PREPROPOSAL STATEMENT OF INQUIRY
INSURANCE COMMISSIONER
Subject of Possible Rule Making: Reporting of affiliated business ownership of title insurance agents.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060, section 9(1), chapter 110, Laws of 2008.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Section 2, chapter 110, Laws of 2008, requires every title insurance agent to file a report of its ownership by those producers of title insurance business who have a financial interest in the title insurance agent and the percent of title orders originated by these producers. The commissioner will consider rules to set forth the form and information to be contained in the form necessary to report this information to the commissioner.
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 August 7, 2008, to Kacy Scott, P.O. Box 40258, Olympia, WA 98504-0258, e-mail Kacys@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 Kacy Scott, P.O. Box 40258, Olympia, WA 98504-0258, e-mail Kacys@oic.wa.gov, fax (360) 586-3109.
June 18, 2008
Mike Kreidler
Insurance Commissioner