Revised Code of Washington
Chapter 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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