reglab/housing_qa huggingface dataset:
WA Rev Code § 48.12.465 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.465 - Definitions—Apply to RCW 48.12.460(3).

RCW 48.12.465 Definitions—Apply to RCW 48.12.460(3).(1) For the purposes of RCW 48.12.460(3), a "qualified United States financial institution" means an institution that:(a) Is organized or (in the case of a United States office of a foreign banking organization) licensed, under the laws of the United States or any state thereof;(b) Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and(c) Has been determined by either the commissioner or the securities valuation office of the national association of insurance commissioners to meet the standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner.(2) A "qualified United States financial institution" means, for the purposes of those provisions of this subchapter specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:(a) Is organized, or, in the case of a United States branch or agency office of a foreign banking organization, licensed, under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers; and(b) Is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies.[ 2015 c 63 § 14.]
WA Rev Code § 48.12.470 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.470 - Credit for reinsurance—Accounting or financial statement—After December 31, 1996.

RCW 48.12.470 Credit for reinsurance—Accounting or financial statement—After December 31, 1996.Credit for reinsurance, as either an asset or a deduction, is prohibited in an accounting or financial statement of the ceding insurer in respect to the reinsurance contract unless, in such contract, the reinsurer undertakes to indemnify the ceding insurer against all or a part of the loss or liability arising out of the original insurance. This section only applies to those reinsurance contracts entered into after December 31, 1996.[ 1997 c 379 § 5. Formerly RCW 48.12.164.]NOTES:Purpose—Intent—1997 c 379: "(1) The purpose of this act is to protect the interest of insureds, claimants, ceding insurers, assuming insurers, and the public generally.(2) It is the intent of the legislature to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom they owe obligations.(3) It is also the intent of the legislature to declare that the matters contained in this act are fundamental to the business of insurance and to exercise its powers and privileges under 15 U.S.C. Secs. 1011 and 1012." [ 1997 c 379 § 1.]
WA Rev Code § 48.12.480 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.480 - Rules.

RCW 48.12.480 Rules.The commissioner may adopt rules and regulations implementing the provisions of this subchapter.[ 2015 c 63 § 15.]
WA Rev Code § 48.12.499 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.12 - Assets and Liabilities.|48.12.499 - Application of chapter 63, Laws of 2015.

RCW 48.12.499 Application of chapter 63, Laws of 2015.Chapter 63, Laws of 2015 applies to all cessions after July 24, 2015, under reinsurance agreements that have an inception, anniversary, or renewal date not less than six months after July 24, 2015.[ 2015 c 63 § 16.]
WA Rev Code § 48.13.005 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.13 - Investments.|48.13.005 - Purpose—Application.

RCW 48.13.005 Purpose—Application.(1) The purpose of chapter 188, Laws of 2011 is to protect and to further the interests of insureds, creditors, and the general public by providing, with minimum interference with management initiative and judgment, prudent standards for the development and administration of insurer investment programs.(2) Chapter 188, Laws of 2011 and the rules adopted to interpret and implement it apply to domestic insurers, United States branches of alien insurers entered through this state, alien insurers admitted and using this state as their port of entry, domestic fraternal benefit societies formed pursuant to chapter 48.36A RCW, domestic health care service contractors formed pursuant to chapter 48.44 RCW, domestic health maintenance organizations formed pursuant to chapter 48.46 RCW, and domestic self-funded multiple employer welfare arrangements formed pursuant to chapter 48.125 RCW.(3) Separate accounts established in accordance with RCW 48.18A.020 shall be evaluated separately pursuant to that section.[ 2011 c 188 § 1.]
WA Rev Code § 48.13.031 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.13 - Investments.|48.13.031 - Investment of funds—Board of directors—Judgment and care—Internal controls and procedures.

RCW 48.13.031 Investment of funds—Board of directors—Judgment and care—Internal controls and procedures.(1) Subject to the provisions of this chapter, an insurer may loan or invest its funds, and may buy, sell, hold title to, possess, occupy, pledge, convey, manage, protect, insure, and deal with its investments, property, and other assets to the same extent as any other person or corporation under the laws of this state and of the United States.(2) With respect to all of the insurer's investments, the board of directors of an insurer shall exercise the judgment and care, under the circumstances then prevailing, that persons of reasonable prudence, discretion, and intelligence exercise in the management of a like enterprise, not in regard to speculating but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital. Investments shall be of sufficient value, liquidity, and diversity to assure the insurer's ability to meet its outstanding obligations based on reasonable assumptions as to new business production for current lines of business. As part of its exercise of judgment and care, the board of directors shall take into account the prudence evaluation criteria of RCW 48.13.041.(3) The insurer shall establish and implement internal controls and procedures to assure compliance with investment policies and procedures to assure that:(a) The insurer's investment staff and any consultants used are reputable and capable;(b) A periodic evaluation and monitoring process occurs for assessing the effectiveness of investment policy and strategies;(c) Management's performance is assessed in meeting the stated objectives within the investment policy; and(d) Appropriate analyses are undertaken of the degree to which asset cash flows are adequate to meet liability cash flows under different economic environments. These analyses shall be conducted at least annually and make specific reference to economic conditions.[ 2011 c 188 § 4.]
WA Rev Code § 48.13.041 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.13 - Investments.|48.13.041 - Determining whether an investment portfolio or investment policy is prudent.

