Revised Code of Washington - RCW Title 48 Insurance - Chapter 48.13 Investments

  • 48.13.010 Scope of chapter -- Eligible investments
    (1) Investments of domestic insurers shall be eligible to be held as assets only as prescribed in this chapter. (2) Any particular investment of a ...
  • 48.13.020 General qualifications
    (1) No security or other investment shall be eligible for purchase or acquisition under this chapter unless it is interest bearing or interest accruing or ...
  • 48.13.030 Limitation on securities of one entity or a depository institution
    (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 ...
  • 48.13.040 Public obligations
    An insurer may invest any of its funds in bonds or other evidences of debt, not in default as to principal or interest, which are ...
  • 48.13.050 Corporate obligations
    Except as set forth in RCW 48.13.273, an insurer may invest any of its funds in obligations other than those eligible for investment under RCW ...
  • 48.13.060 Terms defined
    (1) Certain terms used are defined for the purposes of this chapter as follows: (a) "Obligation" includes bonds, debentures, notes or other evidences of indebtedness. ...
  • 48.13.070 Securities of merged or reorganized institutions
    In applying the earnings test set forth in RCW 48.13.060 to any such institution, whether or not in legal existence during the whole of such ...
  • 48.13.080 Preferred or guaranteed stocks
    (1) An insurer may invest any of its funds, in an aggregate amount not exceeding ten percent of its assets, if a life insurer, or ...
  • 48.13.090 Trustees' or receivers' obligations
    An insurer may invest any of its funds, in an aggregate amount not exceeding two percent of its assets, in certificates, notes, or other obligations ...
  • 48.13.100 Equipment trust certificates
    An insurer may invest any of its funds, in an aggregate amount not exceeding ten percent of its assets, in equipment trust obligations or certificates ...
  • 48.13.110 Mortgages, deeds of trust, mortgage bonds, notes, contracts
    An insurer may invest any of its funds in: (1)(a) Bonds or evidences of debt which are secured by first mortgages or deeds of trust ...
  • 48.13.120 Investments limited by property value
    (1) An investment made pursuant to the provisions of RCW 48.13.110 shall not exceed seventy-five percent of the fair value of the particular property at ...
  • 48.13.125 Mortgage loans on one family dwellings -- Limitation on amortization
    Loans on one family dwellings secured by mortgages or deeds of trust or investments therein shall be amortized within not more than thirty years and ...
  • 48.13.130 "Encumbrance" defined
    (1) Real property shall not be deemed to be encumbered within the meaning of RCW 48.13.110 by reason of the existence of: (a) Instruments reserving ...
  • 48.13.140 Appraisal of property -- Insurance -- Limit of loan
    (1) The fair value of property shall be determined by appraisal by a competent appraiser at the time of the acquisition of real property or ...
  • 48.13.150 Auxiliary chattel mortgages
    (1) In connection with a mortgage loan on the security of real property designed and used primarily for residential purposes only, acquired pursuant to RCW ...
  • 48.13.160 Real property owned -- Home office building
    (1) An insurer may own and invest or have invested in its home office and branch office buildings any of its funds in aggregate amount ...
  • 48.13.170 Disposal of real property -- Time limit
    (1) Real property acquired by an insurer pursuant to paragraph (a) of subsection (3) of RCW 48.13.160 shall be disposed of within five years after ...
  • 48.13.180 Foreign securities
    (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 ...
  • 48.13.190 Policy loans
    A life insurer may loan to its policyholder upon the pledge of the policy as collateral security, any sum not exceeding the legal reserve maintained ...
  • 48.13.200 Savings and share accounts
    An insurer may invest or deposit any of its funds in share or savings accounts of savings and loan associations, or in savings accounts of ...
  • 48.13.210 Insurance stocks
    (1) An insurer other than a life insurer may invest a portion of its surplus funds in an aggregate amount not exceeding fifty percent of ...
  • 48.13.218 Limitation on insurer loans or investments
    (1) Notwithstanding RCW 48.13.220 and 48.13.240, an insurer may not loan or invest its funds in common stock, preferred stock, debt obligations, and other securities ...
  • 48.13.220 Common stocks -- Investment -- Acquisition -- Engaging in certain businesses
    (1) After satisfying the requirements of RCW 48.13.260, an insurer may invest any of its funds in common shares of stock in solvent United States ...
