PREPROPOSAL STATEMENT OF INQUIRY
INSURANCE COMMISSIONER
Subject of Possible Rule Making: Postponing the transition date for title insurers to file their rates with the commissioner and delaying the filing of title agent financial data with their title insurers for the calendar year 2011.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060 and 48.29.140.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Following the adoption of WAC 284-29A-110, the National Association of Insurance Commissioners (NAIC) task force on title insurance statistical reporting, after working with the title insurance industry, adopted a guideline for title insurance agents to report financial data to insurance commissioners. The commissioner is considering amending the current rules, which require title insurance agents to submit data to the insurance company(s), to adopt the NAIC guideline. In an effort to avoid unnecessary administrative filings under the current rules, the commissioner will also consider postponing the current requirement for title insurance agents to submit the data to the title insurance company(s) and postponing the change to the prior approval system in order to implement the NAIC guideline.
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 21, 2012, to Jim Tompkins, P.O. Box 40258, Olympia, WA 98504-0258, e-mail jimt@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 Jim Tompkins, P.O. Box 40258, Olympia, WA 98504-0258, e-mail jimt@oic.wa.gov, fax (360) 586-3109.
April 18, 2012
Mike Kreidler
Insurance Commissioner