48.35.120 - Trusteed assets -- Examination -- Commissioner's approval of assignment or transfer.

Trusteed assets — Examination — Commissioner's approval of assignment or transfer.

(1) The commissioner may examine trusteed assets of any insurer at any time in accordance with the same conditions and procedures governing the examination of insurers provided in chapter 48.03 RCW.

     (2) The depositing insurer shall not assign or transfer, voluntarily, involuntarily, or by operation of law, all or a part of its interest in the trusteed assets without the prior written approval of the commissioner, and a transfer or assignment occurring without approval is void. The assignee or transferee of the trusteed assets shall irrevocably and automatically assume all of the obligations and liabilities of the assignor or transferor.

[1991 c 268 § 12.]