  • 48.13.230 Collateral loans
    An insurer may loan its funds upon the pledge of securities or evidences of debt eligible for investment under this chapter. As at date made, ...
  • 48.13.240 Miscellaneous investments
    (1) An insurer may loan or invest its funds in an aggregate amount not exceeding the lesser of the following sums: Ten percent of its ...
  • 48.13.250 Special consent investments
    Upon advance approval of the commissioner and in compliance with RCW 48.13.020, an insurer may make any investment or kind of investment or exchange of ...
  • 48.13.260 Required investments for capital and reserves
    (1) An insurer shall invest and keep invested its funds aggregating in amount, if a stock insurer, not less than one hundred percent of its ...
  • 48.13.265 Investments secured by real estate -- Amount restricted
    An insurer shall not invest or have invested at any one time more than sixty-five percent of its assets in investments in real estate, real ...
  • 48.13.270 Prohibited investments
    An insurer shall not, except with the commissioner's approval in advance, invest in or loan its funds upon the security of, or hold: (1) Issued ...
  • 48.13.273 Acquisition of medium and lower grade obligations -- Definitions -- Limitations -- Rules
    (1) As used in this section: (a) "Lower grade obligations" means obligations that are rated four, five, or six by the securities valuation office. (b) ...
  • 48.13.275 Obligations rated by the securities valuation office
    An insurer may invest its funds in obligations rated by the securities valuation office. Investments in obligations that are rated one or two by the ...
  • 48.13.280 Securities underwriting, agreements to withhold or repurchase, prohibited
    No insurer shall (1) participate in the underwriting of the marketing of securities in advance of their issuance or enter into any transaction for such ...
  • 48.13.285 Derivative transactions -- Restrictions -- Definitions -- Rules
    (1) An insurer may, directly or indirectly through an investment subsidiary, engage in derivative transactions under this section under the following conditions: (a) An insurer ...
  • 48.13.290 Disposal of ineligible property or securities
    (1) Any ineligible personal property or securities acquired by an insurer may be required to be disposed of within the time not less than six ...
  • 48.13.340 Authorization of investments
    No investment, loan, sale or exchange thereof shall, except as to the policy loans of a life insurer, be made by any domestic insurer unless ...
  • 48.13.350 Record of investments
    (1) As to each investment or loan of the funds of a domestic insurer a written record in permanent form showing the authorization thereof shall ...
  • 48.13.360 Investments of foreign and alien insurers
    The investments of a foreign or alien insurer shall be as permitted by the laws of its domicile but shall be of a quality substantially ...
  • 48.13.450 Safeguarding securities -- Definitions
    The definitions in this section apply throughout RCW 48.13.450 through 48.13.475 unless the context clearly requires otherwise. (1) "Agent" means a national bank, state bank, ...
  • 48.13.455 Safeguarding securities -- Deposit in a clearing corporation -- Certificates -- Records
    Notwithstanding any other provision of law, a domestic insurance company may deposit or arrange for the deposit of securities held in or purchased for its ...
  • 48.13.460 Safeguarding securities -- Authorized methods of holding securities
    The following are the only authorized methods of holding securities: (1) A domestic insurance company may hold securities in definitive certificates; (2) A domestic insurance ...
  • 48.13.465 Safeguarding securities -- Requirement to receive a confirmation
    A domestic insurance company using the methods of holding securities under RCW 48.13.460 (2) or (3) is required to receive a confirmation from: (1) The ...
  • 48.13.470 Safeguarding securities -- Broker executing a trade -- Time limits
    (1) A broker executing a securities trade pursuant to an order from a domestic insurance company shall send confirmation to the domestic insurance company or ...
  • 48.13.475 Safeguarding securities -- Maintenance with a custodian -- Commissioner may order transfer -- Challenge to order -- Standing at hearing or for judicial review
    (1) Notwithstanding the maintenance of securities with a custodian pursuant to agreement, if the commissioner: (a) Has reasonable cause to believe that the domestic insurer: ...
  • 48.13.480 Safeguarding securities -- Insurance company's securities -- Written agreement with custodian -- Required terms
    (1) An insurance company may, by written agreement with a custodian, provide for the custody of its securities with that custodian. The securities that are ...
  • 48.13.490 Safeguarding securities -- Rules
    The commissioner may adopt rules governing the deposit by insurance companies of securities with clearing corporations, including establishing standards for national banks, state banks, trust ...

Last modified: April 7, 2009