RCW 48.13.041 Determining whether an investment portfolio or investment policy is prudent.The following factors shall be evaluated by the insurer and considered along with its business in determining whether an investment portfolio or investment policy is prudent; the commissioner shall consider the following factors prior to making a determination that an insurer's investment portfolio or investment policy is not prudent:(1) General economic conditions;(2) The possible effect of inflation or deflation;(3) The expected tax consequences of investment decisions or strategies;(4) The fairness and reasonableness of the terms of an investment considering its probable risk and reward characteristics and relationship to the investment portfolio as a whole;(5) The extent of the diversification of the insurer's investments among:(a) Individual investments;(b) Classes of investments;(c) Industry concentrations;(d) Dates of maturity; and(e) Geographic areas;(6) The quality and liquidity of investments in affiliates;(7) The investment exposure to the following risks, quantified in a manner consistent with the insurer's acceptable risk level identified in RCW 48.13.051(8):(a) Liquidity;(b) Credit and default;(c) Systemic (market);(d) Interest rate;(e) Call, prepayment, and extension;(f) Currency;(g) Foreign sovereign; and(h) Leverage;(8) The amount of the insurer's assets, capital, and surplus, premium writings, insurance in force, and other appropriate characteristics;(9) The amount and adequacy of the insurer's reported liabilities;(10) The relationship of the expected cash flows of the insurer's assets and liabilities, and the risk of adverse changes in the insurer's assets and liabilities;(11) The adequacy of the insurer's capital and surplus to secure the risks and liabilities of the insurer; and(12) Any other factors relevant to whether an investment is prudent.[ 2011 c 188 § 5.]
WA Rev Code § 48.13.051 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.13 - Investments.|48.13.051 - Written investment policy required—Annual review—Contents.

RCW 48.13.051 Written investment policy required—Annual review—Contents.In acquiring, investing, exchanging, holding, selling, and managing investments, an insurer shall establish and follow a written investment policy that shall be reviewed and approved by the insurer's board of directors at least annually. The content and format of an insurer's investment policy are at the insurer's discretion, but shall include written guidelines appropriate to the insurer's business as to the following:(1) The delegation and monitoring of policies, procedures, and controls covering all aspects of the investing function;(2) Quantified goals and objectives regarding the composition of classes of investments, including maximum internal limits;(3) Periodic evaluation of the investment portfolio as to its risk and reward characteristics. This subsection shall not preclude an insurer from the use of modern portfolio theory to manage its investments;(4) Professional standards for the individuals making day-to-day investment decisions to assure that investments are managed in an ethical and capable manner;(5) The types of investments to be made and those to be avoided, based on their risk and reward characteristics and the insurer's level of experience with the investments;(6) The relationship of classes of investments to the insurer's insurance products and liabilities;(7) The manner in which the insurer intends to implement RCW 48.13.041; and(8) The level of risk, based on quantitative measures, appropriate for the insurer given the level of capitalization and expertise available to the insurer.[ 2011 c 188 § 6.]
WA Rev Code § 48.13.081 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.13 - Investments.|48.13.081 - Investments in securities of different currencies.

RCW 48.13.081 Investments in securities of different currencies.An insurer doing business that requires it to make payment in different currencies shall have investments in securities in each of these currencies in an amount that independently of all other investments meets the requirements of this chapter as applied separately to the insurer's obligations in each currency. The commissioner may by order exempt an insurer, or by rule a class of insurers, from this requirement if the obligations in other currencies are small enough that no significant problem for financial stability would be created by substantial fluctuations in relative currency values.[ 2011 c 188 § 9.]
WA Rev Code § 48.13.091 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.13 - Investments.|48.13.091 - Prohibited investments.

