WSR 15-20-021

PREPROPOSAL STATEMENT OF INQUIRY

[Filed September 25, 2015, 11:17 a.m.]

Subject of Possible Rule Making: Washington small business retirement marketplace.

Statutes Authorizing the Agency to Adopt Rules on this Subject: ESSB 5826, chapter 296, Laws of 2015.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The department of financial institutions is planning to propose rules to address requirements to obtain verification from the department of financial institutions that plans to be offered on the Washington small business retirement marketplace meet the requirements set forth in ESSB 5826, chapter 296, Laws of 2015, as required under section 3(6) of that act.

Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: The department of commerce is responsible for designing and managing the Washington small business retirement marketplace in consultation with the office of insurance commissioner and the department of financial institutions. The plans to be offered are also subject to regulation by the United States Department of Treasury and the United States Department of Labor. The affected Washington regulatory agencies will participate in an interagency working group to develop program rules and protocols. The working group will meet periodically in person at the Department of Commerce, 1011 Plum Street S.E., Olympia, WA. The affected Washington regulatory agencies will seek input from the federal regulatory agencies as the rules are developed and will be invited to participate in meetings as federal issues are identified.

Process for Developing New Rule: The department of financial institutions will develop rules in consultation with the department of commerce, the office of insurance commissioner, private sector financial services firms, and after consideration of comments received from interested persons.

Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication. Comments may be directed to Faith Anderson, Chief of Registration and Regulatory Affairs, Department of Financial Institutions, Securities Division, P.O. Box 9033, Olympia, WA 98507-9033, phone (360) 725-7825, fax (360) 704-6480, e-mail faith.anderson@dfi.wa.gov.

The department of commerce has established a listserv at https://public.govdelivery.com/accounts/WADOC/subscriber/new?pop=t and is planning a meeting open to the public to develop and discuss draft rules concerning the Washington small business retirement marketplace prior to its own public hearing on related rules. To be notified of the public meeting, interested persons should subscribe to the listserv established by the department of commerce.

September 25, 2015

Scott Jarvis

Director