Washington Administrative Code
Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460)
Chapter 208-512 - Banks and trust companies
Section 208-512-360 - Insurance-related activities - Subsidiary
Universal Citation: WA Admin Code 208-512-360
Current through Register Vol. 24-18, September 15, 2024
(1) A bank may conduct insurance-related activities through a subsidiary of the bank as authorized by RCW 30A.04.125(8) subject to subsection 2 of this section.
(2) A subsidiary of a bank may not engage as a principal in any insurance-related activity that is not permissible for a subsidiary of a national bank unless, consistent with 12 U.S.C. Sec. 1831a.
(a) The
Federal Deposit Insurance Corporation has determined that the activity would
pose no significant risk to the Deposit Insurance Fund;
(b) The bank is, and continues to be, in
compliance with the capital standards required pursuant to 12 U.S.C. Sec. 1831o and as specified in 12 C.F.R. Part 325, or any applicable successor federal
rule; and
(c) If the parent bank is
a Federal Reserve member bank, any additional requirement or restriction
applicable to the subsidiary involving insurance-related activities that the
Board of Governors of the Federal Reserve System may prescribe.
Statutory Authority: RCW 30.04.030 and 43.320.040. 00-17-141, recodified as § 208-512-360, filed 8/22/00, effective 9/22/00. Statutory Authority: RCW 30.04.030. 90-10-074, § 50-12-360, filed 5/2/90, effective 6/2/90.
Disclaimer: These regulations may not be the most recent version. Washington may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
