The definitions in this section apply throughout RCW 48.13.450 through 48.13.475 unless the context clearly requires otherwise.

     (1) "Broker" means a broker as defined in RCW 62A.8-102(1)(c).

     (2) "Clearing corporation" means a depository corporation which maintains a book entry accounting system and which meets the requirements of RCW 62A.8-102(1)(e).

     (3) "Commissioner" means the insurance commissioner of the state of Washington.

     (4) "Federal reserve book-entry securities system" means the computerized systems sponsored by the United States department of the treasury and certain agencies and instrumentalities of the United States for holding and transferring securities of the United States government and such agencies and instrumentalities, respectively, and managed by the federal reserve system for participating financial institutions.

     (5) "Participating financial institution" means a depositary financial institution such as a national bank, state bank, savings and loan, credit union, or trust company that is:

     (a) Authorized to participate in the federal reserve book-entry system; and

     (b) Licensed by the United States or the banking authorities in its state of domicile and is regularly examined by the licensing authority.

     (6) "Qualified custodian" means either a participating financial institution or a clearing corporation, or both. A qualified custodian does not include a broker.

     (7) "Securities" means instruments as defined in RCW 62A.8-102(1)(o).

[2000 c 221 § 1.]