48.12.158 - Insolvency of non-United States insurer or reinsurer -- Maintenance of assets -- Claims. - Washington Statutes

Insolvency of non-United States insurer or reinsurer — Maintenance of assets — Claims.

Upon insolvency of a non-United States insurer or reinsurer that provides security to fund its United States obligations in accordance with chapter 379, Laws of 1997, the assets representing the security must be maintained in the United States and claims must be filed with and valued by the state insurance commissioner with regulatory oversight, and the assets distributed, in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic United States insurance companies.

[1997 c 379 § 3.]

Notes: Purpose -- Intent -- 1997 c 379: See note following RCW 48.12.156.