PREPROPOSAL STATEMENT OF INQUIRY
INSURANCE COMMISSIONER
Subject of Possible Rule Making: Excess flood or business interruption insurance market assistance plan.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.60 [48.02.060] and sections 14 and 15, chapter 230, Laws of 2010.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Chapter 230, Laws of 2010, provides that the commissioner must by rule establish a market assistance plan to assist persons located in the geographical area protected by any dam that are unable to purchase excess flood or business interruption insurance in an adequate amount from either the admitted or nonadmitted market. The commissioner proposes developing rules to establish this market assistance plan so that excess flood insurance and business interruption insurance is available for sale and issue.
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 May 20, 2010, to Chris Carlson, P.O. Box 40258, Olympia, WA 98504-0258, e-mail ChrisCA@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 Chris Carlson, P.O. Box 40258, Olympia, WA 98504-0258, e-mail ChrisCA@oic.wa.gov, fax (360) 586-3109.
April 5, 2010
Mike Kreidler
Insurance Commissioner