48.13.470 - Safeguarding securities -- Broker executing a trade -- Time limits. - Washington Statutes

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 the clearing corporation confirming the order has been executed within twenty-four hours after order completion.

     (2) A broker may not hold in its own account for longer than seventy-two hours any securities bought or sold pursuant to an order from a domestic insurance company.

[2000 c 221 § 5.]