WSR 08-11-106




[ Insurance Commissioner Matter No. R 2008-15 -- Filed May 20, 2008, 2:27 p.m. ]

Subject of Possible Rule Making: The commissioner will adopt rules to implement RCW 48.31.400 through 48.31.900, administrative supervision of insurers.

Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060, 48.31.435.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: In 2005, the legislature enacted HB 1034 authorizing the commissioner to place an insurer under administrative supervision under specified circumstances. The insurance commissioner is considering the adoption of rules to establish standards for the administrative supervision of an insurer or carrier, requirements for the plan of correction a company must adopt when it is subject to an administrative supervision order, and procedures that an administrative supervisor would follow.

For purposes of these rules, "insurer" is defined at RCW 48.31.020(1) and 48.31.021. The statutes related to administrative supervision of insurers and which will be implemented by the rules, can be found at RCW 48.31.400 through 48.31.900.

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 July 3, 2008, to Kacy Scott, P.O. Box 40258, Olympia, WA 98504-0258, 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 40258, Olympia, WA 98504-0258, e-mail, fax (360) 586-3109.

May 20, 2008

Mike Kreidler

Insurance Commissioner

Washington State Code Reviser's Office