RCW 48.35.010 Application—Definition. This chapter applies to all alien insurers using this state as a state of entry to transact insurance in the United States. For the purposes of this chapter, “alien insurer” has the definition supplied in RCW 48.05.010. [ 1991 c 268 § 1.]
RCW 48.35.020 Deposit required—Amount. (1) An alien insurer may use this state as a state of entry to transact insurance in the United States by maintaining in this state a deposit of assets in a solvent trust company or other solvent financial institution having trust powers domiciled in this state and so designated by the […]
RCW 48.35.030 Deposit required—Duration. The deposit required by this chapter must be for the benefit, security, and protection of the policyholders or creditors, or both, of the insurer in the United States. It shall be maintained as long as there is outstanding any liability of the insurer arising out of its insurance transactions in the […]
RCW 48.35.040 Trusts created before May 17, 1991. All trusts of trusteed assets created before May 17, 1991, must be continued under the instruments creating those trusts. If the commissioner determines that the instruments are inconsistent with the provisions of this chapter, the insurer shall correct those inconsistencies within six months of the commissioner’s determination. […]
RCW 48.35.050 Alien insurer—State authorization required. An alien insurer proposing to use this state as a state of entry to transact insurance in the United States, must be authorized to transact insurance in this state and may make and execute any trust agreement required by this chapter. [ 1991 c 268 § 6.]
RCW 48.35.060 Trusteed assets—Creation—Commissioner’s approval of trust agreement. (1) The alien insurer shall create the trusteed assets required by this chapter under a written trust agreement between the insurer and the trustee, consistent with the provisions of this chapter, and in such form and manner as the commissioner may designate or approve. (2) The agreement […]
RCW 48.35.070 Trust agreement—Amendment. A trust agreement may be amended. However, the amendment is not effective until filed with the commissioner and the commissioner finds and states in writing that the amendment is in compliance with this chapter. [ 1991 c 268 § 7.]
RCW 48.35.080 Trust agreement—Withdrawal of commissioner’s approval. The commissioner may withdraw his or her approval of a trust agreement, or of an amendment to the agreement, if the commissioner determines that the requisites for the approval no longer exist. The determination shall be made after notice and a hearing as provided in chapter 48.04 RCW. […]
RCW 48.35.090 Trust agreement—Vesting of trusteed assets. The trust agreement must provide that title to the trusteed assets vests and remains vested in the trustees and their successors for the purposes of the trust deposit. [ 1991 c 268 § 9.]
RCW 48.35.100 Trusteed assets—Trustee’s records. The trustee shall keep the trusteed assets separate from other assets and shall maintain a record sufficient to identify the trusteed assets at all times. [ 1991 c 268 § 10.]
RCW 48.35.110 Trusteed assets—Trustee’s statements—Commissioner’s approval. (1) The trustee of trusteed assets shall file statements with the commissioner, in a form required by the commissioner, certifying the character and amount of the assets. (2) If the trustee fails to file a requested statement after a reasonable time has expired, the commissioner may suspend or revoke […]
RCW 48.35.120 Trusteed assets—Examination—Commissioner’s approval of assignment or transfer. (1) The commissioner may examine trusteed assets of any insurer at any time in accordance with the same conditions and procedures governing the examination of insurers provided in chapter 48.03 RCW. (2) The depositing insurer shall not assign or transfer, voluntarily, involuntarily, or by operation of […]
RCW 48.35.130 Trusteed assets—Commissioner’s approval of withdrawals. (1) The trust agreement must provide that the commissioner shall authorize and approve in writing all withdrawals of trusteed assets in advance except as follows: (a) Any or all income, earnings, dividends, or interest accumulations of the trusteed assets may be paid over to the United States manager […]
RCW 48.35.140 Trusteed assets—Substitution of trustee. A new trustee may be substituted for the original trustee of trusteed assets in the event of a vacancy or for other proper cause. Any such substitution is subject to the commissioner’s approval. [ 1991 c 268 § 14.]
RCW 48.35.150 Trusteed assets—Compensation and expenses of trustees. The insurer shall provide for the compensation and expenses of the trustees of assets of an alien insurer under this chapter in an amount, or on a basis, as agreed upon by the insurer and the trustees in the trust agreement, subject to the prior approval of […]
RCW 48.35.160 United States manager—Mexican or Canadian insurers. The provisions of this chapter applicable to a United States manager shall, in the case of insurers domiciled in Mexico or Canada, be deemed to refer to the president, vice president, secretary, or treasurer of the Mexican or Canadian insurer. [ 1991 c 268 § 16.]
RCW 48.35.170 Domestication of alien insurer—Commissioner’s approval. (1) Upon compliance with this chapter, an alien insurer authorized to do business in this state may, with the prior written approval of the commissioner, domesticate its United States branch by entering into an agreement in writing with a domestic insurer providing for the acquisition by the domestic […]
RCW 48.35.180 Domestication agreement—Necessary authorization. (1) The domestication agreement shall be authorized, adopted, approved, signed, and acknowledged by the alien insurer in accordance with the laws of the country under which it is organized. (2) In the case of a domestic insurer, the domestication agreement shall be approved, adopted, and authorized by its board of […]
RCW 48.35.190 Domestication agreement—Commissioner’s approval of corporate proceedings. An executed counterpart of the domestication agreement, together with certified copies of the corporate proceedings of the domestic insurer and the alien insurer, approving, adopting, and authorizing the execution of the domestication agreement, shall be submitted to the commissioner for approval. The commissioner shall thereupon consider the […]
RCW 48.35.200 Domestication—When effective—Deposits—Transfer of assets. (1) Upon the filing with the commissioner of a certified copy of the instrument of transfer and assumption pursuant to which a domestic company succeeds to the business and assets of the United States branch of an alien insurer and assumes all its liabilities, the domestication of the United […]
