WASHINGTON STATUTES AND CODES

48.36A.286 - Rehabilitation, liquidation, or conservation of society -- Same as insurance companies -- Priority of distribution of claims.

Rehabilitation, liquidation, or conservation of society — Same as insurance companies — Priority of distribution of claims.

(1) Any rehabilitation, liquidation, or conservation of a domestic fraternal benefit society is the same as the rehabilitation, liquidation, or conservation of an insurance company and shall be conducted under the supervision of the commissioner pursuant to the law governing the rehabilitation, liquidation, or conservation of insurance companies. The commissioner may apply for an order directing the commissioner to rehabilitate, liquidate, or conserve a domestic fraternal benefit society upon any one or more of the following grounds: That the domestic fraternal benefit society:

     (a) Is insolvent; or

     (b) Has ceased transacting insurance business for a period of one year; or

     (c) Is insolvent and has commenced voluntary liquidation or dissolution, or attempts to commence or prosecute any action or proceeding to liquidate its business or affairs, or to dissolve its corporate charter, or to procure the appointment of a receiver, trustee, custodian, or sequestrator under any law except this code; or

     (d) Any of the matters set forth in RCW 48.36A.310.

     (2) The priority of the distribution of claims from a domestic fraternal benefit society's estate shall be as set forth in RCW 48.31.280.

[1996 c 236 § 10.]