compensation act assigned risk plan, a marine employer, a solvent United States longshore and harbor workers' compensation act insurer, a director of the Washington insurance guaranty association, an agent or broker actively placing risks with a United States longshore and harbor workers' compensation act insurance carrier, and the department of labor and industries as an ex officio member. The committee shall be staffed by the office of the insurance commissioner and meet at the call of the insurance commissioner.
     The committee shall make written recommendations to the legislature before December 1, 2004.