EXPEDITED RULES
INSURANCE COMMISSIONER
Title of Rule and Other Identifying Information: Reinsurance contract.
THIS RULE IS BEING PROPOSED UNDER AN EXPEDITED RULE-MAKING PROCESS THAT WILL ELIMINATE THE NEED FOR THE AGENCY TO HOLD PUBLIC HEARINGS, PREPARE A SMALL BUSINESS ECONOMIC IMPACT STATEMENT, OR PROVIDE RESPONSES TO THE CRITERIA FOR A SIGNIFICANT LEGISLATIVE RULE. IF YOU OBJECT TO THIS USE OF THE EXPEDITED RULE-MAKING PROCESS, YOU MUST EXPRESS YOUR OBJECTIONS IN WRITING AND THEY MUST BE SENT TO Kacy Scott, Insurance Commissioner, P.O. Box 40255, Olympia, WA 98504-0255 , AND RECEIVED BY November 23, 2004.
Purpose of the Proposal and Its Anticipated Effects, Including Any Changes in Existing Rules: The purpose of this proposed rule making is to correct a reference and make the regulation more clear.
Reasons Supporting Proposal: The commissioner is committed to the review of existing regulations to improve the clarity and efficiency of Title 284 WAC. The OIC received a rule-making petition by Reinsurance Association of America to correct a reference that resulted from the passage of a law in 1997.
Statutory Authority for Adoption: RCW 48.02.060, 48.12.154.
Statute Being Implemented: RCW 48.12.162.
Rule is not necessitated by federal law, federal or state court decision.
Name of Proponent: Mike Kreidler, Insurance Commissioner, governmental.
Name of Agency Personnel Responsible for Drafting: Jim Tompkins, P.O. Box 40255, Olympia, WA 98504, (360) 725-7218; Implementation and Enforcement: Jim Odiorne, P.O. Box 40255, Olympia, WA 98504, (360) 725-7214.
September 22, 2004
Mike Kreidler
Insurance Commissioner
OTS-7539.1
AMENDATORY SECTION(Amending Order R 93-6, filed 9/1/93,
effective 10/2/93)
WAC 284-13-580
Reinsurance contract.
((Credit will not
be granted to a ceding insurer for reinsurance effected with
assuming insurers meeting the requirements of this regulation
or otherwise in compliance with RCW 48.12.160 after the
adoption of this regulation unless)) The reinsurance agreement
between any ceding insurer claiming credit for reinsurance and
an assuming insurer that meets the requirements of this
regulation or is in compliance with RCW 48.12.160 and
48.12.162 must include:
(1) ((Includes)) A proper insolvency clause pursuant to
RCW ((48.12.160(2))) 48.12.162 (1)(b); and
(2) ((Includes)) A provision ((whereby the)) stating that
an unauthorized assuming insurer((, if an unauthorized
assuming insurer,)):
(a) Has submitted to the jurisdiction of an alternative
dispute resolution panel or court of competent jurisdiction
within the United States((,));
(b) Has agreed to comply with all requirements necessary
to give such court or panel jurisdiction((,));
(c) Has designated an agent upon whom service of process
may be effected((,)); and
(d) Has agreed to abide by the final decision of such court or panel.
[Statutory Authority: RCW 48.02.060 and 48.12.160. 93-19-002 (Order R 93-6), § 284-13-580, filed 9/1/93, effective 10/2/93.]