2012 Revised Code of Washington
Title 48 - INSURANCE
48.07 Domestic insurers -- Powers.
48.07.050 Directors -- Qualifications -- Removal.
RCW 48.07.050 Directors — Qualifications — Removal.
Not less than three-fourths of the directors of an incorporated domestic insurer shall be United States or Canadian citizens, and a majority of the board of directors of a mutual life insurer shall be residents of this state. The directors of a domestic insurer or domestic insurance holding corporation may be removed with cause by a vote of a majority of its voting capital stock or members (if a mutual insurer) at a valid meeting and said directors may be removed without cause by a vote of sixty-seven percent of its voting capital stock or members (if a mutual insurer) at a valid meeting.
[1989 c 24 § 1; 1985 c 364 § 3; 1957 c 193 § 21; 1947 c 79 § .07.05; Rem. Supp. 1947 § 45.07.05.]
Notes:
| Severability -- 1985 c 364: See note following RCW 48.07.030.
|
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