Washington Code 70A.325.020 – Pollution liability insurance program trust account
Current as of: 2023 | Check for updates
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(1) The pollution liability insurance program trust account is established in the custody of the state treasurer.
Terms Used In Washington Code 70A.325.020
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Statute: A law passed by a legislature.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(a) The following moneys must be deposited in the account:
(i) All moneys specified in RCW 82.23A.020 for deposit into the account;
(ii) All moneys appropriated to carry out the purposes of this chapter and all premiums collected for reinsurance under this chapter; and
(iii) All moneys specified in RCW 70A.545.080.
(b) Except as provided in chapter 70A.345 RCW, expenditures from the account must be used exclusively for:
(i) The purposes of this chapter, including payment of costs of administering the pollution liability insurance program and emergency program; and
(ii) The purposes of chapter 70A.545 RCW, including, but not limited to, establishing and administering the state financial assurance program for petroleum underground storage tanks authorized by chapter 70A.545 RCW.
(c) Expenditures for payment of administrative and operating costs of the agency are subject to the allotment procedures under chapter 43.88 RCW and may be made only after appropriation by statute. No appropriation is required for other expenditures from the account.
(2) Each calendar quarter, the director shall report to the insurance commissioner the loss and surplus reserves required for the calendar quarter. The director shall notify the department of revenue of this amount by the 15th day of each calendar quarter.
[ 2023 c 170 § 18. Prior: 2020 c 156 § 4; 2020 c 20 § 1383; 2019 c 413 § 7034; prior: 2016 sp.s. c 35 § 6013; 2016 c 161 § 15; 2013 2nd sp.s. c 4 § 993; 2012 1st sp.s. c 3 § 1; 2006 c 276 § 1; 2005 c 518 § 942; 1999 c 73 § 1; 1998 c 245 § 114; 1991 sp.s. c 13 § 90; 1991 c 4 § 7; 1990 c 64 § 3; 1989 c 383 § 3. Formerly RCW 70.148.020.]
NOTES:
Effective date—2019 c 413: See note following RCW 28B.15.210.
Effective date—2016 sp.s. c 35: See note following RCW 28B.10.027.
Effective dates—2013 2nd sp.s. c 4: See note following RCW 2.68.020.
Effective date—2005 c 518: See note following RCW 28A.600.110.
Effective dates—Severability—1991 sp.s. c 13: See notes following RCW 18.08.240.