48.13.465 - Safeguarding securities -- Requirement to receive a confirmation. - Washington Statutes

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 custodian whenever securities are received or surrendered pursuant to the domestic insurance company's instructions to a securities broker; or

     (2) The securities broker provided that the domestic insurance company has given the custodian and the securities broker matching instructions authorizing the transaction, which have been confirmed by the custodian prior to surrendering funds or securities to conduct the transaction.

[2008 c 234 § 4; 2000 c 221 § 4.]