RCW 48.13.091 Prohibited investments.(1)(a) An insurer shall not invest in investments that are prohibited for an insurer by statutes or rules of this state.(b) The use of a derivative instrument for replication, speculative, or for any purposes other than hedging or income generation, is prohibited.(c) Investment in real property for speculative, ranching, farming, mining, gaming, amusement, oil, gas, or mineral exploration, or club purposes, is prohibited.(d) Investment in issued shares of its own capital stock, held directly or indirectly, except for the purpose of mutualization in accordance with RCW 48.08.080, is prohibited.(e) Investment in securities issued by any corporation if a majority of its stock having voting power is owned directly or indirectly by or for the benefit of any one or more of the insurer's officers and directors, is prohibited.(f) Investment in securities issued by any insolvent corporation, is prohibited.(g) Investment in any instrument or security which is found by the commissioner to be designed to evade any limitation or prohibition of this code, is prohibited.(2) A reasonable time, not in excess of five years, shall be allowed for disposal of a prohibited investment in hardship cases if the investment is demonstrated by the insurer to have been legal when made, or the result of a mistake made in good faith, or if the commissioner deems that the sale of the asset would be contrary to the interests of insureds, creditors, or the general public.[ 2011 c 188 § 10.]
WA Rev Code § 48.13.101 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.13 - Investments.|48.13.101 - Satisfaction of the minimum asset requirement—When assets may be counted.

RCW 48.13.101 Satisfaction of the minimum asset requirement—When assets may be counted.(1) Invested assets may be counted toward satisfaction of the minimum asset requirement only so far as they are invested in compliance with this chapter and applicable rules adopted and orders issued by the commissioner pursuant to this chapter. Assets other than invested assets may be counted toward satisfaction of the minimum asset requirement at admitted annual statement value.(2) An investment held as an admitted asset by an insurer on July 1, 2012, which qualified under this chapter shall remain qualified as an admitted asset under this chapter.(3) Assets acquired in the bona fide enforcement of creditors' rights or in bona fide workouts or settlements of disputed claims may be counted for the purposes of subsection (1) of this section for five years after acquisition if real property and three years if not real property, even if they could not otherwise be counted under this chapter. The commissioner may allow reasonable extensions of these periods if replacement of the assets within the periods would not be possible without substantial loss.(4) If an insurer does not own, or is unable to apply toward compliance with this chapter, an amount of assets equal to its minimum asset requirement, the commissioner may deem it to be financially hazardous under chapter 48.31 RCW.[ 2011 c 188 § 11.]
WA Rev Code § 48.13.111 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.13 - Investments.|48.13.111 - Commissioner's powers—Requirements of persons subject to regulation.

RCW 48.13.111 Commissioner's powers—Requirements of persons subject to regulation.(1) The commissioner may require any of the following from a person subject to regulation under this chapter:(a) Statements, reports, answers to questionnaires, and other information, and evidence thereof, in whatever reasonable form the commissioner designates, and at such reasonable intervals as the commissioner chooses;(b) Full explanation of the programming of any data storage or communication system in use;(c) That information from any books, records, electronic data processing systems, computers, or any other information storage system be made available to the commissioner at a reasonable time and in a reasonable manner.(2) The commissioner may prescribe forms for the reports under subsection (1) of this section and specify who shall execute or certify the reports. The forms for the reports required under subsection (1) of this section shall be consistent, so far as practicable, with those prescribed by other jurisdictions.(3) The commissioner may prescribe reasonable minimum standards and techniques of accounting and data handling to ensure that timely and reliable information will exist and will be available to the commissioner.(4) Any officer, manager or general agent of an insurer subject to this chapter, any person controlling or having a contract under which the person has a right to control the insurer, whether exclusively or otherwise, or a person with executive authority over or in charge of any segment of the insurer's affairs, shall reply promptly in writing or in other reasonably designated form, to a written inquiry from the commissioner requesting a reply. A timely response is one that is received by the commissioner within fifteen business days from receipt of the inquiry. Failure to make a timely response constitutes a violation of this section.(5) The commissioner may require that any communication made to the commissioner under this section be verified.(6) A communication to the commissioner, or to an expert or consultant retained by the commissioner, required by the provisions of this chapter shall not subject the person making it to an action for damages for the communication in the absence of actual malice.(7) Notwithstanding the provisions of subsection (6) of this section, the commissioner may bring suit against any person providing information required under this chapter that is not truthful and accurate.[ 2011 c 188 § 12.]
WA Rev Code § 48.13.121 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.13 - Investments.|48.13.121 - Commissioner may retain experts—Insurer's expense.

