WSR 13-22-065
[Insurance Commissioner Matter No. R 2013-26—Filed November 5, 2013, 8:00 a.m.]
Subject of Possible Rule Making: Amendment of WAC 284-23-550.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060 and 48.30.010.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: WAC 284-23-550 provides that for life insurance policies where the minimum death benefit is less than twenty-five thousand dollars, the minimum benefit payable at death must equal or exceed the cumulative premiums paid plus interest at the rate of five percent per annum. The commissioner will consider amending WAC 284-23-550 to reduce the minimum death benefit of the insurance policies to which the rule applies and/or the interest rate.
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 December 20, 2013, to Jim Tompkins, P.O. Box 40258, Olympia, WA 98504-0258,, 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, fax (360) 586-3109.
November 5, 2013
Mike Kreidler
Insurance Commissioner