PREPROPOSAL STATEMENT OF INQUIRY
INSURANCE COMMISSIONER
Subject of Possible Rule Making: Business continuity plans for domestic insurers.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060 and 48.07.205.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: RCW 48.07.205, enacted during the 2009 legislative session, requires the commissioner to adopt by rule the standards for domestic insurers to follow in the preparation of their business continuity plans. A business continuity plan establishes and identifies procedures so that the insurer to meet its existing obligations to policyholders in the event of a local, state, or national emergency. The commissioner will consider relevant standards adopted by the National Association of Insurance Commissioners, other states, and other regulatory authorities that regulate financial institutions in the drafting of rules.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: None.
Process for Developing New Rule: Send comments to Kacy Scott, P.O. Box 40258, Olympia, WA 98504-0258, kacys@oic.wa.gov. Comments due not later than July 30, 2010.
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, kacys@oic.wa.agov [kacys@oic.wa.gov].
June 23, 2010
Mike Kreidler
Insurance Commissioner