Preproposal statement of inquiry was filed as WSR 09-16-130.
Title of Rule and Other Identifying Information: Reinsurance-intermediary broker and manager licensing and reporting.
Hearing Location(s): Insurance Commissioner's Office, TR 120, 5000 Capitol Boulevard, Tumwater, WA 98504-0255, on November 10, 2009, at 10:00 a.m.
Date of Intended Adoption: November 18, 2009.
Submit Written Comments to: Jim Tompkins, P.O. Box 40258, Olympia, WA 98504-0258, e-mail Jimt@oic.wa.gov, fax (360) 586-3109, by November 9, 2009.
Assistance for Persons with Disabilities: Contact Lorie Villaflores by November 9, 2009, TTY (360) 586-0241 or (360) 725-7087.
Purpose of the Proposal and Its Anticipated Effects, Including Any Changes in Existing Rules: Licensed reinsurance intermediary brokers and managers do not always promptly inform the commissioner of changes in the information that was contained in their original application for licensing and are unclear on what changes must be reported. Under this rule making, the commissioner will consider options that will provide clarity as to the information that must be submitted and when it must be submitted. Additionally, the original rule used the session law citations and the proposed rule will amend these citations to the current RCW citations.
Reasons Supporting Proposal: Will consider options that will provide clarity as to when licensed reinsurance intermediaries must report changes to the information that is contained in their original application for licensing and when the information must be submitted.
Statutory Authority for Adoption: RCW 48.02.060 and 48.94.055.
Statute Being Implemented: RCW 48.94.010.
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 40258, Olympia, WA 98504-0258, (360) 725-7036; Implementation and Enforcement: Jim Odiorne, P.O. Box 40259, Olympia, WA 98504-0259, (360) 725-7214.
No small business economic impact statement has been prepared under chapter 19.85 RCW. The only substantive rule change proposed is the requirement to notify the commissioner within fifteen business days of material changes in the application information, disciplinary action taken by another governmental jurisdiction and conviction of certain felonies. It seems clear that this would not impose more than a minor cost on any business. Therefore, no small business economic impact statement is required.
A cost-benefit analysis is required under RCW 34.05.328. A preliminary cost-benefit analysis may be obtained by contacting Jim Tompkins, P.O. Box 40258, Olympia, WA 98504-0258, phone (360) 725-7036, fax (360) 586-3109, e-mail email@example.com.
October 5, 2009
AMENDATORY SECTION(Amending Order R 93-15, filed 9/1/93, effective 10/2/93)
WAC 284-13-700 Definitions. (1) Terms used in this regulation (WAC 284-13-700 through ((
that are defined in the Reinsurance Intermediary Act
(( ())chapter (( 48.--)) 48.94 RCW(( , sections 22 through 33,
chapter 462, Laws of 1993))) ("the act") have the meaning
(2) Whether a person is an "employee" of the reinsurer
for purposes of ((
section 23 (7)(a), chapter 462, Laws of
1993,)) RCW 48.94.005 (7)(a) depends on the facts and is not
controlled by a mere (( labelling)) labeling of the person as
an employee in an agreement.
(3) A reinsurer is "licensed in this state" for purposes
section 23(8), chapter 462, Laws of 1993,)) RCW 48.94.005(8) when it holds a certificate of authority to
transact the relevant line of insurance.
[Statutory Authority: RCW 48.02.060 and 1993 c 462 § 33. 93-19-011 (Order R 93-15), § 284-13-700, filed 9/1/93, effective 10/2/93.]
(1) The reinsurance intermediary's legal name;
(2) The reinsurance intermediary's formation documents if it is a business entity;
(3) The reinsurance intermediary's registered address;
(4) Individuals authorized to act under the license; and
(5) The reinsurance intermediary's designation to receive service of process.
[Statutory Authority: RCW 48.02.060 and 1993 c 462 § 33. 93-19-011 (Order R 93-15), § 284-13-720, filed 9/1/93, effective 10/2/93.]
[Statutory Authority: RCW 48.02.060 and 1993 c 462 § 33. 93-19-011 (Order R 93-15), § 284-13-730, filed 9/1/93, effective 10/2/93.]
[Statutory Authority: RCW 48.02.060 and 1993 c 462 § 33. 93-19-011 (Order R 93-15), § 284-13-740, filed 9/1/93, effective 10/2/93.]