PREPROPOSAL STATEMENT OF INQUIRY
INSURANCE COMMISSIONER
Subject of Possible Rule Making: Change to existing rule regarding licensure of life settlement providers.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.102.170.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Currently, WAC 284-97-020 (2)(f) requires submission of fingerprint cards of the directors, officers, and significant shareholders of domestic life settlement applicants. The commissioner will consider changes that would replace this requirement with a requirement to provide third party verification reports from an acceptable vendor for each director, officer, and significant shareholder. Based upon the use of these verifications with foreign insurer expansion applications, we believe that the change would provide for more thorough and quicker verifications and coordination of life settlement provider requirements with those of other insurers, resulting in administrative savings.
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 October 17, 2011.
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 40255, Olympia, WA 98504-0255, kacys@oic.wa.gov, fax (360) 586-3109.
August 24, 2011
Mike Kreidler
Insurance Commissioner