WSR 16-18-065
PREPROPOSAL STATEMENT OF INQUIRY
OFFICE OF
INSURANCE COMMISSIONER
[Insurance Commissioner Matter No. R 2016-23—Filed September 2, 2016, 9:08 a.m.]
Subject of Possible Rule Making: Service contract providers and protection product guarantee providers.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060 and 48.110.150.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Since the original enactment of chapter 48.110 RCW, there have been several amendments to that chapter, including in the 2016 legislative session. In addition over the years there have been issues that have arisen regarding the requirements for solvency and filings required to be made by service contract providers and protection product guarantee providers to the office of insurance commissioner (OIC). As a result the commissioner will consider adopting rules to clarify some of these requirements, including but not limited to, defining solvency requirements, financial and other filing requirements to be made to OIC, the form of a parental guarantee, and correction of outdated statutory citations in chapter 284-20C WAC.
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 October 21, 2016, to Jim Tompkins, P.O. [Box] 40260, Olympia, WA 98504-0260, e-mail rulescoordinator@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 Jim Tompkins, P.O. [Box] 40260, Olympia, WA 98504-0260, e-mail rulescoordinator@oic.wa.gov, fax (360) 586-3109.
September 2, 2016
Mike Kreidler
Insurance Commissioner