WSR 08-12-097




[ Insurance Commissioner Matter No. R 2008-18 -- Filed June 4, 2008, 9:11 a.m. ]

Subject of Possible Rule Making: The commissioner will consider adopting rules to implement HB 3011 relating to the safeguarding of securities owned by insurers.

Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.13.490 (as amended by chapter 234, Laws of 2008) provides the authority to adopt rules relating to safeguarding of insurer securities of domestic insurers.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The commissioner will consider rules to implement RCW 48.13.450 through 48.13.475 as amended by chapter 234, Laws of 2008, and section 7, chapter 234, Laws of 2008, that allows the commissioner to adopt rules governing the deposit by insurance companies of securities with clearing corporations, including establishing standards for national banks, state banks, trust companies, and broker/dealers to qualify as custodians for insurance company securities.

Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: None.

Process for Developing New Rule: Please submit written comments by July 18 to Kacy Scott, P.O. Box 40255, Olympia, WA 98504-0255, e-mail, 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 40255, Olympia, WA 98504-0255, e-mail, fax (360) 586-3109.

June 4, 2008

Mike Kreidler

Insurance Commissioner

Washington State Code Reviser's Office