WSR 15-02-059 PROPOSED RULES OFFICE OF INSURANCE COMMISSIONER [Insurance Commissioner Matter No. R 2014-07—Filed January 6, 2015, 8:34 a.m.]
Original Notice.
Preproposal statement of inquiry was filed as WSR 14-14-132.
Title of Rule and Other Identifying Information: Designation of a designated responsible licensed person (DRLP) by an insurance producer business entity.
Hearing Location(s): Insurance Commissioner's Office, TR 120, 5000 Capitol Boulevard, Tumwater, WA 98504-0255, on February 11, 2015, at 10:00 a.m.
Date of Intended Adoption: February 12, 2015.
Submit Written Comments to: Jim Tompkins, P.O. Box 40258, Olympia, WA 98504-0258, e-mail rulescoordinator@oic.wa.gov, fax (360) 586-3109, by February 10, 2015.
Assistance for Persons with Disabilities: Contact Lori [Lorie] Villaflores by February 10, 2015, TTY (360) 586-0241 or (360) 725-7087.
Purpose of the Proposal and Its Anticipated Effects, Including Any Changes in Existing Rules: The commissioner will consider rules to ensure that the DRLP of an insurance producer business entity has sufficient authority and information to act in the capacity of a DRLP.
Reasons Supporting Proposal: The commissioner's producer licensing and oversight has encountered incidents where the person named as the DRLP was not in a position of authority to influence compliance issues, had not been given sufficient access to information relevant to compliance, or had not been notified by the business entity that they had been name[d] the DRLP.
Statutory Authority for Adoption: RCW 48.02.060 and 48.17.005.
Statute Being Implemented: RCW 48.17.090 (3)(b).
Rule is not necessitated by federal law, federal or state court decision.
Name of Proponent: Mike Kreidler, insurance commissioner, governmental.
Name of Agency Personnel Responsible for Drafting: Jim Tompkins, P.O. Box 40258, Olympia, WA 98504-0258, (360) 725-7036; Implementation: Jeff Baughman, P.O. Box 40257, Olympia, WA 98504-0257, (360) 725-7156; and Enforcement: John Hamje, P.O. Box 40257, Olympia, WA 98504-0257, (360) 725-7262.
No small business economic impact statement has been prepared under chapter 19.85 RCW. The proposed rule makes a small clarification to the definition of DRLP as specified in WAC 284-17-603. The proposed rule will not cause producers to incur any noteworthy new costs.
A cost-benefit analysis is required under RCW 34.05.328. A preliminary cost-benefit analysis may be obtained by contacting Jim Tompkins, P.O. Box 40258, Olympia, WA 98504-0258, phone (360) 725-7036, fax (360) 586-3109, e-mail rulescoordinator@oic.wa.gov.
January 6, 2015
Mike Kreidler
Insurance Commissioner
NEW SECTION
WAC 284-17-603 Designated responsible licensed person.
The designated responsible licensed person (DRLP) must be given the necessary authority and information by the business entity that reasonably assures that the DRLP can cause or influence the entity's compliance with all applicable insurance laws or rules, or both of this state.
|