Washington § 48.13.091 - Prohibited investments.

Full text of Washington Revised Code of Washington § 48.13.091 — Prohibited investments., with citation guidance and answers to common questions.

§ 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 s 10.]

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Frequently Asked Questions About Washington § 48.13.091

What does Revised Code of Washington § 48.13.091 cover?

Section 48.13.091 ("Prohibited investments.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 48.13.091?

A common citation format is "Revised Code of Washington § 48.13.091" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 48.13.091 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Washington.