| Passed by the Senate March 11, 2003 YEAS 49 ________________________________________ President of the Senate Passed by the House April 14, 2003 YEAS 93 ________________________________________ Speaker of the House of Representatives | I, Milton H. Doumit, Jr., Secretary of the Senate of the State of Washington, do hereby certify that the attached is SUBSTITUTE SENATE BILL 5616 as passed by the Senate and the House of Representatives on the dates hereon set forth. ________________________________________ Secretary | |
| Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
| State of Washington | 58th Legislature | 2003 Regular Session |
READ FIRST TIME 02/24/03.
AN ACT Relating to insurer foreign investments; and amending RCW 48.13.180.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 48.13.180 and 1947 c 79 s .13.18 are each amended to
read as follows:
(1) An insurer authorized to transact insurance in a foreign
country may invest any of its funds, in aggregate amount not exceeding
its deposit and reserve obligations incurred in such country, in
securities of or in such country possessing characteristics and of a
quality similar to those required pursuant to this chapter for
investments in the United States.
(2) Subject to the limitations in this chapter, an insurer may
invest any of its funds, in an aggregate amount not exceeding ((five))
ten percent of its assets, in addition to any amount permitted pursuant
to subsection (1) of this section, in obligations of ((the)) foreign
governments ((of the Dominion of Canada or of Canadian)) including
provinces ((or)), counties, municipalities, or similar entities, and in
obligations and securities of ((Canadian)) foreign corporations, which
have not been in default during the five years next preceding date of
acquisition, and ((which are otherwise of equal quality to like United
States public or corporate securities as prescribed in this chapter))
if the foreign jurisdiction has a sovereign debt rating of SVO 1.
However, an investment made in any one foreign country pursuant to this
subsection shall not exceed five percent of the insurer's assets.