PREPROPOSAL STATEMENT OF INQUIRY
Subject of Possible Rule Making: Requirements for electronic holding company filings.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060, 48.31B.040, and 48.31C.150.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Domestic insurers and carriers are required to file their financial statements and other reports electronically to the office of insurance commissioner (OIC) as required by WAC 284-07-050 and 284-07-070. These financial statements and other reports are available to the public through the OIC web site. Currently, domestic insurers and carriers and some foreign insurers and carriers are required to file various holding company filings and reports under chapters 48.31B and 48.31C RCW with the OIC in paper format. Paper documents require additional handling and are more difficult to make publicly assessable [accessible]. Electronic filings would replace the paper filings received by the OIC and promote information transparency to agency records by making the information available to the public from the OIC web site.
The commissioner will consider extending the electronic filings requirements to holding company filings and reports by developing the means and procedures for insurers and carriers to file these documents.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: None.
Process for Developing New Rule: Agency study; and by submitting written comments by March 26, 2008, to Kacy Scott, P.O. Box 40258, Olympia, WA 98504-0258, e-mail Kacys@oic.wa.gov, fax (360) 586-3109.
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 40258, Olympia, WA 98504-0258, e-mail Kacys@oic.wa.gov, fax (360) 586-3109.
February 6, 2008