WSR 13-14-110

PREPROPOSAL STATEMENT OF INQUIRY

[Insurance Commissioner Matter No. R 2013-15—Filed July 2, 2013, 4:01 p.m.]

Subject of Possible Rule Making: The insurance commissioner is considering amending existing title insurance rate filing rules and adopting new rules to implement chapter 65, Laws of 2013. The commissioner will consider rules that:

1. Identify the information that title insurers and title insurance agents must submit to the statistical reporting agent designated by the commissioner and the process for submitting the information;

2. Establish how the costs and expenses of the statistical reporting agent and any examination of the statistical reporting agent will be apportioned by and among the title insurers and title insurance agents;

3. Amend the existing rules regarding information required for the filing of rates for title insurance under RCW 48.29.147;

4. Amend the existing rules regarding the standards that title insurance rate filings must satisfy under RCW 48.29.147; and

5. Amend the existing rule establishing a date by which title insurers must file every manual of rules and rates, rating plan, rate schedule, minimum rate, class rate, and rating rule, and every modification of any of these filings, under RCW 48.29.143 and 48.29.147.

Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060, 48.29.005, 48.29.140, and section 1, chapter 65, Laws of 2013.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The 2013 legislature enacted chapter 65, Laws of 2013 (HB 1035) which provides that title insurers and their agents must report financial information to a statistical reporting agent for the use in preparation of their title insurance rates filed with the commissioner. The statute also provides that the costs of the statistical reporting agent and any examination of the statistical reporting agent by the commissioner will be paid for by the title insurers and title insurance agents. The commissioner will consider adopting new rules and amending existing rules to implement this legislation.

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 September 1, 2013, to Jim Tompkins, P.O. Box 40258, Olympia, WA 98504-0258, rulescoordinator@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 rulescoordinator@oic.wa.gov, fax (360) 586-3109.

July 2, 2013

Mike Kreidler

Insurance Commissioner