RCW 48.13.121 Commissioner may retain experts—Insurer's expense.The commissioner may retain at the insurer's expense attorneys, actuaries, accountants, and other experts not otherwise a part of the commissioner's staff as may be reasonably necessary to assist in reviewing the insurer's investments. Persons so retained shall be under the direction and control of the commissioner and shall act in a purely advisory capacity.[ 2011 c 188 § 13.]
WA Rev Code § 48.13.131 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.13 - Investments.|48.13.131 - When investment practices are not in compliance—Commissioner's authority.

RCW 48.13.131 When investment practices are not in compliance—Commissioner's authority.(1) If the commissioner determines that an insurer's investment practices do not meet the provisions of this chapter, the commissioner may, after notification to the insurer of the commissioner's findings, order the insurer to make changes necessary to comply with the provisions of this chapter.(2) If the commissioner determines that by reason of the financial condition, current investment practice, or current investment plan of an insurer, the interests of insureds, creditors, or the general public are or may be endangered, the commissioner may impose reasonable additional restrictions upon the admissibility or valuation of investments or may impose restrictions on the investment practices of an insurer, including prohibition or divestment.(3) The commissioner may count toward satisfaction of the minimum asset requirement any assets in which an insurer is required to invest under the laws of a country other than the United States as a condition for doing business in that country if the commissioner finds that counting them does not endanger the interests of insureds, creditors, or the general public.(4) If the commissioner is satisfied by evidence of the financial stability of an insurer and the competence of management and its investment advisors, the commissioner, after a hearing, may by order adjust the class limitations in RCW 48.13.071, for that insurer, to the extent that the commissioner is satisfied that the interests of insureds, creditors, and the public of this state are sufficiently protected in other ways. Adjustments granted with respect to RCW 48.13.071, in aggregate, are limited to an amount equal to ten percent of the insurer's liabilities.[ 2011 c 188 § 14.]
WA Rev Code § 48.13.141 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.13 - Investments.|48.13.141 - Aggrieved insurer—Request for hearing.

RCW 48.13.141 Aggrieved insurer—Request for hearing.An insurer aggrieved by an order or any other act or failure to act of the commissioner regarding compliance with this chapter or rules adopted under this chapter may request a hearing by following the procedures of chapters 48.04 and 34.05 RCW.[ 2011 c 188 § 15.]
WA Rev Code § 48.13.151 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.13 - Investments.|48.13.151 - Confidentiality of investment policy information.

RCW 48.13.151 Confidentiality of investment policy information.The investment policy, or information related to the investment policy provided to the commissioner for review under this chapter shall be considered confidential and shall not be a public record or subject to subpoena.[ 2011 c 188 § 16.]
WA Rev Code § 48.13.161 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.13 - Investments.|48.13.161 - Chapter prevails over other statutes—Valuation of assets.

RCW 48.13.161 Chapter prevails over other statutes—Valuation of assets.(1) This chapter prevails over any other statute purporting to authorize an insurer to make a particular investment if the other statute was enacted before July 1, 2012, and prevails over any statute enacted after July 1, 2012, unless the latter specifically includes amendments made to this chapter.(2) An insurer shall value its assets in accordance with the valuation standards of the national association of insurance commissioners to the extent those standards are consistent with the statutes of this state or rules or orders of the commissioner.[ 2011 c 188 § 17.]
WA Rev Code § 48.13.171 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.13 - Investments.|48.13.171 - Rule making—Special investment restrictions.

RCW 48.13.171 Rule making—Special investment restrictions.(1) The commissioner may, in accordance with chapter 34.05 RCW, adopt rules interpreting and implementing the provisions of this chapter.(2) The commissioner may, in accordance with chapter 34.05 RCW, adopt special investment restrictions as follows:(a) The commissioner may by rule prescribe for defined classes of insurers special procedural requirements including special reports, prior approval, or subsequent disapproval of investments.(b) The commissioner may by rule prescribe substantive restrictions on investments of defined classes of insurers, including:(i) Specification of classes of assets that may not be counted toward satisfaction of the minimum asset requirement even though they may be counted for unrestricted insurers;(ii) Specification of maximum amounts of assets that may be invested in a single investment, or an issue, a class or a group of classes of investments, expressed as percentages of total assets, capital, surplus, legal reserves, or other variables;(iii) Prescription of qualitative tests for investments and conditions under which investments may be made, including requirements of specified ratings from investment advisory services, listing on specified stock exchanges, collateral, marketability, currency matching, and the financial and legal status of the issuer and its earnings capacity.(3) If the commissioner is satisfied by evidence of the financial stability of an insurer and the competence of management and its investment advisors, the commissioner, after a hearing, may by order grant an exemption to that insurer from any restriction under subsection (2) of this section to the extent that the commissioner is satisfied that the interests of insureds, creditors, and the general public of this state are protected in other ways.[ 2011 c 188 § 18.]