WSR 05-02-075

PERMANENT RULES

OFFICE OF

INSURANCE COMMISSIONER

[ Insurance Commission Matter No. R 2004-06 -- Filed January 4, 2005, 4:34 p.m. , effective February 4, 2005 ]


Purpose: The purpose of this rule making is to correct a reference and make the regulation more clear.

Citation of Existing Rules Affected by this Order: Amending WAC 284-13-580.

Statutory Authority for Adoption: RCW 48.02.060, 48.12.154.

Adopted under notice filed as WSR 04-19-143 on September 22, 2004.

Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0.

Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 1, Repealed 0.

Number of Sections Adopted on the Agency's Own Initiative: New 0, Amended 1, Repealed 0.

Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 0, Repealed 0.

Number of Sections Adopted Using Negotiated Rule Making: New 0, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 1, Repealed 0.

Date Adopted: January 4, 2005.

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.]

Washington State Code Reviser's Office