SHB 1060 — Concerning reorganization of domestic mutual insurers.

What this bill does

Permits a mutual insurer to reorganize into a mutual holding company. Establishes a mutual holding company structure, outlines the steps required for a mutual insurer to convert to a mutual holding company, and establishes requirements of reorganization plans. Provides the Office of the Insurance Commissioner with the regulatory authority to review and approve all potential mutual insurer reorganizations.

From the Washington State Legislature's nonpartisan staff bill analysis. Read the full analysis ↗

Floor votes

• House — 3rd Reading & Final Passage · February 13, 2023
  96 yea · 0 nay · 2 not voting
• Senate — 3rd Reading & Final Passage · March 22, 2023
  48 yea · 1 nay

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