PREPROPOSAL STATEMENT OF INQUIRY
Subject of Possible Rule Making: (1) Amending testing requirements for surplus line brokers licenses, (2) adding a requirement that a surplus line broker have a property-casualty license as a precondition for applying for a surplus line broker's license (with exceptions for current surplus line brokers), (3) eliminating the experience requirement as a precondition for applying for a surplus line broker's license, and (4) repealing the limited surplus line broker license category.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The amendments will simplify requirements for surplus line brokers and more closely align this state's requirements for holding a surplus line broker's license with national standards. National standards for uniformity and reciprocity in personal qualification, education, training and experience of licensed insurance agents were enacted as part of the Gramm-Leach-Bliley Act at Sections 321 and 322 (P.L. 106-102).
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: None.
Process for Developing New Rule: Submit written comments by March 6, 2008.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Kacy Scott, P.O. Box 40255, Olympia, WA 98504-0255, fax (360) 586-3109, e-mail KacyS@oic.wa.gov.
January 23, 2008