§ 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 is effective when filed with and approved in writing by the commissioner. The commissioner shall not approve any trust agreement not found to be in compliance with state or federal law or the terms of which do not in fact provide reasonably adequate protection for the insurer's policyholders or creditors, or both, in the United States.
[1991 c 268 § 5.]
Sections: Previous 48.35.010 48.35.020 48.35.030 48.35.040 48.35.050 48.35.060 48.35.070 48.35.080 48.35.090 48.35.100 48.35.110 48.35.120 48.35.130 48.35.140 48.35.150 NextLast modified: April 7, 2009